NBS gross FX reserves at 28.78 bln euros at end-February

BELGRADE - National Bank of Serbia (NBS) FX reserves amounted to 28,793.1 mln euros at end-February 2025, having decreased by 225.3 mln euros from the previous month.

"They covered 180.8 pct 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 central bank said in a statement.

"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) came at 24,350.6 mln euros, down by 274.1 mln euros from end-January.

The February outflows from FX reserves included outflows resulting from NBS interventions in the local FX market aimed at maintaining relative stability of the EUR/RSD exchange rate amid seasonally increased demand for foreign currency (325.0 mln euros, net), as well as outflows on account of the government’s net debt repayment in respect of FX loans and other FX liabilities (145.7 mln euros in total)," the NBS said.

"The February inflows to FX reserves came from banks’ allocation of FX required reserves (69.2 mln euros, net) and FX reserve management, grants and other sources (54.2 mln euros, net).

A sizable positive net effect of market factors in the amount of 122.0 mln euros is a result of trends in the international market – an increase in the US dollar price of gold by around 0.8 pct and a rise in the prices of foreign securities in the NBS’s portfolio," it also said.