The gross foreign exchange reserves of the National Bank of Serbia amounted to 14.0 billion euros at the end of June, and net 11.8 billion euros, the central bank announced.
Gross foreign exchange reserves have increased by 1.8 billion euros in the past year, compared to the end of June last year, which further strengthened the pillar of stability of the domestic financial system.
Foreign exchange reserves at that level provide coverage of the money supply M1 of 147 percent and more than six months of imports of goods and services, which is twice the standard which determines the adequate level of coverage of imports of goods and services by foreign exchange reserves.
At the end of June, net foreign exchange reserves (reduced by banks’ foreign exchange assets on the basis of required reserves and other bases) amounted to 11.8 billion euros.
Net inflows into foreign exchange reserves during June based on efficient management of foreign exchange reserves, donations and other bases – a total of 51.5 million euros, were more than sufficient to cover other net outflows from foreign exchange reserves on other bases – a total of 19.7 million euros and fully amortize the negative net market effect – 19.7 million euros.
The volume of realized foreign exchange trade on the interbank foreign exchange market in June amounted to 582.8 million euros and was 132 million euros higher than in the previous month.
In the first half of this year, a total of 3,436.2 million euros was realized in interbank trade.
In June, as since the beginning of this year, the value of the dinar is almost unchanged in relation to the euro.
By timely and adequate response in the foreign exchange market, the NBS successfully maintained stability in the domestic foreign exchange market.
As a result, the confidence of international investors was restored, so the need to react during June was significantly lower than in April and May.
The National Bank of Serbia sold a net 155 million euros on the interbank foreign exchange market in June.
Observed since the beginning of the year, the NBS has sold 1,030 million euros net, it is stated in the announcement, B92 reports.
