November 14, 2014 / 1:41 PM / 5 years ago

Serbian central bank sells euros to support dinar

BELGRADE, Nov 14 (Reuters) - Serbia’s central bank intervened repeatedly on the domestic currency market on Friday, selling euros in support of the dinar following an unexpected cut in the bank’s benchmark interest rate a day earlier, dealers said.

“There were several rounds of euro sales by the central bank,” a dealer, who declined to be named, told Reuters. The dinar was trading at between 119.70 and 119.90, having closed at 120.5 on Thursday after the bank’s first interest rate cut since June.

The bank has sold 100 million euros so far this month to soften the dinar’s decline against the euro, under pressure from market uncertainty over the outcome of loan talks with the International Monetary Fund due to end on Nov. 20. (Reporting by Aleksandar Vasovic; Editing by Matt Robinson)

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