20 May 2020 Update - On 15 May 2020, the National Bank of Serbia (“NBS”) adopted the Decision on the Conditions and Manner of Implementing Operations on the Open Market (“Decision”). Pursuant to this Decision, the NBS may buy and sell RSD-denominated securities of domestic companies. Such securities must not have a currency clause or another clause protecting them from RSD exchange rate fluctuation. Also, the issuer must have a credit rating of (B) – very good, issued by the Serbian Business Registers Agency, or another comparable credit rating issued by a third party. It should also be noted that only securities issued until 31 December 2020 and which due date is no longer than 5 years can be bought and sold by the NBS. This decision can be interpreted as opening the way for the NBS to trade in corporate bonds to be issued by domestic companies under the umbrella of the relevant measures that were adopted in response to the COVID-19-related state of emergency. Please see our earlier article for more information on these measures.