The Serbian dinar, denoted by the ISO code CSD, is the official currency of Serbia, which is one of the two republics that constitute Serbia-Montenegro. Both Montenegro and the independent province Kosovo and Metohia shared the Yugoslav dinar with Serbia in the past but have since switched to using the euro for several years as of 2004. The dinar is divided into 100 para. The Serbian dinar has a managed float regime with no predetermined path for the exchange rate.
Sovereign Ratings for Serbia
Serbia is not rated.
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Political Structure
The state of Serbia and the state of Montenegro proclaimed their union, Serbia-Montenegro (SCG) on February 4, 2003, which is based on their equality. Under the country's Constitutional Charter, which is the highest legal act, the Assembly of SCG holds legislative power. This Assembly is mono-cameral with 126 members (91 from Serbia and 35 from Montenegro, holding four-year terms). The Assembly of SCG elects the President, who holds a four-year term. This President and the President of the Assembly may not be from the same member state. Executive power is held by the President of SCG and his Council of Ministers, a council formed on March 17, 2003 that the chairs and runs. The President proposes the candidates for this Council, while the Assembly must approve them. They also hold four-year terms. Judicial power is vested in the Court of Serbia and Montenegro. Judges come from both member states and hold equal representation. They are proposed by the Council of Ministers and then appointed by the Assembly of SCG for six-year terms.
Prominent Figures
Chief of State and Head of Government: President Svetozar Marovic, since March 7, 2003
Assembly of SCG: President Zoran Sami
Central Bank: National Bank of Serbia
Governor of Central Bank: Radovan Jelasic
Key Economic Factors
Economic Overview: The economy of Serbia and Montenegro began a decline in 1998, and stayed on that path due to periods of international economic sanctions after former President Milosevic's actions in Kosovo. After the removal of Milosevic in October 2000, the Democratic Opposition of Serbia coalition government started to come up with methods to stabilize and reform the economy. These reforms included curbing inflation, rejoining the World Bank and the European Bank for Reconstruction and Development, lessening government debts, and many more to strengthen the economy. Even with these reforms, there are many factors that continue to play into the lagging economy. Some of these problems include: a complex political relationship between Serbia and Montenegro, slow privatization development, property right uncertainty, low foreign investment, and a significant foreign trade deficit. Severe unemployment also continues to be an important economic issue for the whole region.
Agricultural Products: Cereals, fruits, vegetables, tobacco, olives, cattle, sheep and goats.
Major Trading Partners: Italy, Germany, Austria, Greece, France and Slovenia.
Export Commodities: Manufactured goods, food and live animals, and raw materials.
Import Commodities: Machinery and transport equipment, fuels and lubricants, manufactured goods, chemicals, food and live animals, and raw materials.
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