NBS FX reserves exceed EUR 11 billion

BELGRADE - The National Bank of Serbia (NBS) foreign exchange (FX) reserves amounted to EUR 11,126.4 million at end-January, covering M1 by 359 percent or more than seven months of imports of goods and services.

The largest inflow to FX reserves came from the sale of treasury securities in the domestic financial market (EUR 66.3 million). Other inflows included bank allocations under foreign exchange reserve requirements (EUR 45.8 million net) and disbursement of loans and grants (EUR 14.3 million).

Outflows from FX reserves were registered on account of settlement of liabilities to foreign creditors (EUR 31.3 million) and to the IMF (EUR 22.6 million).

Net FX reserves, defined as FX reserves less banks' required reserves and drawings from the IMF, came at EUR 7,720.0 million at the end of January.

Trading volume at the interbank foreign exchange market reached EUR 568.3 million, down by EUR 208.6 million from the month before.

The dinar weakened against the euro in nominal terms by 1.1 percent in January. In order to ease excessive daily volatility of the exchange rate, the NBS intervened in the IFEM by selling EUR 330 million.

Photo Tanjug/R. Prelic (archive)