Further Dinar Depreciation Lies Ahead

The Serbian dinar breached our short term downside target of RSD95.00/EUR on January 8, to at one point trade as low as RSD95.46/EUR. While the momentum of the dinar remains extremely volatile with swings of up to 7.0% on a daily basis, we continue to believe the general trend of the unit is further depreciation. Indeed, we expect the unit to firmly move through the RSD95.00/EUR level in the near term, with our new target set at RSD100.00/EUR.

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