Mogućnosti zaštite od valutnog rizika za korporativni sektor u Srbiji

Abstract

The aim of the paper is to analyze the possibilities of FX risk management for Serbian corporations. The importance of FX risk management emerges from significant borrowing in foreign currencies and FX-indexed loans. In addition, import and export activities create currency mismatch between cash inflows and outflows. In this situation, fluctuations in EUR/RSD, USD/RSD, CHF/RSD and other relevant exchange rates impose potential losses upon corporations operating in Serbian market. On the other hand, standardized instruments for FX risk hedging have not been developed, while non-standardized contracts are modestly used. In these circumstances, appreciation of foreign currencies relative to RSD may create significant systemic consequences through spillover of FX risk into credit risk and other related risk categories.