The National Bank of Serbia (NBS) said on Tuesday that its gross hard currency reserves stood at 13.5 billion Euro at the end of July, 800 million higher than a year earlier but 435.3 million Euro lower than a month earlier.
Those reserves are equal to 144 percent of the M1 money mass or six months worth of imports of goods and services, it said.
The press release said that the NBS net hard currency reserves were more than twice higher than they were in August 2012 when Jorgovanka Tabakovic took over as NBS Governor. It specified that the reserves had grown by 5.9 billion Euro in that eight year period.
The gross foreign currency reserves were lower than at the end of June because of debt repayment and NBS sales and swap auctions on the local foreign exchange to counter the effects of the coronavirus pandemic as well as market conditions.
The NBS said that hard currency income in July stood at 40.9 million Euro and added that the value of the Dinar was virtually unchanged against the Euro.