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December Records Net Foreign Exchange Reserves at 20.7 Billion Euros

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The gross foreign exchange reserves of the National Bank of Serbia at the end of January 2024 amounted to 25 billion euros.

This is the highest level of gross foreign exchange reserves at the end of the month since data has been tracked in this way, specifically since the year 2000, as announced by the National Bank of Serbia.

Compared to the end of December, gross foreign exchange reserves increased by 127.8 million euros.

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At this level of foreign exchange reserves, coverage of the M1 money supply is secured at 177.4%, and it covers 6.8 months of imports of goods and services, which is twice the standard for import coverage with foreign exchange reserves.

Net foreign exchange reserves (gross foreign exchange reserves reduced by foreign exchange assets of banks due to mandatory reserves, obligations to the International Monetary Fund under arrangements and other reasons) amounted to 20.7 billion euros, and compared to the end of December, they decreased by 104.7 million euros.

As stated in the announcement, inflows into foreign exchange reserves in January were realized through net allocations of foreign exchange mandatory reserves by banks in the amount of 157.3 million euros, management of foreign exchange reserves, donations, and other sources, totaling 116.4 million euros.

Outflows from foreign exchange reserves occurred due to the government’s redemption of foreign currency securities issued on the domestic financial market, amounting to 255 million euros, and the repayment of foreign loans totaling 52.8 million euros.

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The market factors had a positive impact on foreign exchange reserves, leading to an increase of 161.9 million euros. This was attributed to the strengthening of the dollar against the euro by approximately 2.3%, while the decrease in the price of gold by about 0.4% had an opposite effect.

In the interbank foreign exchange market, there was a turnover of 654.4 million euros in January, which is 126.4 million euros less than the previous month.

In January, the value of the dinar against the euro remained almost unchanged. The National Bank of Serbia net sold 45 million euros in the interbank foreign exchange market to maintain the relative stability of the dinar exchange rate against the euro in the domestic foreign exchange market.

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