Central banks of Serbia and China sign new bilateral currency swap agreement worth EUR 630 million

The People’s Bank of China and the National Bank of Serbia have signed their second bilateral currency swap agreement, enabling the exchange of Serbian Dinars and Chinese Yuan between the two central banks through bilateral swap transactions. The value of this five-year agreement amounts to 5 billion yuan, or 74 billion dinar (current equivalent of approximately 630 million euro). This represents a significant increase compared to the previous three-year bilateral swap agreement concluded between the National Bank of Serbia and the People’s Bank of China in June 2016, the NBS announced.

The new agreement was signed by the Governors of the National Bank of Serbia and the People’s Bank of China during the period when the high-level delegation of the Republic of Serbia was visiting the People’s Republic of China.

– Our dear colleagues from the People’s Bank of China have once again demonstrated the iron friendship between our two countries, which is particularly important under current circumstances. For the National Bank of Serbia, this agreement is not merely an available financial line with the People’s Bank of China that can be utilized as an additional mechanism to protect the country’s financial stability amid elevated global uncertainties; it is also a testament to our long-standing cooperation and the expanding trade and economic relations between Serbia and China. By signing this new agreement, which is more favorable than the initial one in all key aspects - including higher value, better terms of use, and a longer maturity period - the two central banks continue their close cooperation in enhancing macroeconomic security and further deepening economic ties between the Republic of Serbia and the People’s Republic of China – stated the Governor of the National Bank of Serbia, Jorgovanka Tabakovic.

Narodna banka Srbije Beograd

People s Bank of China

Jorgovanka Tabaković

swap arrangement