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Serbia’s Central Bank Sold 20 Million Euros to Prop Up Dinar

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May 7 (Bloomberg) -- Serbia’s central bank sold euros today to prop up the dinar, which fell 0.3 percent past 112 to the euro a day after election results showed a narrow victory for opposition Progressive Party.

The Belgrade-based Narodna Banka Srbije sold 20 million euros ($26.1 million) to “ensure smooth functioning” of the market, it said in a statement on its website. The dinar was trading at 112.0537 to the euro at 4:00 p.m. in Belgrade, its lowest in a decade, according to data compiled by Bloomberg.

The central bank has spent a total 748.5 million euros since the start of 2012 to prop up the dinar, which has fallen 10 percent against the euro compared with the same period last year.

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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