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A:
Serbian financial system not in danger
Belgrade,
9 October 2008
Governor of the National Bank of Serbia Radovan Jelasic stated today that the Serbian financial system is not in danger because of the global financial crisis and that banks are solvent and liquid, adding that the crisis will affect the volume and the price of loans.
At the meeting of Serbian parliament’s Financial Committee, Jelasic reiterated that the National Bank guarantees citizens’ deposits in banks with about €10 billion.
He specified that 72% of foreign currency reserves is invested in securities, 24% is in the form of deposits and 4% in gold and effective foreign currencies.
According to him, the largest part of the € 2.33 billion deposit is in central banks and international organisations, out of which the majority is in the Bundesbank and US federal reserves.
The Governor stressed that credit activity of business banks has been slowed down as a consequence of the crisis, and added that 28 out of 35 Serbia’s banks announced that they do not plan to increase current credit margins.
State Secretary at the Ministry of Finance Slobodan Milic said it is not necessary to increase the amount of insured deposits in banks, and added that according to Serbia’s savings structure, more than 80% of clients have deposits below €3000, therefore they are covered by current regulations.
He specified that 72% of foreign currency reserves is invested in securities, 24% is in the form of deposits and 4% in gold and effective foreign currencies.
According to him, the largest part of the € 2.33 billion deposit is in central banks and international organisations, out of which the majority is in the Bundesbank and US federal reserves.
The Governor stressed that credit activity of business banks has been slowed down as a consequence of the crisis, and added that 28 out of 35 Serbia’s banks announced that they do not plan to increase current credit margins.
State Secretary at the Ministry of Finance Slobodan Milic said it is not necessary to increase the amount of insured deposits in banks, and added that according to Serbia’s savings structure, more than 80% of clients have deposits below €3000, therefore they are covered by current regulations.
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