NBS gross FX reserves at 28.48 bln euros at end-March

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 28,485.8 mln euros at end-March 2026, down by 1,332.2 mln euros relative to February, according to figures released by the central bank.

The reserves "covered 161.4 pct of money supply M1 and 6.6 months’ worth of the country’s import of goods and services, which is more than twice the level prescribed by the relevant adequacy standard," the NBS said in a statement.

"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 23,940.5 mln euros, down by 1,311.4 mln euros from end-February.

March outflows from FX reserves were driven by the net credit repayment and payment of other government FX liabilities (443.3 mln euros in total) and NBS interventions in the domestic IFEM through the net sale of 410.0 mln euros.

Inflows to FX reserves during March came from banks’ allocation of FX required reserves (117.8 mln euros, net), as well as from FX reserves management, grants and other sources (11.7 mln euros, net).

Net market effects were negative, amounting to 608.4 mln euros, and reflect movements in international markets – primarily an increase in the gold price in US dollars by around 11.8 pct, while the dollar’s strengthening against the euro by around 3.0 pct worked in the opposite direction.

At end-March, gold reserves stood at record 53,737.2 kg and were valued at 6,940.8 mln euros, accounting for 24.4 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 decreased in March by 652.5 mln euros, largely owing to market factors (a decline in the price of gold in US dollars and the dollar’s appreciation against the euro). During 2026, gold reserves increased by around 1.2 tonnes, while their value climbed by 745.1 mln euros reflecting also the impact of positive market factors (the value of a fine ounce in dollars increased by around 7.0 pct, and the dollar strengthened against the euro by around 2.3 pct in the international market)," the NBS also said.