Serbian central bank dismisses losses as ‘accounting measure’
Central bank’s gold holdings lose over 25% in value in 2013
The National Bank of Serbia (NBS) has dismissed the 43.6 billion dinar ($462 million) loss it posted last year as an "accounting issue", singling out falling gold prices as the main culprit.
Losses are a sensitive subject for central banks. Although they are non-profit-making institutions, it can be difficult for them to communicate losses to politicians and the general public.
Shortly after releasing its annual report for 2013, the NBS posted two statements on its website: downplaying the loss
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