NBS gross FX reserves at end-October amount to EUR 28.28 billion

Climbing by EUR 8.3 million from a month earlier, gross NBS FX reserves reached EUR 28.28 billion at end-October, their highest end-of-month level so far, the National Bank of Serbia (NBS) announced.

They covered 181.3% of money supply M1 and 7.2 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the adequacy standard, the NBS says.

– Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under the arrangement, and liabilities on other grounds) came at EUR 24.03 billion, having decreased by EUR 4.6 million from the month before – the NBS adds in the press release.

The greatest inflows to FX reserves in October, worth EUR 225 million net, originated from NBS interventions in the domestic FX market. Net inflows also came from FX reserves management, banks’ allocation of FX reserves, grants and other sources, in the amount of EUR 119.8 million, the press release says.

The outflows from FX reserves were recorded on account of the government’s debt repayment in respect of FX loans and other grounds (EUR 733.9 million).

– FX reserves were also propped up by a significant positive net effect of market factors worth EUR 397.4 million, mainly reflecting the rising dollar price of gold by around 4% and the dollar’s appreciation against the euro by around 2.9% in the international market. Trading volumes in the IFEM came at EUR 811.6 million in October, up by EUR 90 million from September – it is emphasized in the NBS press release.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

gross FX reserves

net FX reserves