Serbia's FX reserves total EUR 10.3 billion in May

Serbia's FX reserves dropped from the April sum of EUR 10.4 billion to EUR 10.3 billion at the end of May 2014, the National Bank of Serbia (NBS) stated.

Izvor: Tanjug

Wednesday, 11.06.2014.

17:00

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Serbia's FX reserves total EUR 10.3 billion in May

Inflows to FX reserves in May came from higher bank allocations under FX reserve requirements (EUR 48 million net), sale of euro-denominated government securities in the domestic financial market (EUR 37.2 million) and grants (EUR 19.2 million).

Outflows from FX reserves were registered on account of repayment of debt to the IMF (EUR 99 million), servicing of liabilities under frozen FX savings (EUR 91.1 million), payment of due euro-denominated government bonds (EUR 38.5 million) and settlement of liabilities to foreign creditors (EUR 34.5 million).

Net FX reserves, defined as FX reserves less banks' required reserves and drawings from the IMF, totalled EUR 7.29 billion at the end of May.

Trading volume in the IFEM reached EUR 314 million, which is EUR 54.6 million less compared to the month before. In the first five months of the year, IFEM trading volume totaled EUR 2.10 billion.

The value of the Serbian dinar against the euro remained unchanged in May and NBS intervened in the IFEM by purchasing EUR 20 million in order to ease excessive short-term volatility of the exchange rate.

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