National Bank of Serbia FX reserves amounted to EUR 10,878.0 million at end-September, covering M1 by 310 percent and more than seven months of imports of goods and services.
The largest inflow to FX reserves came from banks’ higher allocations under FX reserve requirements (EUR 59.5 million, net), sale of euro-denominated government securities in the domestic financial market (EUR 38.8 million), and disbursement of loans and grants (EUR 17.4 million).
Larger outflows were registered on account of settlement of liabilities to foreign creditors (EUR 143.8 million) and repayment of debt to the IMF (EUR 67.4 million).
Net FX reserves, defined as FX reserves less banks’ required reserves and drawings from the IMF, came at EUR 8,001.0 million.
Trading volume in the IFEM reached EUR 595 million, up by EUR 138.3 million on the month before. In the year to September, IFEM trading volume totalled EUR 4,135.2 million.
The dinar depreciated against the euro by 0.9% nominally, while the NBS intervened in the IFEM by selling EUR 135 million in order to ease excessive short-term volatility of the exchange rate.
Source; National Bank of Serbia
