Paper
Survey of the Legal and Regulatory Environment for Microfinance Institutions in the Republic of Serbia
A case for developing conducive regulatory environment for microfinance in Serbia
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45 pages
This study outlines the legal and regulatory environment for microfinance institutions (MFIs) in the Republic of Serbia.The paper begins with providing the current landscape of microfinance in the country:
- Microfinance in Serbia is currently conducted through three international NGOs that operate microlending programs under the protection of a bilateral agreement between Yugoslavia and UNHCR;
- The main regulatory authority is the National Bank of Yugoslavia (NBY).
The study analyzes the relevant provisions under the following legal forms which are appropriate for microfinance:
- Banks and other financial organizations;
- Savings banks;
- Non-profit legal form.
Finally, the paper recommends the following steps for reforming the regulatory environment for microfinance:
- Education and policy awareness-building;
- Monitoring and supporting relevant reform initiatives;
- Interim operating strategies;
- Long term action:
- Long-term access to capital by NGO MFIs after donor resources become scarce,
- Development of the rest of the spectrum of financial institutions to target low-income clients.
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