NBS: FX reserves at new high since 2000

Gross and net foreign exchange reserves of the National Bank of Serbia (NBS) continued to increase in August, hitting a new end-of-month high since 2000, i.e. since the data has been tracked in this manner, the NBS said Wednesday.

11 Septembar 2019 18:19

BELGRADE - Gross and net foreign exchange reserves of the National Bank of Serbia (NBS) continued to increase in August, hitting a new end-of-month high since 2000, i.e. since the data has been tracked in this manner, the NBS said Wednesday.

"Gross NBS FX reserves reached 13,099.9 mln euros, up by 341.4 mln euros from July. In the past year (since end-August 2018) gross FX reserves increased by 1,774.3 mln euros (mainly on account of NBS interventions in the domestic FX market in the form of net FX purchases - by 1,685 mln euros, which is the healthiest way to boost reserves).

And this happened in the very period when the Republic of Serbia net repaid its debt under FX loans and securities in the amount of 1,766.9 mln euros.

This level of FX reserves covers 190 pct of money supply (M1) and six months’ worth of the country’s import of goods and services (twice the level prescribed by the standard on the adequate level of coverage of the import of goods and services by FX reserves).

Net FX reserves (FX reserves less banks’ FX balances on account of required reserves and other requirements) came at 11,061 mln euros at end-August, up by 267 mln euros from the month before," a NBS statement said.


Photo: Tanjug/S.Radovanovic, file

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