ECB cut prompts record FX intervention in Serbia

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The National Bank of Serbia (NBS) has made a record purchase of foreign exchange in an effort to resist capital flows resulting from the European Central Bank's (ECB) rate cut on November 7.

In a statement, the central bank said it had bought €100 million ($135 million) to "mitigate excessive daily exchange rate oscillations", which it said was its largest ever intervention "on the purchase side".

A number of central banks in Europe have felt the impact of the ECB's surprise rate cut. The same d

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