July 12, 2017 / 10:20 AM / 2 months ago

Serbian central bank buys euros to stem dinar gains - dealers

BELGRADE, July 12 (Reuters) - The Serbian central bank purchased an unspecified quantity of euros on Wednesday to stem gains of the dinar which reached its 21-month high versus the common currency, dealers said.

The dinar rallied on increased demand ahead of monthly and quarterly payments of the vallue added tax, dealers said.

The central bank which so far in 2017 purchased around 560 million euros, stepped in as the dinar traded at around 119.95 to the euro, dealers said. After the intervention, the dinar traded at 120.22 to the euro, Reuters data showed.

On Monday, the central bank decided to keep its key rate at 4 percent. (Reporting by Aleksandar Vasovic; Editing by Ivana Sekularac)

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