Any insights on the Serbian foreign payment policy, particularly as it applies to Euro purchase from the bank prior to pay runs? I'm told there's a local policy that forbids holding Euro currency longer than a day.

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We do not have specific information regarding currency considerations of foreign payment transactions within Serbia. We did find the following from KPMG on currency exchange control:

Exchange control
Serbia has certain restrictions in terms of flow of Serbian or foreign currency out of the country. When entering the country, residents and nonresidents can freely bring in unlimited amounts of foreign and domestic currency, but amounts in value over 10,000 euros (EUR) must be reported to the Customs Authority.

Foreigners may freely transfer funds abroad if all taxes have been duly paid in Serbia. Amounts exceeding EUR10,000 can be returned abroad if they were reported when entering the country.

Anti–money laundering regulations require that all financial transactions in amounts exceeding EUR15,000 must be reported, as well as all currency exchanges above EUR5,000.

You may wish to follow up with KPMG or another of the global accounting firms for detailed information on Serbia’s policies relating to currencies and foreign payments.  Note that the contact for KPMG in Serbia at the time of publication of the above was Vesna Ivkovic: vivkovic@kpmg.com.

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