UAE dirham, North Macedonian denar added to list of currencies traded in Serbia, Croatian kuna to be removed

Photo: Tanjug/HINA/HNB

The United Arab Emirates' dirham and the North Macedonian denar will be included in the list of currencies traded on the Serbian foreign currency market starting November 1, while the Croatian kuna will be removed from that list on January 1, 2023, when Croatia joins the eurozone.

Recommended

The decision was made by the Executive Board of the National Bank of Serbia (NBS) at the session held on October 6, the NBS announced today.

When making the decision to introduce the dirham, the NBS was guided by the specific needs of economic entities and the potential of economic and other forms of cooperation, bearing in mind the importance that including the dirham on this list would have for further cooperation between our two countries, primarily in the sense of additionally facilitating investment and operations of domestic companies and those from the UAE, as well as for promotion of our country in the UAE, a statement said.

When it comes to the North Macedonian denar, the NBS was guided by the developed economic and other forms of cooperation between Serbia and North Macedonia, as well as the potential for further development of this cooperation, especially after the launch of the Open Balkan initiative.

Since Open Balkan is a response to the economy's demands, the introduction of the North Macedonian denar to the list of currencies that can be traded in Serbia should facilitate achievement of the initiative's goals.

The decision to remove the Croatian kuna from the list of currencies traded on the Serbian foreign currency market was made taking into account Croatia's entry into the eurozone on January 1, 2023, when its national currency will be replaced with the euro.

With the entry into force of the decision, from November 1, 2022, the NBS will start publishing the official average exchange rate of the Serbian dinar and the exchange rate list for foreign currencies - which will include the dinar against the dirham and the denar, while the exchange rate of the dinar against the kuna will be excluded starting January 1, 2023.

Accordingly, citizens will be able to exchange the Croatian kuna for dinars in exchange offices and banks in Serbia until the end of 2022, after which this will be possible only in certain institutions in Croatia, the Serbian central bank announced on Friday.

(Telegraf Biznis)