Exchange office owners: Increased euro purchases began a month before parliamentary elections

Owners of private currency exchange offices have reported that demand for the euro has intensified over the past month. The amounts being purchased are not large, typically ranging from EUR 100 to 1,000–2,000, with an odd case of EUR 5,000 here and there.

Borislav Brujic, owner of the Pirana exchange office, stated that the most frequently requested amounts were between EUR 300 and 400.

– An uptick in euro purchases began ahead of the parliamentary elections on October 25. However, the amounts involved are not large, mostly EUR 1,000 to 2,000 – said Brujic.

He noted that demand has been lower since that morning, though it remained unclear how it would trend for the rest of the day. He added that exchange offices adhered to regulated limits on exchange rates, with deviations from the National Bank of Serbia's mid-market rate permitted within a range of plus or minus 1.25%.

Milan Tadic, director of the VIP exchange offices, stated that demand had been elevated for the preceding three to four weeks.

– Purchases of the euro have increased, while sales have decreased. People are looking to buy various amounts, ranging from EUR 100 to 5,000 – he noted.

Representatives from the Dunav exchange offices also confirmed an increase in demand, but emphasized that there was no cause for panic.

– Demand has risen. For instance, while one person might sell EUR 100, several others may seek to purchase that same amount or more. We source our euros from commercial banks – they said at that exchange office.

They pointed out that it was also common for demand for euros to increase towards the end of the year.

Narodna banka Srbije Beograd

purchase of euros

demand for euros