Regulatory Alerts2005-09-05
Decision on Detailed Requirements and Manner of Performing Conversion of Citizens’ Savings Deposits into Bonds of the Republic of Serbia and Republic of Montenegro
The Governor of the National Bank of Yugoslavia issued this Decision to govern the conversion of citizens' foreign exchange savings deposits into bonds of the Republic of Serbia and Republic of Montenegro. The regulation specifies that savings are converted based on balances as of August 19, 2002, plus 2% annual interest, into bonds with varying maturity dates and amounts ranging from short-term instruments to long-term installments. Authorized banks are required to perform the conversion, update their records, issue certificates to depositors, and submit data to the National Bank of Yugoslavia and the Central Securities Depository.
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