Communist Yugoslavia Starts Stock Exchange
BELGRADE, Yugoslavia — The first stock exchange in Communist Yugoslavia was set up Tuesday in the northern city of Ljubljana, the state Tanjug news agency reported.
It said that the exchange was founded with a total capital of $17 million and that 152 stocks representing more than 50% of its capital were owned by 23 Yugoslav banks.
The exchange will list Yugoslav and foreign companies and will publish the so-called YUIX--the Yugoslav Index--an average of the prices of selected stocks at the close of each trading day.
A capital and securities market was established last month in Belgrade in keeping with reformist Premier Ante Markovic’s policy of introducing Western market mechanisms into the Yugoslav economy.
Last week Markovic announced that the Yugoslav dinar will become Eastern Europe’s first convertible currency on Monday.
Neighboring Hungary’s stock exchange has been open partially for about a year.
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