NBS gross FX reserves at 28.52 bln euros at end-March

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 28,527.4 mln euros at end-March 2025, having decreased by 265.7 mln euros from the previous month, the NBS announced on Friday.

In a statement, it said the reserves covered "176.2 pct of money supply M1 and 7.0 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the relevant adequacy standard."

"Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) came at 24,026.6 mln euros, down by 324.0 mln euros from end-February.

The March outflows from FX reserves were driven by NBS interventions in the local FX market (210.0 mln euros, net), as well as by the government’s net debt repayment in respect of FX loans and other FX liabilities (208.5 mln euros in total).

At the same time, inflows to FX reserves came from banks’ allocation of FX required reserves (88.7 mln euros, net) and FX reserve management, grants and other sources (92.8 mln euros, net).

Market factors provided a negative net effect in the amount of 28.7 mln euros as a consequence of trends in the international market - the weakening of the dollar against the euro by around 4.1 pct, while a rise in gold prices by around 9.9 pct worked in the opposite direction," the central bank also said.