Serbia’s foreign exchange reserves continued to expand at the beginning of 2026, reaching €29.8 billion at the end of February, according to the latest data published by the National Bank of Serbia (NBS). The figure represents the highest level recorded for reserves at the end of a month and reflects a further strengthening of the country’s external liquidity position.
Compared with the end of January, reserves increased by €421.3 million, highlighting the continued accumulation of foreign-currency assets by the central bank. At the same time, net foreign exchange reserves, which exclude bank reserve requirements and certain international obligations, reached €25.2 billion, also marking a new record level.
From a macroeconomic perspective, the scale of reserves provides a significant buffer for Serbia’s financial stability. According to the central bank, the current level of reserves covers 169.7 % of the M1 money supply and is sufficient to finance 6.9 months of imports of goods and services, more than double the commonly used international benchmark for reserve adequacy.
The increase in reserves during February was driven by several inflows. The largest contribution came from foreign-currency reserve requirements of commercial banks, which added €150.1 million. Additional inflows came from net sales of government securities on the domestic financial market, bringing €53.6 million, as well as income from reserve management and other financial transactions totaling €48.5 million.
At the same time, the central bank recorded several outflows. The most significant was foreign-exchange interventions on the domestic currency market, where the NBS sold €230 million to maintain relative stability of the dinar against the euro. Other outflows included €155 million in net repayments of government foreign-currency loans and other external obligations.
A substantial portion of the increase in reserves also reflected favorable market movements. Positive valuation effects totaling €554.1 million were recorded due to international market developments, particularly the rise in the global price of gold and the strengthening of the US dollar against the euro.
Gold reserves themselves reached a new historical high. By the end of February, Serbia held 53,411 kilograms of gold, worth approximately €7.5 billion, representing about 25.5 % of total foreign exchange reserves. During the month, the central bank added 326.2 kilograms of gold, purchasing 26 gold bars from the domestic producer Serbia Zijin Copper.
The growing role of gold within Serbia’s reserves reflects a broader strategy of diversification pursued by the central bank in recent years. Rising global gold prices have also increased the euro-denominated value of the country’s holdings, further boosting total reserves.
In the context of Serbia’s macroeconomic framework, strong foreign exchange reserves are considered a key pillar of monetary stability. They allow the central bank to intervene in the foreign-exchange market when necessary, support the stability of the dinar and provide a safeguard against external financial shocks.
With reserves approaching €30 billion, Serbia now maintains one of the largest foreign-currency buffers relative to the size of its economy among countries in the Western Balkans. The accumulation of reserves, combined with rising gold holdings, suggests that the central bank continues to prioritize financial resilience amid uncertain global economic conditions.
