The National Bank of Serbia adopted a temporary measure that abolishes the possibility for exchange offices to charge a commission fee when selling euros to citizens, with the aim of protecting the interests of citizens and preventing unjustified psychological pressure on the foreign exchange market.
The Executive Board of the National Bank of Serbia adopted this measure after a careful analysis of the movements on the foreign exchange market, from which it clearly follows that the dinar’s middle exchange rate against the euro is stable, that banks have not changed the spread of buying and selling rates on their digital platforms, and that the majority of exchange dealers apply selling rates significantly below the level that occasionally appears in public.
“The National Bank of Serbia points out that the amount of about 120 dinars per euro, which appeared only at certain exchange dealers on exchange boards and was then shared publicly as a psychological trigger for panic, was not formed based on market movements, but was possible exclusively in the case when the exchange dealer simultaneously applied the maximally allowed deviation of the selling rate from the middle rate of 1.25 percent, as well as the maximally legally permitted commission fee of one percent,” the NBS statement reads.
By adopting the new temporary measure that abolishes the possibility of charging a commission fee, there will no longer be grounds for selling rates to appear on exchange boards or in the public space that could have a disturbing and misleading psychological effect on citizens. In this way, it will not be possible to display rates of 120 dinars per euro in public.
As stated, this decision is a continuation of the consistent activities of the National Bank of Serbia aimed at preserving the stability of the financial system, including previously undertaken measures that ensured increased availability of effective foreign currency and facilitated the operations of exchange dealers in conditions of increased demand.
The measure does not have a predetermined time limit and will be applied as long as market circumstances require it, and the National Bank of Serbia will continuously monitor the situation and decide on its abolition at the moment of complete stabilization.
“The National Bank of Serbia states that it will not allow individual examples, reporting by certain media, or social networks to create a false picture of the situation on the foreign exchange market, nor to cause panic in sensitive moments in a way that harms the citizens and the financial stability of the Republic of Serbia,” the statement concludes.
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Source: Euronews; Photo: ATA Images, Pixabay