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Serbia’s central bank sells euros to bolster dinar

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The Serbian central bank sold euros on the local interbank market on Monday to prop up the dinar, which remained weak after the bank’s decision last week to hold its key rate at 4 percent, dealers said.

The bank, which so far this year sold a total of 105 million euros, stepped in as the dinar traded at the rate of 124 to the euro. After the currency intervention, the dinar traded at 123.7 at 0955GMT, Reuters data showed.

On Jan 12, the central bank left its benchmark interest rate unchanged amid persistent concerns that a recent U.S. rate hike could curb investors’ appetite for emerging market assests.

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