NBS FX reserves drop to EUR 10.67 billion

At the end of June, foreign exchange (FX) reserves of the National Bank of Serbia (NBS) stood at EUR 10.67 billion.

Izvor: Tanjug

Monday, 15.07.2013.

10:08

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BELGRADE At the end of June, foreign exchange (FX) reserves of the National Bank of Serbia (NBS) stood at EUR 10.67 billion. This was a decline of about EUR 283 million against the month before, the NBS stated. NBS FX reserves drop to EUR 10.67 billion The FX reserves amount is enough to cover M1 money supply by 371 percent and more than seven months of imports of goods and services. The largest inflows to FX reserves during June came from banks' allocation of FX required reserves (EUR 242.4 million, net), sale of euro-denominated government securities in the domestic financial market (EUR 63.0 million), credit disbursements (EUR 55.5 million) and grants (EUR 9.4 million), according to the NBS release. The largest outflows from FX reserves were generated on account of the settlement of obligations to foreign creditors (EUR 58.4 million), payment of old FX savings (EUR 53.2 million) and repayment of debt to the International Monetary Fund (IMF) (EUR 46.0 million). At the end of June, net FX reserves, defined as FX reserves less banks' required reserves and drawings from the IMF, amounted to about EUR 6.74 billion. June trading volumes in the Interbank Foreign Exchange Market (IFEM) reached EUR 1,14 billion, up by EUR 453.6 million on the month before. In the first half of the year, trading volumes in the IFEM totaled EUR 5.27 billion. The Serbian dinar depreciated against the euro by 2.2 percent in June and the NBS intervened in the IFEM by selling EUR 270 million to ease excessive daily volatility of the exchange rate, the NBS said. Tanjug

NBS FX reserves drop to EUR 10.67 billion

The FX reserves amount is enough to cover M1 money supply by 371 percent and more than seven months of imports of goods and services.

The largest inflows to FX reserves during June came from banks' allocation of FX required reserves (EUR 242.4 million, net), sale of euro-denominated government securities in the domestic financial market (EUR 63.0 million), credit disbursements (EUR 55.5 million) and grants (EUR 9.4 million), according to the NBS release.

The largest outflows from FX reserves were generated on account of the settlement of obligations to foreign creditors (EUR 58.4 million), payment of old FX savings (EUR 53.2 million) and repayment of debt to the International Monetary Fund (IMF) (EUR 46.0 million).

At the end of June, net FX reserves, defined as FX reserves less banks' required reserves and drawings from the IMF, amounted to about EUR 6.74 billion.

June trading volumes in the Interbank Foreign Exchange Market (IFEM) reached EUR 1,14 billion, up by EUR 453.6 million on the month before. In the first half of the year, trading volumes in the IFEM totaled EUR 5.27 billion.

The Serbian dinar depreciated against the euro by 2.2 percent in June and the NBS intervened in the IFEM by selling EUR 270 million to ease excessive daily volatility of the exchange rate, the NBS said.

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