NBS foreign reserves at EUR 8bn

BELGRADE -- The National Bank’s (NBS) foreign currency reserves fell by EUR 166.8mn in January, ending the month on EUR 7.99bn, the NBS has announced.

According to a statement, that figure includes money from the sale of the Serbian Oil Industry (NIS).

The NBS’s figures indicate that the fall in the central bank’s reserves was brought about by the sale of EUR 381.3mn on the inter-bank currency market in a bid to help stabilize the dinar and ensure financial markets’ smooth functioning.

Income of EUR 23.6mn was generated on the basis of sales, EUR 72.7 down on the previous month, the NBS announced.

Expressed in dollars, the NBS’ foreign currency reserves total USD 10.32bn, which enable monetary mass coverage (M1) of 353 percent.

Together with commercial banks’ reserves, which totaled EUR 666.9mn at the end of January, Serbia’s total foreign currency reserves came to EUR 8.66bn (USD 11.18bn).