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.
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