Serbia’s foreign exchange reserves rose to 16.45 billion euros in November

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At the end of November this year, the gross foreign exchange reserves of the National Bank of Serbia amounted to 16.45 billion euros, which is 175.3 million euros more than in October.
Foreign exchange reserves at this level provide coverage of the money supply M1 of 144 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.
Net foreign exchange reserves (foreign exchange reserves reduced by banks’ foreign exchange assets on the basis of required reserves and other bases) amounted to 13.93 billion euros at the end of November and increased by 76 million euros compared to the end of the previous month.
Net inflows into foreign exchange reserves were realized in November on the basis of foreign currency required reserves of banks in the amount of 40.1 million euros, donations of 16.8 million euros, sales of government securities on the domestic financial market of 15.4 million euros, as well as on the basis of management of foreign exchange reserves and other bases (a total of 119.2 million euros).
The increase in foreign exchange reserves in November was additionally influenced by the positive effect of market factors in the net amount of 231.8 million euros, mostly due to the strengthening of the dollar against the euro by 3.1 percent.
These factors, which in November acted in the direction of increasing foreign exchange reserves, were more than enough to cover outflows to settle foreign currency liabilities of the state on foreign currency loans and other bases (total 113 million euros), as well as on NBS activities on domestic foreign exchange market (net outflow 135 million euros).
The volume of realized foreign exchange trade on the interbank foreign exchange market in November amounted to 701.2 million euros and was 107.7 million euros higher than in the previous month. During the 11 months of this year, a total of 5.99 billion euros was realized in interbank trade, reports Tanjug.
In November, as since the beginning of this year, the value of the dinar against the euro is almost unchanged. The National Bank of Serbia sold 110 million euros on the interbank foreign exchange market in November. Observed since the beginning of the year, the NBS bought 850 million euros net in order to maintain relative stability in the foreign exchange market, Politika reports.