Serbian central bank says FX reserves up in January

“The gross NBS FX reserves amounted to EUR 29,396.7 mn at end-January 2026, having increased by EUR 388.4 mn from a month earlier,” a press release said adding that the reserves covered 167.6% of the M1 money supply and 6.8 months’ worth of the country’s import of goods and services, “which is more than twice the level prescribed by the relevant adequacy standard”.

“At the same time, net FX reserves (gross FX reserves less banks’ FX balances on account of reserve requirements, liabilities to the IMF under the arrangement, and other grounds) came at EUR 24,954.6 mn, up by EUR 318.4 mn from end-December,” it said.

The FX reserves received 181.3 million Euro from banks allocations under FX reserve requirements, grants, FX reserves management and other sources.

“Outflows from FX reserves were driven by NBS interventions in the local IFEM through net sales of EUR 525.0 mn (of which EUR 55.0 mn relates to FX purchase agreed in late December and executed/settled, i.e. effectuated on FX outflows in January 2026 and EUR 580 mn relates to FX sale agreed and settled in January; while the sale worth EUR 30.0 mn concluded at the end of January was settled in February and will have an effect on FX inflows in that month, in accordance with usual market principles). Other outflows were due to the government’s net debt repayment in respect of FX loans and other FX liabilities in the total amount of EUR 144.6 mn,” the NBS said.