The National Bank of Serbia published its May 2025 update on foreign exchange reserves and interbank foreign exchange market conditions, reporting gross foreign exchange reserves of EUR 27,398.9 million at end-May, down EUR 306.5 million from end-April, while net foreign exchange reserves fell by EUR 270.0 million to EUR 23,063.7 million. Reserves covered 166.7% of M1 money supply and 6.6 months of imports of goods and services. The monthly change reflected outflows linked to the state’s net deleveraging and other foreign-currency liabilities (EUR 350.1 million), National Bank of Serbia interventions in the domestic FX market (EUR 60.0 million net), and net withdrawals of banks’ foreign reserve requirements (EUR 19.6 million), partly offset by inflows from donations, reserve management and other items (EUR 94.7 million). Market price and exchange-rate effects added a further EUR 28.5 million, mainly due to a roughly 0.2% strengthening of the US dollar against the euro. Interbank FX turnover totalled EUR 537.6 million in May, EUR 201.3 million lower than the prior month, bringing turnover for the first five months of the year to EUR 3,424.9 million; the dinar was almost unchanged against the euro during May and was 0.2% weaker year-to-date, alongside cumulative net FX sales by the central bank of EUR 1.0 billion (including EUR 90.0 million in May).
National Bank of Serbia 2025-06-13
National Bank of Serbia reports end-May 2025 foreign exchange reserves down to EUR 27,398.9 million and net FX sales of EUR 90.0 million
The National Bank of Serbia reported a decrease in gross foreign exchange reserves to EUR 27,398.9 million at the end of May 2025, down EUR 306.5 million from April, with net reserves also declining by EUR 270.0 million. The changes were driven by state net deleveraging, foreign-currency liabilities, and central bank interventions, partially offset by inflows from donations and reserve management. Interbank FX turnover in May was EUR 537.6 million, with the dinar stable against the euro.