Central bank reports latest FX reserves figures

The National Bank of Serbia (NBS) has announced that its gross FX reserves amounted to EUR 11.44 billion at the end of March.

Source: nbs.rs

This number is up by EUR 42.1 million month-on-month and by as much as EUR 1,2 billion year-on-year, the central bank announced on its website.

This level of gross FX reserves covered 184 percent of money supply (M1) or more than five months' worth of Serbia's imports of goods and services - almost twice the level prescribed by the standard on the adequate level of coverage of the imports of goods and services by FX reserves, the NBS said.

Net FX reserves (FX reserves less banks’ FX balances on account of required reserves and other requirements) equaled EUR 8,963 mn at end-March, up by EUR 3.0 mn m-o-m.

"Gross FX reserves expanded in March against the backdrop of significant government debt repayment (FX loans and securities), mainly as a result NBS activity in the domestic FX market – the net inflow of EUR 77.0 million (an inflow of EUR 105.0 million from NBS FX purchase interventions in the IFEM and an outflow of EUR 28.0 million under additional FX swap auctions that pushed up the level of FX reserves in February)," the central bank said.

Meanwhile, the Serbian dinar (RSD) The dinar strengthened against the euro by a nominal 0.2 percent both in March and since the start of the year. Against the background of appreciation pressures in March, the NBS intervened in the IFEM by purchasing EUR 135 mn, in order to ease excessive short-term volatility of the exchange rate, the press release said.

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