NBS-Serbia’s foreign exchange reserves increase to €15.9 billion
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- Category: Politics
- Published on Friday, 09 September 2022 14:47
September 9, 2022
The National Bank of Serbia (NBS) said its gross foreign exchange reserves amounted to 15,875.6 million Euro at end-August, up by 852.7 million Euro from a month earlier.
The reserves covered 144 percent of money supply (M1) and almost five months’ worth of the country’s import of goods and services, which is almost twice the level prescribed by the adequacy standard.
Net foreign exchange reserves (foreign exchange reserves less banks’ foreign exchange balances on account of required reserves and other grounds) came at 13,131.0 million Euro at end August, having increased by 796.2 million Euro from the month before.
The increase in foreign exchange reserves reflects primarily NBS activities in the local foreign exchange market (net inflow from foreign exchange purchases and swap transactions totaled 430 million Euro).
A positive impulse also came from the foreign exchange reserves management, grants and inflows from other sources (94.8 million Euro net) and inflows from the sale of foreign exchange government securities worth 336.6 million Euro.
A contribution also came from net inflows in respect of banks’ foreign exchange required reserves (39.2 million Euro), grants (36.9 million Euro) and net inflows in respect of foreign exchange reserves management and other sources (22.9 million Euro).
The effect of market factors was negative in August, equaling 12.9 million Euro.
Trading volumes in the interbank Foreign Exchange Market (IFEM) amounted to 896.3 million Euro in August, down by 167.9 million Euro from the month before.
In the first eight months of the year, trading volumes in the IFEM totaled approximately 6.2 million Euro.
The dinar stayed broadly unchanged against the Euro in August, while gaining 0.2 percent nominally since the beginning of the year.
The NBS bought 450 million Euro in the IFEM in August and, since the start of the year, it sold 905 million Euro in order to maintain relative stability of the Dinar exchange rate against the Euro.
Source: https://rs.n1info.com/english/news/nbs-serbias-foreign-exchange-reserves-increase-to-e15-9-billion/
