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NBS: Control of exchange offices in progress - Serbia Business

NBS: Control of exchange offices in progress

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The National Bank started the control of exchange offices on the basis of its own knowledge and complaints of citizens that the exchange rate in them is not in line with the range provided by the NBS.

According to the decisions of the central bank, namely, the selling rate for the euro cannot be higher than the official middle exchange rate valid on that day by more than 1.25 percent, and the buying rate cannot be lower by more than 1.25 percent.

The NBS notes that according to the Law on Foreign Exchange Operations, misdemeanor liability is prescribed for exchange offices that do not act in accordance with NBS regulations, and a fine of 100,000 to 2,000,000 dinars is envisaged for a legal entity and a fine of 10,000 to 500,000 dinars for an entrepreneur.

Also, as the NBS has been controlling the legality of exchange operations since January 1, 2019, it can, if illegal or irregularity is found, request the initiation of misdemeanor proceedings and revoke the authority to perform exchange operations if it determines that the exchange did not eliminate illegalities as ordered. in the process of controlling exchange operations.

The NBS points out that there is no reason to panic, and that it already provides banks with sufficient dinar and foreign currency liquidity, and the supply of banks with foreign cash has been increased so that exchange offices can respond quickly and efficiently to increased demand from citizens.

“We have enough foreign currency and foreign cash and we continuously supply the banking sector with sufficient quantities. Citizens should not worry, nor should there be panic about withdrawing deposits from banks where the funds are the safest and which are well capitalized and very liquid, not for the purchase of foreign currency in exchange offices “, the central bank said.

They state that the NBS provides sufficient funds and responds to all requests from banks, which proves that it is ready to react without delay and adequately.

They also say that they expect the banks to transfer the cash to the exchange offices as soon as possible, which will meet the demand of the citizens.

Namely, the NBS ordered the banks that there should be no interruption in the supply of cash to exchange offices at any time.

Also, at no time is the stability of the exchange rate and will not be called into question, and citizens should know that, the NBS claims.

“It is not a question of whether the NBS has enough instruments and will react. The National Bank of Serbia is already working continuously to preserve stability. We welcomed this crisis with a record high level of foreign exchange reserves over 16 billion euros and we have enough funds and skills to preserve stability that has no alternative, “the statement from the governor’s office said, B92 reports.