NBS gross FX reserves at 28.113 bln euros at end-July

BELGRADE - National Bank of Serbia (NBS) gross FX reserves reached 28,113.3 mln euros at end-July, their highest level since monitoring began in 2000, the central bank said on Friday.

The reserves were up by 606.8 mln euros relative to the previous month, the NBS said in a statement.

"They covered 185.9 pct of money supply M1 and 7.4 months' worth of the country's imports of goods and services, which is more than twice the level prescribed by the adequacy standard.

Net FX reserves (gross FX reserves less banks' FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) also came at a record high - 23,913.3 mln euros, up by 642.9 mln euros from end-June.

The key boost to FX reserves in July came from the NBS interventions in the amount of 465.0 mln euros, which is the result of a 240.0 mln euro FX inflow...