FX reserves/M1 money supply ratio at 332 percent

The National Bank of Serbia (NBS) has announced that foreign exchange (FX) reserves totaled EUR 10,362 million at the end of November.

Izvor: Tanjug

Thursday, 12.12.2013.

13:47

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BELGRADE The National Bank of Serbia (NBS) has announced that foreign exchange (FX) reserves totaled EUR 10,362 million at the end of November. The FX reserves/ M1 money supply ratio at 332 percent, which is enough to cover imports of goods and services for seven months. FX reserves/M1 money supply ratio at 332 percent In November, Serbia sold euro-denominated government bonds worth EUR 135.7 million on the domestic financial market and received loans and donations totaling EUR 20 million, which resulted in a greater influx of foreign money. On the other hand, the biggest outflow of foreign money was caused by the repayment of the due euro-denominated government bonds worth EUR 100 million, notes the release issued on Wednesday. Serbia also had to repay the debt to the International Monetary Fund (EUR 99.3 million), settle the obligations toward foreign creditors (EUR 30.8 million), which triggered other major outflows. Net FX reserves, defined as FX reserves without banks' required reserves and drawings from the IMF, amounted to EUR 7,039 million at the end of November. The trading volume on the inter-bank foreign exchange market (IFEM) equaled EUR 411.2 million, down EUR 307.4 million month-on-month. In the year to November, trading volumes in the IFEM totaled EUR 8,373.8 million. In November, the Serbian dinar (RSD) remained at almost the same level against the euro. In order to ease the excessive exchange rate volatility on a daily basis, the NBS had to intervene and purchase a total of EUR 180 million on the IFEM. The NBS logo Tanjug

FX reserves/M1 money supply ratio at 332 percent

In November, Serbia sold euro-denominated government bonds worth EUR 135.7 million on the domestic financial market and received loans and donations totaling EUR 20 million, which resulted in a greater influx of foreign money.

On the other hand, the biggest outflow of foreign money was caused by the repayment of the due euro-denominated government bonds worth EUR 100 million, notes the release issued on Wednesday.

Serbia also had to repay the debt to the International Monetary Fund (EUR 99.3 million), settle the obligations toward foreign creditors (EUR 30.8 million), which triggered other major outflows.

Net FX reserves, defined as FX reserves without banks' required reserves and drawings from the IMF, amounted to EUR 7,039 million at the end of November.

The trading volume on the inter-bank foreign exchange market (IFEM) equaled EUR 411.2 million, down EUR 307.4 million month-on-month. In the year to November, trading volumes in the IFEM totaled EUR 8,373.8 million.

In November, the Serbian dinar (RSD) remained at almost the same level against the euro. In order to ease the excessive exchange rate volatility on a daily basis, the NBS had to intervene and purchase a total of EUR 180 million on the IFEM.

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