BELGRADE, Feb 1 (Reuters) - Serbia's central bank sold 40 million euros in the interbank market on Monday, its seventh intervention so far this year, but offered no boost to the dinar currency, traders said, citing the bank's auction report.
The bank sold euros at 98.55 dinars, just off the average level of 98.52/euro in morning interbank trade, traders said.
The rate was another in a series of recent record lows.
On Friday, central bank vice-governor Bojan Markovic said the bank might turn more selective in its future market interventions, choosing to sell euros to banks that trade the dinar currency at narrower spreads.
'At some point, the series of their interventions will have to stop the dinar declines,' a senior dealer said. 'It is probably just a matter of time.'
With Monday's intervention, the central bank has sold 285.5 million euros so far this year to add liquidity rather than revert the downward trend in the dinar.
(Reporting by Gordana Filipovic; Editing by Ron Askew and Toby Chopra) Keywords: SERBIA CBANK/INTERVENTION (gordana.filipovic@thomsonreuters.com; +381 11 3044 914; Reuters Messaging: gordana.filipovic.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The bank sold euros at 98.55 dinars, just off the average level of 98.52/euro in morning interbank trade, traders said.
The rate was another in a series of recent record lows.
On Friday, central bank vice-governor Bojan Markovic said the bank might turn more selective in its future market interventions, choosing to sell euros to banks that trade the dinar currency at narrower spreads.
'At some point, the series of their interventions will have to stop the dinar declines,' a senior dealer said. 'It is probably just a matter of time.'
With Monday's intervention, the central bank has sold 285.5 million euros so far this year to add liquidity rather than revert the downward trend in the dinar.
(Reporting by Gordana Filipovic; Editing by Ron Askew and Toby Chopra) Keywords: SERBIA CBANK/INTERVENTION (gordana.filipovic@thomsonreuters.com; +381 11 3044 914; Reuters Messaging: gordana.filipovic.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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