National Bank removes commission for exchange transactions

The National Bank of Serbia has adopted a temporary measure removing the possibility of charging commission in exchange offices when selling euros to citizens, with the aim of protecting the interests of citizens and preventing unjustified psychological pressure on the foreign exchange market, the central bank announced.

– The Executive Board of the National Bank of Serbia adopted this measure after a careful analysis of developments in the foreign exchange market, which clearly shows that the average exchange rate of the dinar against the euro is stable, that banks have not changed the range of buying and selling rates on their digital platforms, and that most exchange offices apply selling rates significantly below the level that occasionally appears in public – the statement said.

The National Bank of Serbia points out that the amount of around 120 dinars per euro, which only appeared on exchange boards at certain exchange offices and was then shared in public as a psychological trigger for panic, was not formed on the basis of market movements, but was possible only in the case when the exchange office simultaneously applied the maximum permitted deviation of the selling rate from the average rate of 1.25%, as well as the maximum legally permitted commission of 1%.

– By adopting a new temporary measure that abolishes the possibility of charging commission, there will no longer be a basis for selling rates to appear on exchange boards or in public spaces that may have a disturbing and misleading psychological effect on citizens. In this way, it will not be possible for rates of 120 dinars per euro to be displayed in public – they point out.

They add that the measure has no predetermined time limit and will be applied as long as market circumstances require it, and the National Bank of Serbia will continuously monitor the situation and decide on its abolition at the moment of complete stabilization.

The National Bank of Serbia says that it will not allow individual examples, reporting by certain media outlets or social networks to create a false picture of the situation on the foreign exchange market, nor to cause panic in sensitive moments to the detriment of citizens and the financial stability of the Republic of Serbia.

Narodna banka Srbije Beograd

exchange transactions