NBS gross FX reserves at 29 bln euros at end-December, down from November

BELGRADE - National Bank of Serbia (NBS) gross FX reserves stood at 29,008.3 mln euros at end-December 2025, down by 358.3 mln euros m-o-m and by 286.2 mln euros y-o-y.

In a statement, the NBS said the reserves "covered 155.8 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."

"A decrease in gross FX reserves in 2025 (286.2 mln euros) mostly stemmed from the outflows on account of government net debt repayment under FX loans and the payment of other FX liabilities in the total amount of 2,683.2 mln euros, and NBS interventions in the IFEM by the FX net sale in the amount of 490.0 mln euros.

Greater inflows were generated from FX reserves management (516.9 mln euros), on account of the net sale of government securities in the domestic financial market (241.2 mln euros), grants (223.2 mln euros), and other grounds, in the net amount of 225.7 mln euros.

Relative to end-2024, 1,680.0 mln euros' worth of positive net market effects were recorded, originating from the global gold price increase by around 65.0 pct and price growth of foreign securities in the NBS’s portfolio, while the dollar’s weakening against the euro by around 11.3 pct in the international market worked in the opposite direction.

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 24,636.1 mln euros at end-December, down by 339.4 mln euros from end-November and by 57.2 mln euros from end-2024.

Outflows from FX reserves amounting to 825.0 mln euros in December were realised based on NBS interventions in the domestic FX market through FX sale (of which 45.0 mln euros relates to FX sale agreed in November and executed/settled, i.e. had an effect on FX outflows in December; 780 mln euros relates to FX sale agreed and settled in December; and the purchase worth 55.0 mln euros concluded at the end of December was settled and will have an effect on FX inflows in January, in accordance with usual market principles). The remaining outflows were realised based on payments for the needs of government bodies and other FX obligations totalling 121.8 mln euros," the central bank said.

"Inflows into FX reserves in December were achieved based on FX loans and the sale of government securities in the domestic financial market, totalling 465.2 mln euros net, as well as based on FX reserves management, the allocation of banks’ FX required reserves, grants and other sources, totalling 115.6 mln euros net.

Net market effects were positive, amounting to 7.7 mln euros, and reflect movements in international markets – primarily a c. 2.8 pct increase in the gold price in US dollars, while c. 1.3 pct weakening of the US dollar against the euro worked in the opposite direction.

At end-December, gold reserves amounted to record 52,507.6 kilograms and were valued at 6,195.7 mln euros, accounting for 21.4 pct of gross FX reserves. During the month, gold reserves increased by 100.4 kilograms as a result of purchase of eight gold bars in the domestic market – from Serbia Zijin Copper. The value of gold reserves in euros rose in December by 101.8 mln euros, largely owing to market factors (an increase in the price of gold in dollars, while the weakening of the dollar vis-a-vis the euro worked in the opposite direction), and to a lesser extent owing to the purchase of gold during the month. In 2025, gold reserves increased by around 4.4 t, while their value rose by 2,312.0 mln euros, or 59.5 pct (against the backdrop of an increase in the value of a fine ounce in US dollars by around 65.0 pct and the weakening of the dollar against the euro in the international market by around 11.3 pct). At end-2025, gold reserves accounted for 21.4 pct of gross FX reserves, up from 13.3 pct at end-2024," it also said.