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Economic policy will seek to maintain macroeconomic stability
Belgrade,
14 January 2005
Serbian Deputy Prime Minister Miroljub Labus said today that Serbia’s year-on-year inflation in December 2004 was 13.7 percent and that the government plans to slow down its pace in 2005 and reduce it to 9.1 percent.
Miroljub Labus
Labus told Tanjug news agency that the average inflation in 2004 was 10.1 percent and that this year it should not exceed 12.5 percent. He explained that this is because this year begins with the inflation from the last quarter 2004, when local governments unjustifiably raised the prices of services under their control.
The dinar’s exchange rate contributed little to last year’s inflation and it remained stable and realistic, depreciating only three percent, Labus stressed. He added that hard currency reserves have continuously grown and that they reached $4.2 billion dollars a few days ago.
However, the high balance-of-payments deficit remains the major problem, as it is obvious that the government had failed to fix it with its restrictive monetary and fiscal policies even though the last quarter has shown better results, said Labus and reiterated that all economy policy measures in 2005 will be directed to maintaining macroeconomic stability.
The dinar’s exchange rate contributed little to last year’s inflation and it remained stable and realistic, depreciating only three percent, Labus stressed. He added that hard currency reserves have continuously grown and that they reached $4.2 billion dollars a few days ago.
However, the high balance-of-payments deficit remains the major problem, as it is obvious that the government had failed to fix it with its restrictive monetary and fiscal policies even though the last quarter has shown better results, said Labus and reiterated that all economy policy measures in 2005 will be directed to maintaining macroeconomic stability.
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