At the end of May 2025, the National Bank of Serbia reported gross foreign exchange reserves of €27.4 billion, down by €306.5 million compared to April. These reserves cover 166.7% of the money supply M1 and provide 6.6 months’ worth of import coverage—more than double the adequate threshold.
Net foreign exchange reserves stood at €23.1 billion, a decrease of €270 million from April. The outflows included €350.1 million for government foreign currency loan repayments and liabilities, €60 million from central bank interventions on the foreign exchange market, and €19.6 million due to banks’ mandatory reserve withdrawals.
Inflows of €94.7 million came from donations, reserve management, and other sources. Market factors added €28.5 million, mainly due to a slight strengthening of the U.S. dollar against the euro.
Foreign exchange trading volume on the interbank market dropped by €201.3 million to €537.6 million in May. Since the start of 2025, total interbank trades reached €3.42 billion. The Serbian dinar’s value against the euro was nearly unchanged in May, with a slight 0.2% depreciation year-to-date.
The National Bank of Serbia sold a net €90 million on the interbank market in May and has sold a net total of €1 billion since January to maintain the dinar’s exchange rate stability.
