Serbia’s C-bank Intervenes Several Times as Dinar Weakens Further in Morning Trade - Dealers

“Today the dinar started weakening right from the opening and continued to lose ground until the intervention began,” a local dealer told SeeNews. “It reached 89.50 towards the euro and after the intervention firmed to 89.00-89.10 per euro, where it remains now [1100 GMT].”

The central bank probably sold no less than 20 million euro ($26 million), the dealer said and quoted a close of 88.70 dinars per euro on Monday.

There were four central bank interventions until 1110 GMT as the bank managed to firm the dinar to 88.50 at 1110 GMT from 89.50 towards the euro before the intervention, another dealer told SeeNews.

“It is difficult to say whether the central bank will intervene again,” the dealer said.

On Monday, the central bank, NBS, sold 30 million euro to prop up the local currency after it reached 89.30 per euro.

Last week, NBS injected 120 million euro in the market to prop up the local currency, which touched a historic low of 89.00 dinars per euro.

($=0.7787 euro)