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.
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