Serbian central bank says reserves at highest level

Serbian central bank says reserves at highest level

Serbian central bank says reserves at highest level Izvor: Morgue File (Ilustracija)

The National Bank of Serbia (NBS) said on Tuesday that the country’s hard currency reserves are at their highest level since the year 2000 with the net reserves totaling 11.48 billion Euro at the end of October.

The net hard currency reserves rose by 298 million Euro in October, the NBS said and added that the gross reserves stood at 13.49 billion Euro at the end of October or 203.5 million more than in September.  

The gross hard currency reserves rose by 2.23 billion Euro in the first 10 months of 2019, the NBS said, claiming credit for the rise through its purchase of hard currency on the local foreign exchange market. It said that the state paid off 625.7 million Euro in hard currency debts (loans and bonds).  

The NBS press release said that this has reinforced the resilience of the domestic financial system against possible upsets at international level.

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