Gross foreign exchange reserves of the National Bank of Serbia at the end of November amounted to 24.16 billion euros and were 225.7 million euros lower than at the end of October, the central bank announced.
At this level of foreign exchange reserves, coverage of the M1 money supply of 175.1 percent and 6.5 months of imports of goods and services is ensured, which is more than double the standard that determines the adequate level of coverage of imports of goods and services with foreign exchange reserves, the NBS announced.
Net foreign exchange reserves (gross foreign exchange reserves minus banks’ foreign currency assets based on mandatory reserves, obligations to the International Monetary Fund based on arrangements and other bases) amounted to EUR 20,113.7 million, which is EUR 140.1 million lower than at the end of the previous month.
The reduction of gross foreign exchange reserves in November was influenced by the net deleveraging of the state based on foreign currency loans in the amount of 129.7 million euros and the settlement of other foreign currency liabilities in the total amount of 53.3 million euros, followed by the withdrawal of mandatory foreign currency reserves of banks in the net amount of 51 .2 million euros and the intervention of the National Bank of Serbia through the net sale of foreign currency on the domestic interbank foreign exchange market in the amount of 45.0 million euros.
Foreign exchange inflows were realized on the basis of management of foreign exchange reserves, donations and on other grounds in the total amount of 128.6 million euros.
The impact of market factors on foreign exchange reserves was negative in the net amount of 75.1 million euros as a result of the weakening of the dollar against the euro by about 3.4 percent, while the increase in the price of gold by about 1.9 percent on the international the market.
The volume of realized foreign exchange trade on the domestic interbank foreign exchange market in November amounted to 741.3 million euros and was 20.9 million euros less than in the previous month.
In the first 11 months of this year, a total of EUR 7,151.5 million was realized in interbank trade.
In November, the value of the dinar against the euro was almost unchanged, while since the beginning of the year, the dinar has nominally strengthened against the euro by 0.1 percent.
The National Bank of Serbia sold EUR 60 million net on the domestic interbank foreign exchange market in November.
Since the beginning of 2023, the National Bank of Serbia has net purchased 3,350 million euros, in order to maintain the relative stability of the exchange rate of the dinar against the euro in conditions of pronounced appreciation pressures on the domestic foreign exchange market.
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