Amendments to Law on Capital Market to prevent speculations – Serbia aims to have large companies enter stock exchange
– This is something that's been a practice in the world since the 1930s. Joining with the intention of reducing or raising the price is forbidden – Vujovic said and added that amendments to the regulation on the capital market should secure the key elements of a stock exchange – stability, predictability and depth.
– This is important for us in order for companies to enter the stock exchange. A mass entry to the stock exchange requires conditions to be provided by both sides. The Belgrade Stock Exchange is currently four times smaller then when it started operating – Vujovic said.
He added that the goal was for the state-owned companies ready to enter the stock exchange in terms of technology and organization to do so, without causing any shocks to either the stock exchange or the structure of the companies.
The minister emphasized that the third generation of investments could only be drawn by countries with developed stock exchanges and that there was no developed economy without a developed stock exchange.
He invited stock exchange experts to offer the most attractive conditions in order to prevent the initial drop.
– Banks are conservative and have no vision of the development of the capital market over five or ten years, which the stock exchange can provide – Vujovic estimated.
He said that the state will offer electronic notes with interest rates higher than in banks and slightly lower than those paid by the state for the borrowed assets, in order to stimulate citizens to save.
According to his estimate, around EUR 8-9 billion of citizen savings could be drawn this way.
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