Dinar savings in Serbia are recording faster growth than foreign currency, for the ninth year in a row, and this year it exceeded 847 million euros for the first time and is still more profitable than foreign currency savings, the National Bank of Serbia (NBS) announced today.
“We are celebrating World Savings Day – October 31 this year with new highest amounts of dinar and foreign currency savings. The continuous growth of savings is an indicator of citizens’ trust in the domestic financial system and national currency, as a result of preserved monetary and financial stability for many years,” it is stated in the announcement.
Compared to the end of 2012, dinar savings increased almost six times (growth of 703 million euros) and at the end of September this year reached 860 million euros. Savings in domestic currency have increased by about 14% since October 2020.
Foreign currency savings have increased to 12.3 billion euros by the end of September this year, when they amounted to 8.3 billion euros.
The NBS analysis on the profitability of savings showed that in the last nine years, term savings in dinars for one year (without renewal) were more profitable in as many as 98 percent of the observed annual subperiods. Thus, a saver, who has been saving in dinars since September 2020, would receive about 12 euros more in a deposit of 800 euros in September 2021 than a saver who would deposit 800 euros in the same period.
Also, dinar savings term deposits for three months were more profitable than savings in euros in over 87 percent of the observed three-month subperiods, and when depositing savings for two years, dinar savings were more profitable than savings in euros in all observed two-year term subperiods.
The announcement of the NBS pointed out that stimulating the dinarization process will be its goal in the next period as well, and in connection with that, stimulating savings in dinars and emphasizing its greater profitability, Novi Magazin reports.
