{
  "title": "Republic of Serbia: Financial Sector Assessment Program Update: Technical Note on Systemic Liquidity Management",
  "publication": "IMF Staff Country Reports, May 27, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/index.md",
  "summary": "This Technical Note reviews Systemic Liquidity Management in Serbia. The liquidity management framework in Serbia, although generally efficient, is constrained by instability in the demand for excess reserves.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Reviews Systemic Liquidity Management in Serbia.\n- Concludes the liquidity management framework in Serbia, although generally efficient, is constrained by instability in the demand for excess reserves.\n- Notes that the relatively high and unstable demand for excess reserves in Serbia is somewhat puzzling."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- The demand for excess reserves is generally a function of:\n  - the quality of the systemic liquidity management by the central bank,\n  - the technical capability of commercial banks’ treasurers to manage their balances adequately,\n  - the overall efficiency of payment systems facilities for money market participants.\n- The interaction of the above factors constrains the effectiveness of liquidity management despite an otherwise generally efficient framework."
    },
    {
      "heading": "Subjects and keywords (as reported)",
      "content": "- Subject: Asset and liability management, Banking, Currencies, Financial institutions, Liquidity, Loans, Monetary policy, Money, Reserve requirements, Treasury bills and bonds\n- Keywords: CR, Currencies, Eastern Europe, foreign currency, ISCR, IT strategy, Liquidity, Loans, monetary policy formulation, NBS balance sheet, NBS guidance, NBS operational flexibility, NBS operations, NBS repo, NBS repo operation, NBS repo rate, NBS repo volume, NBS well, portfolio to the market, rate act, repo approach, Reserve requirements, Treasury bills and bonds\n\n---\n\n Content in this bundle\n\n- cr10153\n  - cr10153 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr10153 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/bundle-manifest.json)",
    "Published: May 27, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455205691.002",
    "Reviews Systemic Liquidity Management in Serbia.",
    "Concludes the liquidity management framework in Serbia, although generally efficient, is constrained by instability in the demand for excess reserves.",
    "Notes that the relatively high and unstable demand for excess reserves in Serbia is somewhat puzzling.",
    "The demand for excess reserves is generally a function of:",
    "The interaction of the above factors constrains the effectiveness of liquidity management despite an otherwise generally efficient framework.",
    "Subject: Asset and liability management, Banking, Currencies, Financial institutions, Liquidity, Loans, Monetary policy, Money, Reserve requirements, Treasury bills and bonds",
    "Keywords: CR, Currencies, Eastern Europe, foreign currency, ISCR, IT strategy, Liquidity, Loans, monetary policy formulation, NBS balance sheet, NBS guidance, NBS operational flexibility, NBS operations, NBS repo, NBS repo operation, NBS repo rate, NBS repo volume, NBS well, portfolio to the market, rate act, repo approach, Reserve requirements, Treasury bills and bonds",
    "**_cr10153**"
  ],
  "related": [
    {
      "title": "_cr10153",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10153.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10153.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2010/_cr10153.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/republic-of-serbia-financial-sector-assessment-program-update-technical-note-on-systemic-23915/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T10:09:52.424Z"
}