NBS end-June gross FX reserves at 27.40 bln euros

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 27,403.6 mln euros at end-June 2025, having increased by 4.7 mln euros from a month before, the central bank said on Friday.

The reserves covered "161.8 pct of money supply M1 and 6.5 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the relevant adequacy standard," it said in a statement.

"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 23,076.4 mln euros, up by 12.7 mln euros from end-May," the NBS said.

"Inflows to FX reserves in June came from NBS interventions in the local FX market in the amount of 465.0 mln euros (75.0 mln euros bought on the last two business days of May, settled and effectuated from the aspect of inflows to FX reserves in June, and 390.0 mln euros bought in June, while 210 mln euros bought on the last two days of June will be settled and effectuated on FX reserves in July), as well as from FX required reserve allocations by banks (34.4 mln euros, net), and FX reserves management, grants and other sources (69.6 mln euros, net).

A total of 263.7 mln euros flowed out of FX reserves in June on account of government net debt repayment under FX loans and payment of other FX liabilities.

Market factors provided a negative net effect in the amount of 300.6 mln euros as a consequence of trends in international markets – chiefly, the weakening of the dollar against the euro by around 3.3 pct, while a rise in gold prices in USD by around 0.3 pct worked in the opposite direction," the central bank also said.