The Serbian government’s deposits held at the central bank (NBS) increased 6.8% m/m to RSD 176bn (EUR 1.5bn) at end-October after declining in monthly terms for two straight months, central bank data showed.
In annual terms, state deposits climbed 24.5% y/y lifted by Serbia’s two Eurobond issues since November 2012 worth a combined USD 2.3bn. The government deposits at the NBS equalled to 4.7% of the full-year GDP forecast at end-October, up from 4.2% of GDP a year ago, according to IntelliNews calculations.
Dinar state deposits rose 87.6% y/y and 20.3% m/m to RSD 94bn at end-October. Foreign currency deposits, calculated in dinars, shrank 10% y/y to RSD 82bn, marking an annual decline for the first time since January 2013. In monthly terms, FX government deposits declined 5% in October for a third straight month. They accounted for 47% of total state deposits.
The placement of USD 1bn of five-year Eurobonds on November 21 in order to finance Serbia's 2013 and 2014 budget spending guarantees for the Serb state a comfortable liquidity position in the coming period. Furthermore, the foreign investors' demand for Serb government securities has regained ground since October reflecting both external (ECB’s decision to cut its benchmark interest rate to 0.25% on Nov 7) and internal factors (falling inflation and budget austerity measures).
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