NBS FX reserves reach 21.5 bln euros at end-April

BELGRADE - National Bank of Serbia (NBS) gross FX reserves reached 21,556.8 mln euros at end-April, their highest end-of-month level since records began in 2000.

The gross FX reserves were up by 176.2 mln euros from a month earlier, the NBS said in a statement.

"They covered 176 pct of money supply M1 and 5.7 months’ worth of the country’s imports of goods and services, which is almost twice the level prescribed by the adequacy standard.

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 – 17,641.2 mln euros, having increased by 351.7 mln euros from end-March.

The April increase in gross FX reserves reflects primarily NBS interventions in the local FX market on the purchase side (inflow of 510.0 mln euros). Inflows also came from grants, FX reserves management and other sources (129.1 mln euros in total)," it said.