Serbian central bank says reserves at 16.3 million Euro

REUTERS/Regis Duvignau/Illustration/File Photo

The National Bank of Serbia (NBS) said on Friday that the country’s gross hard currency reserves stood at 16.3 billion Euro at the end of October.

A press release said that this covers more than six months of goods and services imports or 145 percent of the M1 money mass. “The gross hard currency reserves increased by 3.2 billion Euro since October 2020. The gross hard currency reserves were 524.7 million Euro lower at the end of October than a month earlier while the net reserves stood at 13.9 billion Euro at the end of October and were 387.1 million Euro lower than a month earlier,” it said.

The drop in the hard currency reserves was mainly caused by repayment of hard currency loans totaling 317.8 million Euro and NBS activities aimed a securing stability on the FX market.

October’s trade on the FX market in October totaled 593.6 million Euro or 15.9 million more than a month earlier. The NBS sold 140 million Euro in October and its purchases totaled 960 million Euro since the start of the year.