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Serbian Central Bank Sells Euros to Prop Up Weakening Dinar

Serbia’s central bank said it sold euros to boost the dinar after it weakened today.

The Belgrade-based Narodna Banka Srbije sold 10 million euros ($12.1 million) to “smooth the dinar’s intraday swings,” the bank said on its website without giving any further details. It acted on the local currency market for the first time since June 4, when it sold 18.5 million euros to bolster the dinar.

Three currency traders in Belgrade who asked to remain unidentified, in line with the policies of their banks, said the bank was selling euros as the dinar approached 118 per euro. The dinar traded at 117.4597 at 5:18 p.m. in Belgrade, or 0.47 percent weaker compared with the official mid-rate on July 20.

The central bank, which has been under pressure from expansive fiscal policies and widening budget and current-account deficits, has sold a total of 1.3 billion euros this year to support the dinar, the poorest performing currency in Europe.

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