Bank Account Holders in Serbia: Protect Your Account Balance and Qualify for Deposit Insurance Repayment When Banks Fail or Stop
The Republic of Serbia is a landlocked country in the Balkan region of southeastern Europe. It is bordered by Hungary to the north, Romania and Bulgaria to the east, North Macedonia to the south, Croatia and Bosnia and Herzegovina to the west, and Montenegro to the southwest. Serbia has a population of approximately 7 million people, and its capital and largest city is Belgrade. Serbia is a parliamentary republic with a multi-party system. It is a member of the United Nations and the Council of Europe. It is a member of various other international organizations, including NATO and the World Trade Organization, and prepares for EU accession. The official local currency is the Serbian Dinar (RSD).
The Serbian economy is primarily service-based and is largely dominated by the tourism and hospitality sector. The country also has a strong manufacturing sector, and its agricultural sector is highly developed. Serbia is also a major exporter of agricultural products, including wheat, corn, and barley. The country has a universal health care system and primary and secondary education is free for its citizens. The country is known for its culture and traditions, and its cuisine is one of the most diverse in the region. The country is also home to numerous national parks and protected areas, including the Tara National Park and the Djerdap National Park. Serbia is a popular tourist destination, with many attractions, including the Belgrade Fortress, the Vojvodina Museum, the Petrovaradin Fortress, and Lake Palic.
The Economy and Financial Sector of Serbia
Serbia has a market-based economy that has seen steady progress since the fall of the Socialist Federal Republic of Yugoslavia in 1991. The country’s economy is based largely on services and industry, which account for approximately 80% of its GDP. Serbia is an upper-middle-income economy, with a per capita GDP of $7,400 in 2020. The services sector is the largest contributor to the economy, accounting for over 40% of GDP. The industrial sector is the second largest, accounting for around 35% of GDP. The agricultural sector accounts for the remaining 15% of GDP.
The financial sector in Serbia is largely comprised of banks, which are supervised by the National Bank of Serbia. There are over 30 banks operating in the country, with the majority of them being domestic banks. The banking sector has seen significant growth in recent years, with total assets increasing from around EUR 12 billion in 2008 to over EUR 25 billion in 2019. The banking sector is highly concentrated, with the four largest banks accounting for around 75% of total banking assets. The sector is well capitalized, with the Capital Adequacy Ratio (CAR) standing at 16.3%, much higher than the required minimum of 8%.
The National Bank of Serbia is the primary regulator of the banking sector and is responsible for setting regulations and policies in order to ensure the safety and soundness of the banking system. In recent years, the National Bank of Serbia has implemented several measures to strengthen the banking sector, including introducing new capital requirements, introducing stress tests, and increasing supervision of the banking sector.
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Deposit Guarantee Claim is a service by Legal Floris LLC to assist international creditors of licensed and supervised banks all around the world to reclaim their account balance when their bank fails. A Deposit Guarantee Claim is one of the critical steps to recover a full account balance. Leverage of academic knowledge that is substantiated by past experience in an international setting allows our customers to minimize their risk and maximize their recovery potential. Did your bank fail or stopped operating? Is access to your account restricted? Do you want to know what happens next? Or, do you just want to understand the mechanics of bank resolution? Feel free to contact us for further information:
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