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Defaults in Serbian Household Debt Likely to Rise, Novosti Says

Serbia’s average default rate for 1.2 million consumer, refinancing, housing and credit-card loans rose to 3.5 percent at the end of October from 3.4 percent in the previous month, and is likely to increase further, Vecernje Novosti newspaper reported, citing the head of the Association of Serbian Banks.

The rate is “not excessive,” the Belgrade-based newspaper quoted Veroljub Dugalic as saying, though he warned that it will probably increase in the coming months as most loans are pegged to the euro or to the Swiss franc, while the borrowers’ income is normally in dinars. The dinar has lost more than 11 percent against the euro since January.

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