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Serbia’s central bank buys euros to stem dinar gains – dealers

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The Serbian central bank purchased an unspecified quantity of euros on Wednesday to stem gains of the dinar which remained strong against the common currency despite bank’s repeated interventions, dealers said.

The bank which a day earlier bought 15 million euros, stepped in as the dinar traded at around 118.7 to the euro, or 0.1 percent up from the previous close. After the intervention the dinar slightly weakened to 118.07 to the euro, Reuters data showed.

The central bank which keeps dinar in a managed float to euro, a preferred foreign currency in the Balkan country, so far in 2017 bought 1.035 billion euros($1.24 billion)and sold 345 million euros to prevent excessive oscillations of the dinar.

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