Serbia Shuts Down Major Bank Amid Fears of Illegal Cash Outflows

The National Bank of Serbia has banned Alta Bank from operating. Alta Bank was one of the largest financial institutions in the country. Vice governors of the central bank requested an urgent investigation by state prosecutors. They reported that the bank's actual financial condition differed drastically from its official reports. Officials also called for an inquiry into potential criminal liability within the central bank.

The unexpected shutdown caused immediate panic among depositors. Crowds of worried citizens formed long lines outside bank branches across Serbia to withdraw their money.

Following the collapse, Belgrade University professors Vladimir Obradovic and Ognjen Radonjic raised alarms about illegal capital flight. They sent official letters to Serbian authorities, neighboring countries, and the European Union. They urged officials to strictly monitor border crossings and international airports to stop illicit cash transfers out of Serbia.