At the end of December 2025, Serbia’s gross foreign exchange reserves stood at approximately €29 billion, marking a decline compared with the end of November. According to data from the central bank, reserves were lower by €358.3 million month-on-month and by €286.2 million compared with the end of 2024.
The reduction in reserves during December was primarily driven by net repayments of government foreign-currency debt and other external obligations, as well as net foreign-currency sales by the central bank aimed at maintaining stability in the domestic foreign exchange market. These outflows were only partially offset by inflows from reserve management activities, net sales of government securities on the domestic market, and various smaller inflows.
Market valuation effects provided a degree of support to reserve levels. In particular, the increase in global gold prices denominated in US dollars and changes in the valuation of foreign securities held in the reserve portfolio contributed positively, limiting the overall monthly decline.
At the same time, net foreign exchange reserves, which exclude commercial banks’ required reserves and liabilities to international financial institutions, amounted to €24.63 billion at the end of December, also below the level recorded a month earlier.
Gold continues to play an increasingly important role in Serbia’s reserve structure. By the end of December, gold holdings reached a record volume of around 52.5 tonnes, with an estimated value of €6.19 billion. Gold accounted for just over 21 percent of total gross reserves, reflecting both higher international prices and additional domestic purchases during the year.
During December, the Serbian dinar recorded a slight nominal appreciation against the euro, while the central bank remained active in the interbank foreign exchange market. Foreign-currency trading volumes remained elevated, consistent with continued efforts to smooth short-term exchange-rate fluctuations and preserve overall monetary stability as Serbia entered 2026.
