NBS: Gross foreign exchange reserves stand at EUR 25 billion

National Bank of Serbia’s (NBS) gross foreign exchange (FX) reserves reached 25 billion euros at the end of April, said the NBS on Monday.

This is the highest end-of-month level of NBS gross FX reserves since these data are monitored (since 2000).

The FX reserves climbed up by EUR 187.1 million from March this year, covering 169.8 percent of money supply M1 and 6.7 months’ worth of the country’s imports of goods and services, which is more than 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 the arrangement, and other grounds) came at EUR 20,921.7 mn, up by EUR 242.6 mn from end-March.

The greatest inflows to FX reserves in April came from NBS interventions in the International Foreign Exchange Market (IFEM), EUR 305.0 million.

Inflows also stemmed from FX reserve management, grants and other sources, EUR 104.5 million in total.

NBS added that the FX reserves were also propped up by the positive net effect of market factors worth EUR 144.4 million, mainly reflecting the rise in the price of gold by around 4.2 percent and the dollar’s appreciation against the euro by around 0.7 percent in the international market.

Trading volumes in the IFEM came at EUR 837.1 million in April, up by EUR 63.5 million from March. In the first four months of the year, trading volumes in the IFEM totalled EUR 2.8 billion.

(Biznis.rs, 13.05.2024)



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