Average Euro Exchange Rates Applied By Banks in Client Transactions Differ from the Official Middle Exchange Rate of the National Bank of Serbia by Maximum 2.1%
Aware of the increased frequency of assertions by the media that the exchange rates applied by banks most commonly differ by 10% from the official middle exchange rates, the NBS hereby informs citizens and the wider public, pursuant to its obligation to provide correct information, that the official data do not support their allegations.
Serbia’s Exchange rate lists of the buying and selling rates applied in foreign currency client transactions are submitted by banks to the NBS on a daily basis. The NBS makes sure that bank data, including the buying and selling exchange rates, are monitored and analysed every day. These data indicate that, in the case of the euro which is the most traded currency in our market, the difference between the average buying and selling rates for foreign exchange in July and the corresponding official middle exchange rates published by the NBS was maximum 2.1%, which is much less than the 10% alleged by some media. Rare instances of somewhat higher difference are recorded only for transactions denominated in currencies that account for a small share of the overall trading volume. The costs of concluding these transactions are higher and the banks therefore charge less attractive exchange rates.
Along similar lines, media writings about the exchange rates applied by banks in the sale/purchase of foreign cash, which the NBS receives from banks on a daily basis and publishes on its website, do not have a footing in official data either. Bank data indicate that the average buying and selling exchange rates for the euro applied by banks in exchange transactions in the course of July differed from the official middle exchange rate of the NBS by maximum 2.1%. As regards the exchange rates for foreign cash applied by exchange offices, the spreads are significantly lower, i.e. the exchange rates at which citizens exchange foreign currency are in most cases significantly more favourable than elsewhere in the region.
Difference between RSD/EUR exchange rates of banks and the official middle exchange rate, 1–23 July 2013
Governor’s Office National Bank of Serbia
