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In Focus Purpose of Monetary Statistics: Republic of Serbia, UNMIK/Kosovo2 and Republic of Montenegro

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In Focus Purpose of Monetary Statistics: Republic of Serbia, UNMIK/Kosovo2 and Republic of Montenegro Exchange rates in Western Balkan countries Statistics Western Balkan countries include the following countries: Albania, Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia (FYROM)1 and Serbia and Montenegro. This latter is divided into three entities for the in focus purpose of monetary statistics: Republic of Serbia, UNMIK/Kosovo2 and Republic of Montenegro. ECONOMY AND FINANCE The currencies of the above mentioned countries are the following: Albania Albanian lek (ALL) 44/2004 Bosnia and Herzegovina convertible mark (BAM) Croatia Croatian kuna (HRK) Author FYROM/Macedonia Macedonian denar (MKD) Giuliano Amerini Serbia and Montenegro Republic of Serbia: Serbian dinar (CSD) Contents UNMIK/Kosovo: euro (EUR) Albania ....................................... 2 Republic of Montenegro: euro (EUR) Bosnia and Herzegovina .......... 2 Croatia........................................ 3 In July 2004 the exchange rates (monthly average) of these currencies vis-à- vis the euro (1 EUR =…) are the following: FYROM/Macedonia ................... 4 Albanian lek: 129.668 (April 2004) Serbia and Montenegro............ 5 Bosnian and Herzegovinian convertible mark: 1.95583 3 Useful web-site links ................ 7 Croatian kuna: 7.37124 Macedonian denar: 61.3063 Serbian dinar: 71.55353 (June 2004) The Republic of Montenegro and UNMIK/Kosovo have adopted unilaterally the euro as official currency. The results presented are based on a first pilot collection. Data should be considered as provisional. 1The name FYROM/Macedonia is used in the text for the sake of simplicity. 2 th Since the UN resolution 1244 of 10 June 1999 the province of Kosovo has been placed under Manuscript completed on: 17.09.2004 UN administration called United Nation for an interim administration of Kosovo (UNMIK). The ISSN 1024-4298 name UNMIK/Kosovo is used in the text. Catalogue number: KS-NJ-04-044-EN-N 3 The official monthly averages as published by the Croatian an Serbian Central Banks are © European Communities, 2004 slightly different: 7.37208 for Croatia and 71.3984 for the Republic of Serbia. This is due to a standard methodology applied at the European level when calculating monthly averages. Albania 200 18 0 16 0 14 0 12 0 10 0 1-1997 1-1998 1-1999 1-2000 1-2001 1-2002 1-2003 1-2004 Figure 1: Exchange rate of the Albanian lek (1 ECU/EUR =….ALL) – monthly averages The Central Bank of Albania was Between January 1997 and June against the euro was at the level of first created in 1913 but exists in its 1997 the lek dropped from 133.977 120.895 ALL/EUR, which is an present structure of performing all to 202.508 (in monthly average appreciation of 67.5% compared to functions of a central bank in a two- terms) against the ECU, which is a the level observed in June 1997. tier system4 since 1992. Its seat is in depreciation of 33.8%. In the second Tirana and the currency in part of the year it appreciated by During 2002 and the first half of circulation in Albania is the lek 22.2% finishing the year at a level of 2003 the Albanian currency (ALL). The exchange rate regime 165.671 ALL for one ECU. depreciated against the euro from followed by the authorities is a free 120.895 ALL/EUR at the end of floating system. During 1998 the lek was quite stable 2001 to 140.022 ALL/EUR at the against the ECU except a slight end of May 2003, that is a The free floating exchange rate decrease at the end of the first and depreciation of about 13.7%. regime is a system in which the the third quarter, and finished the exchange rate is determined by year at 165.159 ALL/ECU, or a This depreciation was again foreign exchange supply and variation of only 0.3% against its followed by an appreciation the lek demand without any direct level at the end of the previous year. reaching a level of 129.668 intervention of the central bank. ALL/EUR at the end of April 2004 During the three following years the (an appreciation of 8.0% compared In Albania the lek strongly lek appreciated against the euro by to the level of May 2003). depreciated during the first six respectively 20.0% in 1999, 5.6% in months of 1997 due to the deep 2000 and 7.8% in 2001. At the end difficulties in the financial system. of 2001 the exchange rate of the lek Bosnia and Herzegovina The Central Bank of Bosnia and Convertible mark banknotes (BAM) currency is irrevocably fixed against Herzegovina was established in were issued for the first time on 22 a foreign currency. Since the base accordance with the Law adopted by June 1998 and the value of the money stock is totally financed by the Parliament of Bosnia and currency equalled 1 Deutsche Mark foreign reserves, the central bank Herzegovina on 20 June 1997 and (DEM). The exchange rate regime in only issues currency against the has its seat in Sarajevo. The Central application since then is a currency reserve currency at the Bank started its operations on 11 board. The currency board is a predetermined exchange rate. Given August 1997. system in which a country's that the central bank has, in 4 The Albanian banking system has developed from the centralized system into a two-tier system, including a central bank and commercial banks, which is the standard structure in market-based economies. 2 Statistics in focus — Economy and finance — 44/2004 ———————————————————————— principle, no discount window it the DEM vis-à-vis the ECU. Since the beginning of 1999 the cannot offer lines of credit to private BAM has been pegged to the euro financial institutions experiencing The trend observed during the year at a rate of 1.95583 BAM/EUR. short-term liquidity problems. first shows a slight depreciation of the BAM against the ECU in the first The evolution of the Bosnian part of 1998 followed by a recovery currency vis-à-vis the ECU during of the Bosnian currency in the 1998 is reflected in the evolution of second part of 1998. 1, 9 9 1, 9 8 1, 9 7 1, 9 6 1, 9 5 1, 9 4 1-1998 1-1999 1-2000 1-2001 1-2002 1-2003 1-2004 Figure 2: Exchange rate of the Bosnian and Herzegovinian convertible mark (1 ECU/EUR =….BAM) – monthly averages Croatia The Croatian national bank was set The Yugoslav dinar was replaced by legal tender in the Republic of up on 21 December 1990 as the the Croatian dinar on 23 December Croatia on January 1, 1992. It was Central Bank of the Republic of 1991. replaced by the kuna (HRK) on 30 Croatia, having had its seat in May 1994, when this currency was The Croatian dinar became the sole Zagreb. introduced as the official legal 7,80 7,60 7,40 7,20 7,00 6,80 6,60 7-1996 7-1997 7-1998 7-1999 7-2000 7-2001 7-2002 7-2003 7-2004 Figure 3: Exchange rate of the Croatian kuna (1 ECU/EUR =….HRK) – monthly averages ————————————————————————— 44/2004 — Economy and finance — Statistics in focus 3 tender in the Republic of Croatia. indicate in their bids to the central Then the kuna depreciated almost bank the desired amounts and price steadily against the ECU/EUR Croatia implements the exchange (exchange rate) of foreign exchange during the period between rate regime of managed floating, transactions. On the basis of the September 1996 and March 2000, where the exchange rate of the bids received, the central bank reaching a low point of 7.73288 in domestic currency is not fixed adopts a decision on the amount of March 2000 (monthly average). against another foreign currency or the intervention and the exchange basket of currencies, but is rather rate. During this period the kuna lost freely determined by the foreign respectively 2.3% in 1996, 0.7% in exchange market. The central bank can also indirectly 1997, 5.0% in 1998 and 4.5% in intervene on foreign exchange 1999. The exchange rate thus floats markets by raising or lowering the depending on the foreign exchange level of its official interest rates, to Between March 2000 and July 2001 supply and demand on the foreign influence the level of the exchange the kuna appreciated against the exchange market. However, the rate in the desired direction. euro by 7.4%, to a level of 7.20130 central bank prevents too excessive in July 2001. exchange rate fluctuations by occasional market interventions in In the period from August 2001 until an attempt to maintain relative Analysis of the evolution of the kuna January 2004, periods of stability of the exchange rate. against the ECU/EUR in the period appreciation were followed by between June 1996 and May 2004 periods of depreciation. However, The interventions can take the form shows that a short period of the kuna reached a level of 7.68988 of foreign exchange auctions appreciation occurred (from June in January 2004. This was a through which the central bank 1996 until August 1996) when the depreciation of 6.4% compared to purchases or sells foreign exchange kuna appreciated by 2.0%, up to a the rate of July 2001. to commercial banks. The most level of 6.74198 (monthly average) common type of these auctions are HRK/ECU in August 1996. Since then the kuna recovered by those at which commercial banks 4.3%, to 7.37124 in July 2004. FYROM/Macedonia 64 62 60 58 56 54 52 50 48 1-1994 1-1995 1-1996 1-1997 1-1998 1-1999 1-2000 1-2001 1-2002 1-2003 1-2004 Figure 4: Exchange rate of the Macedonian denar (1 ECU/EUR =….MKD) – monthly averages The Macedonian Central Bank was May 1993 the official Macedonian pegged to euro (before to Deutsche established on 17 November 1991 currency the Macedonian denar Mark (DEM)).
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