The National Bank of Serbia reported that gross foreign exchange reserves fell by EUR 695.3 million to EUR 29,163.9 million at end-October, mainly reflecting intervention outflows and adverse market movements. Reserves covered 6.5 months of imports of goods and services, more than twice the relevant adequacy standard. Net reserves declined by EUR 889.0 million to EUR 24,669.2 million.
Foreign exchange interventions generated EUR 712.0 million in reserve outflows, while net settlement of the government’s foreign currency obligations accounted for another EUR 100.7 million. These outflows were partly offset by EUR 285.0 million in net inflows from reserve management, donations and other sources. Negative market effects reduced reserves by EUR 167.6 million, primarily reflecting a 6.3% decline in the US dollar price of gold. The dollar’s 1.3% appreciation against the euro provided a partial offset.
Gold holdings nevertheless reached a record 55,343.1 kilograms after domestic purchases added 200.7 kilograms during October. Their value fell by EUR 307.9 million to EUR 6,223.5 million because of market movements, leaving gold at 21.3% of gross reserves. The dinar remained almost unchanged against the euro during October and depreciated nominally by 0.2% over the first ten months of 2026.