CFO Association of Serbia held third online meeting on topic: “How to maintain liquidity during and after Covid-19?”


A meeting on the topic “How to maintain liquidity during and after COVID-19?” was held on Thursday, 02 April from 18h. This is also the third online meeting of the CFO Association of Serbia.

Mr. Dusan Jovicic, Head of Treasury, Vojvodjanska Banka spoke on this topic. He shared historical trends with the members of the Association, but also introduced them to the future trends of financial instruments and their impact on future developments in the economy.

Some of the issues discussed during the discussion are:

  • Serbia’s position in relation to public debt?
    • Will a decrease in foreign currency reserves, due to the intervention of the State with the newly announced measures, influence the increase of public debt?
    • Looking at future developments regarding the exchange rate and comparing it with the 2008 crisis, what are the next steps and what measures should be taken?
    • How will the austerity trend in the future as it has grown in recent years and can the population be expected to respond by withdrawing the austerity to overcome the crisis?
    • Will there be market distortions?
    • What is the situation with Cross-Border loans?
    • What is the situation on the stock market and what impact will it have on the overall economy?
    • What measures to implement in terms of the credit policy of companies?

One of the conclusions drawn during the discussion was that EURIBOR will not follow the trend as it was before, that is, it is not expected to continue to decline during this crisis, since it is already in the red and the negative interest rate has devastated European banks. Therefore, additional negative interest rates will not be able to be a monetary measure of the ECB during this crisis.

We thank all the members for participating in the productive discussion, as well as Mr. Jovičić for the very educational presentation!


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