NBS: Serbia’s foreign exchange reserves increase to €15 billion

NEWS 10.08.2022 14:18
Narodna banka Srbije, Banka, Srbija, zgrada,
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The National Bank of Serbia (NBS) said its gross foreign exchange reserves amounted to 15,022.8 million Euro at end-July, up by 247.1 million Euro from a month earlier.

The reserves covered 137 percent of money supply (M1) and almost five months’ worth of the country’s import of goods and services, which is almost twice the level prescribed by the adequacy standard.

Net foreign exchange reserves (foreign exchange reserves less banks’ foreign exchange balances on account of required reserves and other grounds) came at 12,334.3 million Euro, having increased by 427.2 million Euro from the month before.

The increase in foreign exchange reserves reflects primarily NBS activities in the local foreign exchange market (net inflow from foreign exchange purchases and swap transactions totaled 367.0 million Euro). A positive impulse also came from the foreign exchange reserves management, grants and inflows from other sources (94.8 million Euro net).

These inflows were more than sufficient to cover outflows in respect of usual bank activity with regard to foreign exchange reserve requirements (164.7 million Euro), maturity of government foreign exchange securities in the domestic financial market (76.7 million Euro), and government net debt repayment on account of loans and other grounds (60.8 million Euro in total), an NBS press release said.