Central bank chief says all of Serbia’s gold reserves in the country

N1/arhiva

National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic said on Wednesday that all of the country’s gold reserves were in the NBS vaults.

The Governor told a meeting of the Parliamentary Finances and Budget Committee that Serbia has gold reserves worth 1.8 billion Euro none of which is in banks abroad.

She said that the country had increased its hard currency reserves to 14.1 billion Euro, adding that those reserves went from 13.5 billion at the end of June to 14.1 billion in the first half of July. Tabakovic said that the NBS bough 665 million Euro on the FX market in June and July in order to reinforce the country’s financial stability.

The Governor said that foreign direct investments totaled 1.72 billion Euro on the first half of the year or 18.9 percent more than a year earlier to stand at 1.825 billion including the first two weeks of July. Dinar savings are in excess of 100 billion Dinars (1 Euro – 118 Dinars) or 5.6 times higher than in 2012.

Tabakovic said that inflation is at around three percent and is expected to drop to two percent in the second half of the year.