NBS gross FX reserves rise to 28.6 bln euros in August

BELGRADE - Gross National Bank of Serbia (NBS) FX reserves amounted to 28,610.8 mln euros at end-August 2025, having increased by 276.1 mln euros from a month ago.

"They covered 163.3 pct of money supply M1 and 6.8 months’ worth of the country’s import 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 24,242.0 mln euros, at end-August, up by 184.7 mln euros from end-July," the NBS said in a statement.

"Inflows to FX reserves in August came from NBS interventions in the local FX market in the amount of 165.0 mln euros (60.0 mln euros bought on the last two business days of July, settled and effectuated from the aspect of inflows to FX reserves in August, and 105.0 mln euros bought in August), from allocations to banks’ required FX reserves (141.3 mln euros net), as well as from FX reserves management, grants and other sources (34.7 mln euros, net)," the central bank said.

It also said a total of 127.7 mln euros had flowed out of FX reserves because of government net debt repayment under FX loans and payment of other FX liabilities.

"Market factors provided a positive net effect in the amount of 62.8 mln euros as a consequence of trends in international markets – chiefly, the increase in the price of gold in dollars by 4.0 pct, while the effect was partly mitigated due to the depreciation of the dollar against the euro by around 2.0 pct.

Gold reserves amounted at the end of August to a record 51,315.7 kilograms and were valued at 4,849.2 mln euros, accounting for 17.0 pct of gross FX reserves. During August, gold reserves increased by 526.9 kilograms thanks to a record monthly purchase of 42 gold bars, bought in the domestic market from the company Serbia Zijin Copper. In August, the value of gold reserves in euros rose by 139.4 mln euros, largely as a result of market factors (an increase in the price of gold in dollars, while the weakening of the dollar against the euro worked in the opposite direction), and to a lesser extent due to the purchase of more than half a tonne of gold during the month. Since the beginning of the year (January-August), gold reserves have increased by 3,166.1 kilograms, while their value has risen by 965.6 mln euros (in an environment of a 31.3 pct increase in the value of a fine ounce of gold in dollars and a 10.8 pct weakening of the dollar against the euro in the international market)," it also said.