Serb govt deposits at c-bank rise 6.8% m/m to EUR 1.5bn at end-Oct 2013

By bne IntelliNews November 26, 2013

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).

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Israeli's Enlight to build €189mn wind farm in Serbia

Enlight Renewable Energies, a publicly listed Israeli renewable energy developer, will build €189mn wind farm in Serbia’s northern village of Kovacica. A €142mn debt package will be ... more

Balkan baker Don Don to continue regional expansion with new Serbian facility

Don Don, a regional bakery group founded in Slovenia but active throughout the Western Balkans, will open a new production facility in the eastern Serbian town of Zajecar in spring 2018, Ales ... more

Serbia’s central bank cuts policy rate for first time since July 2016

Serbia’s central bank decided to cut the monetary policy interest rate by 25bps to 3.75% at its monetary policy board meeting on September 7. The policy rate has been held constant at 4% since July ... more

Most Read

  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    5 days ago
  2. Investors ask which Russian bank domino will be the next to topple
    2 days ago
  3. Russia's Binbank asks central bank for help
    5 days ago
  4. Central and Eastern Europe lags the world in social capital
    2 days ago
  5. Kremlin to launch massive infrastructure projects in 2018
    4 days ago
  1. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    13 days ago
  2. Hungary threatens to block Romania’s OECD accession
    19 days ago
  3. Economists tangle over risk of a Greek-style collapse in Turkey
    23 days ago
  4. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    5 days ago
  5. Russia’s government moves from war budget to election budget
    1 month ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss