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Serbia's Vucic rules out much state intervention on CHF loans
January 22, 2015 / 11:22 AM / 3 years ago

Serbia's Vucic rules out much state intervention on CHF loans

DAVOS, Switzerland/BELGRADE, Jan 22 (Reuters) - Serbia will employ the “least state intervention” possible to address a jump in instalments on loans denominated in Swiss francs, Prime Minister Aleksandar Vucic said on Thursday.

Speaking to the Reuters Global Markets Forum in Davos, Vucic said his government was speaking to banks about improving terms for some 22,000 clients who took Swiss franc-denominated loans in the early 2000s, and have since seen their instalments shoot up.

“We will do our best to help them in a way that banks are going to accept,” he said, but ruled out following the example of neighbouring Croatia in fixing the exchange rate of the franc to a level in line with that before the Swiss National Bank last week abandoned its cap on the currency.

“We don’t do it with euro, we don’t do it with dollar, we don’t plan to do it with Swiss franc as well,” said Vucic. “Croats did it, and their state will have to pay a lot of money because of that.” (Reporting by Aleksandar Vasovic and Ivana Sekularac; Writing by Matt Robinson)

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