In an interview the newly appointed governor of the National Bank of Serbia, Kori Udovicki, said she would resist pressure from the government, if it came, to invest the central bank's foreign exchange reserves. She intends to extend and develop the work started by Mr Dinkic, "and in that sense I do have some instincts that are different from his. I want to create more sophisticated markets, and I think I am less interventionist in the market", she said.

First published by the Financial Times, 28