Serbian central bank says FX reserves over 14 billion Euro

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The National Bank of Serbia (NBS) said on Monday that its gross hard currency reserves totaled more than 14.7 billion Euro.

A press release said that the reserves stood at 14.775 billion Euro and were 872 million higher than at the end of June “They covered 136% of the money supply (M1) and five months’ worth of the country’s import of goods and services, which is almost twice the level prescribed by the adequacy standard,” it said.

According to the press release, the net hard currency reserves stand at 11.907 billion Euro, up by 613.9 million compared to the end of June. “The increase reflects primarily NBS activities in the domestic FX market (total net effect of FX purchases and swap transactions worth EUR 403.0 mn), as well as the net sale of government securities in the domestic financial market, FX reserves management, grants and other sources (EUR 314.3 mn net), including net inflow from banks’ activities in respect of FX reserve requirements (EUR 264.2 mn),” the press release said.

“Appreciation pressures that prevailed in May continued into June. The dinar gained 0.1% nominally against the euro in June or 0.2% nominally since the start of the year,” it said.