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Monetarna politika | Strategija i ciljevi monetarne politike

Monetary Policy Objectives for 2002

The Decision on the Monetary Policy in 2002 proposes three principal targets to be reached during this year: maintenance of stable national currency exchange rate, stabilization and lowering of inflation expectations to 20% by December 2002, and growth of net forex reserves.

Stability of the national currency is to be maintained through the managed floating of the dinar exchange rate and also through the NBY’s interventions on the foreign exchange market. The envisaged rise of the net forex is targeted at USD 186,000,000.

In order to facilitate achievement of the principal monetary policy targets in 2002, a ceiling up to YUD 5,450,000,000 was set on the National Bank of Yugoslavia’s net domestic assets.

Throughout the year, the National Bank will continue to reform, develop and improve on the monetary instruments, especially open market operations, auctions of the NBY bills and the reserve requirement system. New regulations will be introduced in the field of NBY interest rates, and new decisions regulating banks’ lending capacities and liquidity management will be brought without delay. To complement the change in required reserves, the NBY will lower liquidity requirements on foreign exchange deposits in a compensating fashion and abolish liquidity requirements on dinar deposits.

Further lowering of banks’ interest rates will continue throughout the year, prompted by continued disinflation and maintenance of stable dinar exchange rate.

The National Bank of Yugoslavia is taking further steps to liberalize the foreign exchange market. The exchange rate bank within which commercial banks will be able to purchase and sell foreign exchange will be widened to  +/-2.5 percent. The National Bank of Yugoslavia will continue to monitor the underlying movements at the interbank forex market. It will stand ready to intervene should the exchange rate close on the ceiling or floor limit as necessary to safeguard the external position.

Also, in the bank restructuring process, the NBY will take further steps to continue the progress already achieved in 2001. New legal regulations in the field of bank supervision procedures and prudential analysis will be strengthened and adjusted to fit the international standards.

In the area of payment reform, the year 2002 will see the transformation in the Payment and Settlement Bureau and also passing of relevant regulations and introduction of technical and technological changes in order to transfer payment operations to commercial banks.