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The value of Serbia’s foreign exchange reserves is growing

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The gross foreign exchange reserves of the National Bank of Serbia (NBS) amounted to 16.8 billion euros at the end of September this year, which is 1.2 billion euros more than in August and is a monthly record since they were monitored, the NBS announced today.
At the end of September, net foreign exchange reserves – foreign exchange reserves reduced by banks’ foreign exchange assets on the basis of required reserves and other bases – amounted to around 14.2 billion euros and increased by slightly more than one billion euros compared to the end of the previous month.
The increase in gross foreign exchange reserves in September is primarily the result of inflows based on two Eurobond issues in euros totaling 1.7 billion euros.
For the first time, the Republic of Serbia issued a “green” Eurobond in the nominal amount of one billion euros on the international financial market, and at the same time a fifteen-year conventional Eurobond in euros in the nominal amount of 750 million euros.
Net inflows into foreign exchange reserves were also realized on the basis of NBS activities on the domestic foreign exchange market (net effect of 165 million euros), management of foreign exchange reserves, donations and other bases (total net 199.6 million euros).
These foreign exchange inflows were sufficient to cover outflows from the government’s net deleveraging on foreign currency loans and securities (865.5 million euros, of which 619.8 million euros was used to repay the remaining part of the dollar Eurobond issued in 2011) and outflows on other grounds (a total of 16.1 million euros).
The increase in foreign exchange reserves in September was additionally influenced by the positive effect of market factors in the net amount of 26.4 million euros.
The volume of realized foreign exchange trade on the interbank foreign exchange market in September amounted to 577.7 million euros and was 26.6 million euros higher than in the previous month. In the first nine months of this year, a total of 4.7 billion euros was realized in interbank trade.
In September, as since the beginning of this year, the value of the dinar against the euro is almost unchanged. The NBS bought a net 135 million euros on the interbank foreign exchange market in September, and since the beginning of the year, in order to maintain relative stability on the foreign exchange market, it has bought a net of 1.1 billion euros, Nova reports.

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