New inter banking market with cash money is being founded in Serbia

Society of banks in Serbia (UBS) has started a realization of the project "Bank service UBS" whose main goal is to develop different types of bankig financial markets, and before all a market with cash money, said executive director in "Agrobank" (which is the initiator of the idea) and the president of the Council of users of this service, Nikola Arandjelovic.

It is a matter of highly complex project, which as part of banking self regulation, should develop money, foreign currency market, market of term contracts, repo-market, svop market, papers of value as loans, eskont market and already mentioned market with cash money.

The need of founding of such market appeared after the new regulation of National bank of Serbia in October, 2005, by which it cancelled around 40 of its organizational parts over which banks were dealing with cash.