Jorgovanka Tabaković, governor of the National Bank of Serbia (NBS), announced that Serbia currently holds 50.5 tons of gold, representing 16.6% of the country’s foreign exchange reserves. Serbia is presently a net buyer of foreign currency, contributing to the stability of the national economy.
Between 2001 and July 2012, NBS purchased 4.1 tons of gold from domestic producer RTB Bor under the right of first refusal. After RTB Bor’s sale to Chinese company Zijin in 2018, NBS acquired an additional 19 tons of domestically produced gold, paying in Serbian dinars—a major advantage for the economy.
Furthermore, NBS bought 17 tons of gold abroad—nine tons in 2019, three tons in 2020, and five tons in 2024—paying approximately 993 million euros for this amount. Today, that gold’s value has increased to about 1.8 billion euros. Tabaković explained that the 2019 purchases anticipated the COVID-19 pandemic to ensure Serbia’s financial resilience.
In the first five months of 2025, the NBS sold 1.35 billion euros from foreign exchange reserves on the interbank market but has since repurchased an equivalent amount, resulting in a net positive balance of 55 million euros.
Serbia’s gross foreign exchange reserves currently stand at 28 billion euros, with net reserves at 23.7 billion euros. These reserves are well diversified across currencies and aligned with Serbia’s external debt obligations. Importantly, Tabaković emphasized that Serbia carries no foreign currency debt.
The National Bank’s careful management of gold and foreign exchange reserves underlines its commitment to preserving economic stability and security for Serbian citizens.
