WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Tracking the negative tone in most Asian bourses, major European bourses were lower in early trade on Friday pressured by heightened market worries over the outcome of the UK’s EU referendum on June 23rd as recent opinion polls suggest that the outcome is too close to call. EU referendum jitters helped major global bond markets retain a positive tone while in FX markets, the CHF was among the main outperformers.
GREECE: The Euroworking Group (EWG) that convened yesterday issued a positive compliance report for Greece giving the green light for the disbursement of the next ESM loan sub-tranche of €7.5bn, which is expected to arrive in State coffers before June 23rd and will be primarily used to cover debt servicing needs and, secondarily, state arrears.
SOUTH EASTERN EUROPE
SERBIA: In line with our and market expectations, the National Bank of Serbia (NBS) stayed put on its monetary policy yesterday for the fourth month running after a 25bps rate cut in February, maintaining the key benchmark rate at the record low level of 4.25%.
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