Serbia’s foreign exchange reserves currently amount 14 billion euros, News
At the end of June this year, the gross foreign exchange reserves of the National Bank of Serbia amounted to EUR 14.09 billion, which is EUR 89.8 million lower than in the previous month, according to today’s NBS data.
Foreign exchange reserves at this level provide coverage of the money supply M1 of 132 percent, and more than six months of imports of goods and services, which is twice above the standard which determines the adequate level of coverage of imports of goods and services by foreign exchange reserves.
At the end of June, net foreign exchange reserves (foreign exchange reserves less banks’ foreign exchange assets on the basis of required reserves and other bases) amounted to EUR 11.59 billion.
The decrease in gross foreign exchange reserves, as stated in the announcement of the NBS, is primarily the result of a net outflow based on the payment of state obligations in the amount of 229.7 million euros.
Other transactions that affected the stock of foreign exchange reserves in June had a positive effect in the total net amount of EUR 139.9 million.
Net inflows into foreign exchange reserves were realized on the basis of NBS activities on the domestic foreign exchange market, where the total net effect of spot and swap transactions was EUR 124 million, banks’ foreign exchange required reserves due to normal banking activities and foreign exchange reserves management (EUR 68.6 million in total); donation on other grounds (a total of 70.6 million euros).
These inflows were more than sufficient to cover other net outflows from foreign exchange reserves on other bases of € 120.9 million, as well as the negative net market effect of € 2.4 million.
The volume of realized foreign exchange trade on the interbank foreign exchange market amounted to EUR 496.6 million in June and was EUR 34.2 million higher than in the previous month. In the first six months of this year, a total of 3.10 billion euros was realized in interbank trade. In June, as since the beginning of this year, the value of the dinar against the euro is almost unchanged.
The National Bank of Serbia bought 325m euros on the interbank foreign exchange market in June. Observed since the beginning of the year, the NBS, in order to maintain relative stability on the foreign exchange market, bought 320 million euros net, it is stated in the announcement.
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