Serbia’s financial buffers have reached another historic milestone, with the National Bank of Serbia (NBS) reporting that gross foreign exchange reserves climbed to €29.88 billion at the end of May 2026, the highest month-end level ever recorded. The increase of approximately €1.73 billion compared with April underscores the strength of Serbia’s external liquidity position despite growing global economic uncertainty.
The record reserve level provides coverage of 167.5% of the M1 money supply and approximately 6.9 months of imports of goods and services, more than double internationally accepted adequacy thresholds. Net foreign exchange reserves also reached a record €25.42 billion, rising by roughly €1.79 billion during the month.
The largest contribution came from Serbia’s successful return to international capital markets. During May, the government issued three international bonds—two euro-denominated and one U.S. dollar-denominated—raising approximately €2.91 billion equivalent, which significantly boosted reserve holdings. Additional inflows came from NBS foreign-exchange market interventions, reserve management activities and other financial transactions.
For investors, the record reserve position arrives at a particularly important moment. Serbia is simultaneously financing major infrastructure projects, preparing for EXPO 2027, managing higher sovereign borrowing costs and navigating a more volatile global environment marked by energy-market uncertainty and geopolitical risks. Strong reserve levels help reassure financial markets that the country possesses substantial liquidity to absorb external shocks and meet international obligations.
An equally important component of the reserve portfolio is gold. Serbia’s gold holdings reached a record 54.3 tonnes, with a market value of approximately €6.82 billion, representing 22.8% of total gross reserves. During May alone, reserves increased by an additional 351 kilograms through purchases from Serbia Zijin Copper, continuing a strategy that has steadily increased the role of gold within the country’s reserve structure.
The growth trajectory is remarkable when viewed over a longer period. Serbia’s reserves stood at approximately €27.5 billion in mid-2024, rose to €29.3 billion by the end of 2024, exceeded €29.8 billion in early 2026 and have now approached the €30 billion threshold. This reflects a combination of foreign direct investment inflows, sovereign financing activities, active foreign-exchange market management and rising gold valuations.
For sovereign-credit investors, the reserve buildup is particularly relevant because it strengthens Serbia’s ability to defend currency stability and service external debt. The country has maintained a relatively stable dinar despite turbulence in international markets, supported in part by the central bank’s sizeable reserve stockpile and its capacity to intervene when necessary.
The reserve accumulation also carries strategic implications for Serbia’s investment story. Large foreign exchange reserves improve resilience against external financing shocks, support confidence among international lenders and rating agencies, and provide policymakers with greater flexibility during periods of economic stress. As infrastructure spending accelerates and financing needs remain elevated, the approach toward the €30 billion reserve mark represents one of the strongest indicators of macroeconomic stability currently available in the Serbian economy.
