March 3, 2014 / 4:52 PM / 6 years ago

UPDATE 1-Serbia's central bank sells 50 million euros to bolster dinar - statement

(Adds context)

BELGRADE, March 3 (Reuters) - Serbia’s central bank sold 50 million euros ($68.87 million) on the domestic currency market on Monday to support the dinar, which began to weaken against the euro on bank demand for the European single currency.

The central bank offered euros for sale on several occasions as the dinar hit 116.2 to the euro, said a dealer with a Belgrade-based commercial bank.

“Serbian subsidiaries of several foreign banks were purchasing euros,” the dealer said.

In a statement on its website, the central bank said only that it had sold 50 million euros, but offered no details about what had motivated it to intervene.

The dinar subsequently stabilised at around 115.9 to the euro, a preferred foreign currency in the Balkan country.

The central bank, which maintains a managed float of the dinar, has sold a total of 640 million euros this year in support of the domestic currency. ($1 = 0.7240 euros) ($1 = 0.7260 euros) (Reporting by Aleksandar Vasovic; Editing by Matt Robinson)

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