Tuesday, Serbia's central bank retained its key policy rate at 14%. This follows a 100 basis points cut to 14% on April 22 after reducing the rate by 150 basis points on April 6.

The Eastern European country's currency, the dinar, decelerated against the euro and dollar as the financial crisis hit the region the most.

The central bank also said the majority shareholders of nine of the country's top ten banks have confirmed in writing their acceptance of the terms defined by the Vienna Initiative.

The central bank and top ten commercial banks of the country have met on March 27 in Vienna to discuss the country's financial stability.

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