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Serbian Central Bank Sells 60 Million Euros to Support Dinar

May 31 (Bloomberg) -- Serbia’s central bank sold euros today to prop up the dinar as the currency extended declines to a record low against the euro.

The Belgrade-based Narodna Banka Srbije sold 60 million euros ($74.2 million) “to smooth the dinar’s intraday swings,” the bank said on its website, without giving any further details.

The dinar touched a record low of 117.7998 to the euro at 3:58 p.m. in Belgrade, according to data compiled by Bloomberg.

The National Bank of Serbia has sold a total of 1.18 billion euros this year so far to support the dinar, which has been under pressure from expansive fiscal policies and widening budget and current account deficits.

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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