NBS FX reserves at 29.6 bln euros at end-June

BELGRADE - At end-June 2026, National Bank of Serbia (NBS) gross FX reserves amounted to 29,608.9 mln euros, down by 273.2 mln euros from a month earlier.

The reserves covered "164.3 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," 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) equalled 25,056.0 mln euros, having receded by 362.8 mln euros from end-May.

The largest inflow to FX reserves during June came from NBS interventions in the local FX market, i.e. net purchase of FX in the amount of 270.0 mln euros (the purchase worth 135.0 mln euros, agreed in late June, was settled, i.e. had an effect on FX inflow in July), allocation of banks’ FX required reserves (255.1 mln euros, net), and FX reserve management, grants and other sources (88.4 mln euros, net, in total).

These inflows to FX reserves were more than sufficient to cover the outflows driven by the settlement of government FX liabilities (411.8 mln euros).

FX reserves decreased because of the negative net market effects (474.9 mln euros), attributable to movements in the international markets – the decline in the dollar price of gold by around 11.4 pct, while the strengthening of the US dollar against the euro by 2.2 pct worked in the opposite direction," the central bank said.

"At end-June, gold reserves stood at record 54,565.2 kg and were valued at 6,200.4 mln euros, accounting for 20.9 pct of gross FX reserves. During the month, gold reserves increased by 250.9 kg, as a result of the purchase of 20 gold bars in the domestic market - from Serbia Zijin Copper. The value of gold reserves decreased in June by 617.7 euros mln, due to market factors (a decrease in the dollar gold price by 11.4 pct and the US dollar’s appreciation against the euro by 2.2 pct). During 2026, the value of gold reserves increased by 4.8 mln euros, reflecting the purchase of 2.1 tonnes of gold and the impact of market factors (a decrease in the value of a fine ounce in dollars by around 6.5 pct, and the counterbalancing strengthening of the US dollar against the euro by around 3.0 pct in the international market)," the NBS also said.