Type of securities
The NBS performs monetary operations against the collateral of dinar securities (not indexed to a foreign currency) issued by:
- the National Bank of Serbia;
- the Republic of Serbia;
- an international financial organisation and development bank or a financial institution founded by a foreign government, with the credit rating of “AAA” by Standard & Poor’s or Fitch-IBCA , or “Aaa” by Moody’s;
- company with a solvency rating of minimum “(D) Eligible solvency” as assigned by the Serbian Registers Agency or with other solvency/creditworthiness rating equivalent to “(D) Eligible solvency”.
- Survey of issued NBS bills
To ensure the collection of its receivables, the NBS may apply in its monetary operations an upward/downward haircut to the nominal value of securities subject to a repo transaction, and/or a downward haircut to the nominal value of securities against which banks are approved daily liquidity loans and/or short-term dinar loans.
The upward/downward haircut is determined according to the type of securities and their residual maturity taking into account the market price of securities, i.e. current market and monetary developments.
The downward/upward haircuts are set by the Decision on Determining Upward/Downward Haircut to the Nominal Value of Securities, and equal: