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July 14, 2003 - Monday |
Hard currency reserves intended for backing national currency rate of exchange
18:13 BELGRADE , July 14 (Tanjug) - The national hard currency reserves are intended for backing the rate of exchange of the national currency and not for investments, professor Djordje Djukic of the Faculty of Economics said on Monday.
Pointing out that he was giving this explanation strictly as an expert and not a sympathizer or member of any political party, the Belgrade University professor told a press conference that the hard currency reserves were not stored in some vault in the country, but were deposited in banks and as securities abroad which were returning interest and dividends.
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