NBS gross FX reserves at 25.036 bln euros at end-January

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 25,036.9 mln euros at end-January, which is their highest end-of-month level since records began in 2000, the NBS said.

"They increased by 127.8 mln euros compared to end-December, covering 177.4 pct of money supply M1 and 6.8 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the adequacy standard," the central bank said in a statement.

"Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) came at 20,680.3 mln euros, down by 104.7 mln euros from end-December.

The January inflows were generated by net allocations of bank FX required reserves worth 157.3 mln euros, FX reserves management, grants and other sources worth total 116.4 mln euros.

The outflows were prompted by net government debt repayment on account of FX securities issued in the domestic financial market (255.0 mln euros) and foreign loans (52.8 mln euros)," it also said.