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Serbian Central Bank Sells 20 Million Euros to Support Dinar

May 14 (Bloomberg) -- Serbia’s central bank sold euros to support the dinar as the currency weakened 0.4 percent against Europe’s common currency to record-low levels.

The Belgrade-based Narodna Banka Srbije sold 20 million euros ($25.7 million) to “ensure the smooth functioning” of the market, it said in a statement on its website.

The central bank steered the dinar off its lowest intraday level of 112.7280 to the euro at 2:02 p.m. in Belgrade today, with the currency ending the day at 112.5580 at 4:00 p.m. in Belgrade, data compiled by Bloomberg show.

The central bank, which left the two-week repurchase rate at 9.5 percent for a fourth month on May 10, has spent a total of 783.5 million euros since the start of 2012 to prop up the dinar. The currency has weakened 10.98 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: Balazs Penz at bpenz@bloomberg.net

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