Agency cuts Serbia's credit rating, dinar falls

August 7, 2012 16:20

BELGRADE - Standard & Poor's cut Serbia's credit rating and three members of the EU candidate's central bank resigned on Tuesday in an increasing crisis over the independence of monetary policy.

The rating agency knocked Serbia down one notch to BB-, citing in part the Socialist-led government's tightening of its grip on the central bank in defiance of EU and IMF criticismIt also put it on negative outlook because of deteriorating fiscal and external deficits and the bank row.

The dinar fell to a record low against the euro.

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