Monday, October 21, 2013

Serbia – To commemorate World Savings Day, central bank issues memo threatening banks with retaliation if they do not cooperate with efforts to lower interest rates for savers

 

On 14 October the National Bank of Serbia (Народна банка Србије) published a 3-page public announcement.  Issued in preparation for World Savings Day, which has been celebrated annually on 31 October since 1924, the announcement follows on a similar notice published by the central bank for World Savings Day in 2012.

The statement, issued by the governor’s cabinet (Кабинет гувернера) of the central bank, has a title in Serbian that is virtually identical to that of the statement issued a year earlier, but the statement is more than four times as long as its predecessor.