NBS gross FX reserves at 29,818 mln euros at end-February

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 29,818.0 mln euros at end-February 2026, rising to the highest end-of-month level, the NBS said this week.

In a statement, the central bank said the reserves had risen by 421.3 mln euros relative to the previous month.

The reserves "covered 169.7 pct of money supply M1 and 6.9 months’ worth of the country’s import of goods and services, which is more than twice the level prescribed by the relevant adequacy standard," it said.

"Net FX reserves (gross FX reserves less banks’ FX balances on account of reserve requirements, liabilities to the IMF under the arrangement, and other grounds) came at 25,251.8 mln euros (also a highest end-of-month level), up by 297.1 mln euros from end-January," the NBS said.

"Main February inflows to FX reserves came from banks’ allocations under FX reserve requirements (150.1 mln euros net), followed by the sale of government securities in the domestic financial market (53.6 mln euros net), FX reserves management, grants and other sources (48.5 mln euros net).

Outflows from FX reserves were driven by NBS interventions in the domestic IFEM through the sale of 230.0 mln euros (of which 30.0 mln euros relates to the FX sale agreed in late January and executed/settled, i.e. resulted in FX outflows in February 2026, and 200.0 mln euros concerns the FX sale agreed and settled in February, in accordance with usual market principles). Other outflows were due to the government’s net debt repayment in respect of FX loans and other FX liabilities in the total amount of 155.0 mln euros.

Net market effects were positive, amounting to 554.1 mln euros, and reflect movements in international markets – primarily an increase in the gold price in US dollars by around 4.8 pct, and the dollar’s appreciation against the euro by around 1.0 pct.

At end-February, gold reserves stood at record 53,411.0 kg and were valued at 7,593.3 mln euros, accounting for 25.5 pct of gross FX reserves. During the month, gold reserves increased by 326.2 kg, as a result of the purchase of 26 gold bars in the domestic market - from Serbia Zijin Copper. The value of gold reserves in euros rose in February by 463.9 mln euros, largely owing to market factors (an increase in the price of gold in US dollars, and the dollar’s appreciation against the euro), and to a lesser extent owing to the purchase of gold (an increase in quantity). During 2026, gold reserves increased by around 0.9 tonnes and their value was up by 1,397.7 mln euros (the value of a fine ounce of gold in dollars increased by around 21.2 pct, and the dollar weakened against the euro by around 0.6 pct in the international market)," the NBS also said.