The Serbian central bank sold euros to curb today’s declines in the dinar after it fell to as low as 111.2300 to the the common currency this morning in Belgrade, three traders said.
The Belgrade-based Narodna Banka Srbije sold 30 million euros ($39.33 million) to banks, lifting the dinar to 110.7622 to the euro, it said in a statement posted on its website.
The central bank has now spent 238.5 million euros since the start of 2012 to curb the weakening dinar, which some analysts see it declining by 10 percent this year as capital inflows dry.
Eleven of 23 economists in a Bloomberg survey see no rate change, six predict a quarter-point and two saw a half-point decrease. Four respondents expect an increase by 50 basis points.
To contact the reporter on this story: Gordana Filipovic in Belgrade at firstname.lastname@example.org
To contact the editor responsible for this story: James M. Gomez at email@example.com