Serbian household savings in domestic commercial banks rose 5.5% y/y to RSD 913bn (EUR 8.2bn) at end-April, cooling from the 8.3% annual increase a month earlier, as short-term foreign currency savings’ growth slowed, central bank data showed.
The end-April savings equalled 24.3% of the 2013 GDP forecast, down from 25.6% of GDP a year earlier, according to IntelliNews calculations. In monthly terms, household savings inched down 1.4% m/m in April after increasing 0.6% a month earlier.
Short-term foreign currency savings have been the main growth engine of household savings annual expansion since end-2012, likely reflecting local dinar currency volatility. Long-term FX savings have been retreating since November 2012, as the dinar has been gaining ground against the euro since September 2012 due to exports revival and government-subsidised lending. The dinar appreciated by around 2.4% ytd following a 9.0% depreciation in 2012 supported by increased non-residents’ demand for government securities. The recent EC recommendation to start EU accession talks with Serbia also helped.
Dinar savings remained in the red in April, shrinking by 5.6% y/y to RSD 19.3bn, as both long and short term savings contracted. They accounted for only 2% of total household savings.
|Serbia's household savinngs, RSD bn||Apr'12||Apr'13||Change,y/y,%|
|-- Short term||18.3||18.0||-1.8|
|Total household savings||865.8||913.5||5.5|
Russia plans to deliver six used MIG 29 aircraft to Serbia by end-2017, Russia’s Federal Service for Military-Technical Cooperation (FSMTC) Director Dmitry Shugaev said on July 19, Sputnik ... more
Production at the Fiat Chrysler Automobiles (FCA) Srbija factory in Kragujevac will restart on July 19 after workers and Prime Minister Ana Brnabic agreed on the evening of July 18 to end ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more