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Serb Central Bank Sells Euros to Prop Up Weakening Dinar

March 14 (Bloomberg) -- Serbia’s central bank sold 40 million euros ($52 million) to banks today, acting for the second consecutive day as it tries to prop up the dinar.

The Belgrade-based Narodna Banka Srbije said it was acting against the dinar volatility, not its trend, according to a statement posted on its website.

The central bank began selling the common currency after the dinar dropped to as low as 111.4350 to the euro in morning trade. It set the dinar rate for tomorrow at 110.9698 to the euro.

The National Bank of Serbia has spent 288.5 million euros since the start of 2012 to prop up the dinar, which some analysts see declining by 10 percent in 2012 as capital inflows dry. It has lost more than 5 percent since early February.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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