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Serbian Central Bank Sells 18.5 Million Euros to Support Dinar

Serbia’s central bank sold euros today to prop up the dinar as the currency continued to slide against the euro.

The Belgrade-based Narodna Banka Srbije sold 18.5 million euros ($23.12 million) “to ease excessive daily volatility of the exchange rate,” the bank said on its website. The dinar traded at 118.3820 at 11.36 a.m., according to data compiled by Bloomberg.

The National Bank of Serbia has sold almost 1.2 billion euros this year so far to support the currency, which has been under pressure from expansive fiscal policies and widening budget and current account deficits.

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