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2009-10-27

Decision on the Purchase of Foreign Cash of EMU Countries

The Governor of the National Bank of Serbia issued this Decision to mandate the purchase of foreign cash denominated in currencies of EMU countries that ceased using them as legal tender. The regulation specifies that banks and licensed exchange offices must acquire these currencies, including the Austrian schilling, Belgian franc, and German mark, at exchange rates formed in accordance with foreign exchange market regulations. This instrument entered into force one day after its publication in the Official Gazette and simultaneously repealed the previous Decision on the Purchase of Foreign Cash of EMU Countries from 2003.

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"RS Official Gazette", Nos. 81/2006, 116/2006 and 24/2007 Pursuant to Article 21, paragraph 1 of the Law on the National Bank of Serbia ("RS Official Gazette", Nos. 72/2003 and 55/2004), and with reference to Article 39 of the Law on Foreign Exchange Transactions ("RS Official Gazette", No. 62/2006), Governor of the National Bank of Serbia hereby issues D E C I S I O N ОN THE PURCHASE OF FOREIGN CASH OF EMU COUNTRIES

  1. Pursuant to this Decision, the National Bank of Serbia, banks and licensed exchange offices shall purchase foreign cash denominated in the currencies of EMU countries that ceased to use it as legal tender (hereinafter: foreign cash). Foreign cash shall include:
  1. Austrian schilling (ATS),
  2. Belgian franc (BEF),
  3. Finnish mark (FIM),
  4. French franc (FRF),
  5. German mark (DEM),
  6. Greek drachma (GRD),
  7. Irish pound (IEP),
  8. Italian lira (ITL),
  9. Portuguese escudo (PTE),
  10. Spanish peseta (ESP),
  11. Luxembourgian franc (LUF).
  1. Exchange rates for foreign cash in currencies specified in Section 1 hereof shall be formed in line with regulation on the conditions and manner of operation of the foreign exchange market.
  2. Foreign cash shall be purchased in line with the decision regulating the conditions and manner of performing exchange transactions.
  3. As of the entry into force hereof, Decision on the Purchase of Foreign Cash of EMU Countries ("RS Official Gazette", No. 15/2003) shall cease to be valid.
  4. This Decision shall enter into force one day after its publication in the “RS Official Gazette". D. No. 105 G o v e r n o r 26 September 2006 National Bank of Serbia B e l g r a d e Radovan Jelašić, sign.
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