NBS foreign exchange reserves at EUR 10.65bn

BELGRADE -- At the end of November the foreign exchange (FX) reserves of the National Bank of Serbia (NBS) stood at EUR 10.65 billion.

The reserves covered money supply (M1) by 432 percent and more than seven months of imports of goods and services.

The main contribution to November growth in NBS foreign exchange reserves came from inflow in respect of the sale of Republic of Serbia securities on the international and domestic financial markets to the amount of EUR 663 million and through disbursement of loans and donations to the amount of EUR 30.3 million.

In November, EUR 104.9 million was paid out from the FX reserves for servicing the debt to the International Monetary Fund (IMF).

Banks withdrew their holdings of required reserves kept in accounts with the NBS to the net amount of EUR 74.8 million, while EUR 16.1 million was paid for the settlement of obligations to foreign creditors and EUR 3.7 million for servicing old foreign currency savings.

At the end of November, the net FX reserves, or foreign exchange reserves minus banks' reserve requirement on foreign-currency deposits and money borrowed from the IMF, stood at EUR 6.67 billion.

November trade in foreign exchange in the Interbank Foreign Exchange Market (IFEM) amounted to EUR 1.65 billion, EUR 232.3 million less than in the month before. From the beginning of the year until the end of November, the total volume of trade in the IFEM amounted to EUR 16.1 billion.

In November, the dinar strengthened against the euro by 0.6 percent in nominal terms, and the NBS did not intervene in the IFEM.