August 26, 2014 / 8:59 AM / 6 years ago

Serbian central bank intervenes to bolster dinar - dealer

BELGRADE, Aug 26 (Reuters) - The Serbian central bank intervened on the currency market on Tuesday, selling euros to support the dinar after it fell to its lowest level versus the European single currency this year amid strong demand for the euro, dealers said.

The bank began intervening as the dinar fell to 118 to the euro, a 0.24 percent fall on Monday’s close of 117.72. The dinar stabilised at around 117.5.

“Poor key indicators, increased subsidised lending in dinars, more demand for the euro, weak offer of the common currency - it all pushed the dinar’s rate,” a dealer said.

The central bank has sold about 900 million euros so far this year on the currency market to stabilise the dinar’s exchange rate. It last intervened on August 21 with 10 million euros.

$1 = 0.7425 Euros Reporting by Aleksandar Vasovic; Editing by Matt Robinson

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