Vucic's power is waning: Serbia's state bank collapses

The power of former Serbian President Aleksandar Vucic is declining, impacting the financial sector as the central bank revokes Alta Bank's license. This follows rumors of significant fund transfers to Russia and North Macedonia by Vucic's associates. Alta Bank, closely linked to the previous regime, facilitated government payments and was the ninth largest bank in Serbia. The Serbian authorities aim to prevent unrest from Alta's collapse, offering compensation to account holders. Disagreements within the central bank's leadership have emerged regarding oversight of Alta. The transition of power to the Student List faces challenges, with ongoing electoral processes delaying formal government formation.