Politika otvorenog tržišta Narodne banke Srbije[Open-Market Policy of the National Bank of Serbia]

English. Open-market operations are one of the key instruments that Central banks use to realise monetary policy in developed market economies. Considering the conditions of Yugoslavian, or todays, Serbian economy, this instrument havent had, and it still doesn't have adequate meaning, because the financial markets and financial instruments havet’n been, and still are not, developed. Under conditions of transition, with the development of financial institutions, open-market operations will, in time, become more important, so it should be expected that they become one of the most important instruments of National Bank of Serbia. In the second part ofthe text the conditions and the way in which NBS undertakes open-market operations are shown, based on the adequate decisions and other rules of Monetary Board of National Bank of Serbia, from October 2003, in which, the new sollutins in this domain have been introduced in bank system of Serbia. Serbian. Operacije na otvorenom tržištu predstavljaju jedan od ključnih instrumenata sprovođenja monetarne politike od strane centralnih banaka razvijenih tržišnih privreda. U uslovima bivše jugoslovenske, odnosno današnje srpske privrede ovaj instrument nije imao i još uvek nema odgovarajući značaj, pošto finansijska tržišta i finansijski instrumenti nisu (bili) razvijeni. U uslovima tranzicije, s razvojem finansijskih institucija politika otvorenog tržišta s vremenom će dobijati na značaju, tako da treba očekivati da ovaj instrument postepeno preovlada kao jedan od najznačajnijih instrumenata monetarne politike Narodne banke. U drugom delu rada prikazani su uslovi i način na koji Narodna banka Srbije sprovodi operacije na otvorenom tržištu, na osnovu odgovarajućih odluka i drugih propisa Monetarnog odbora Narodne banke Srbije iz oktobra 2003, a kojima su u bankarski sistem Srbije inaugurisana nova rešenja u ovom domenu.