NBS: Gross FX reserves hit record-high 21.38 bln euros at end-March

BELGRADE - National Bank of Serbia (NBS) gross FX reserves reached 21.38 bln euros at end-March, their highest end-of-month level on record since monitoring began in 2000, the central bank said on Tuesday.

The FX reserves increased by 184.4 mln euros compared to the previous month.

"They covered 176 pct of money supply M1 and 5.6 months’ worth of the country’s import of goods and services, which is almost twice the level prescribed by the adequacy standard," the NBS said in a statement.

"Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under SBA, and other grounds) also touched their all-time end-of-month high – 17,293.3 mln euros, having increased by 0.5 mln euros from end-February," it said.