NBS gross FX reserves at 28.156 bln euros at end-April

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 28,156.3 mln euros at end-April 2026, declining by 329.5 mln euros from a month earlier.

In a statement released on Monday, the NBS said the reserves covered "159.7 pct of money supply M1 and 6.5 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 reserve requirements, liabilities to the IMF under the arrangement, and other grounds) came at 23,625.5 mln euros, down by 315.0 mln euros from end-March.

The outflows from FX reserves were driven by the net credit repayment and payment of other government FX liabilities (226.3 mln euros in total) and NBS interventions in the domestic IFEM worth 30.0 mln euros (the purchase worth 45.0 mln euros agreed in late April will be settled, i.e. will have an effect on FX inflow in May).

Inflows to FX reserves during April came from FX reserves management (52.0 mln euros), grants, banks’ allocation of FX required reserves and other sources (48.4 mln euros, net)," the central bank also said.

"Net market effects were negative, amounting to 173.6 mln euros, and reflect movements in international markets – primarily US dollar’s weakening against the euro by around 1.7 pct, while an increase in the gold price in US dollars by around 0.1 pct worked in the opposite direction.

At end-April, gold reserves stood at record 53,963.0 kg and were valued at 6,857.9 mln euros, accounting for 24.4 pct of gross FX reserves. During the month, gold reserves increased by 225.8 kg, as a result of the purchase of 18 gold bars in the domestic market – from Serbia Zijin Copper. The value of gold reserves decreased in April by 82.9 mln euros, owing to market factors (US dollar’s depreciation against the euro by 1.7 pct and an increase in the gold price in US dollars by 0.1 pct). During 2026, gold reserves increased by around 1.5 tonnes, while their value climbed by 662.2 mln euros, reflecting mainly 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 0.6 pct in the international market)," it also said.