The National Bank of Serbia reported that gross foreign exchange reserves fell by EUR 946.2 million in September to EUR 29.86 billion, while net reserves declined by EUR 769.8 million to EUR 25.56 billion. Gross reserves covered 152.4% of money supply M1 and 6.7 months of goods and services imports, more than twice the applicable adequacy standard. The decline reflected EUR 400.2 million in government foreign currency liability payments, a EUR 230 million net outflow from settled central bank interventions and EUR 381.5 million in negative market effects. These were partly offset by EUR 65.5 million from reserve management, grants and other sources. The National Bank sold EUR 380 million net in the interbank foreign exchange market during September, largely to meet higher foreign currency demand from energy importers amid elevated oil prices, bringing net sales in the first nine months of 2026 to EUR 475 million. The dinar weakened by 0.1% against the euro during the month and by 0.2% over the first nine months. Gold holdings reached a record 55.14 tonnes after the central bank bought 150.5 kilograms domestically, but their value fell by EUR 427.7 million in September to EUR 6.53 billion because of market movements. Gold accounted for 21.9% of gross foreign exchange reserves at the end of the month.
National Bank of Serbia reports EUR 946.2 million decline in gross foreign exchange reserves in September
The National Bank of Serbia reported that gross foreign exchange reserves fell by EUR 946.2 million in September to EUR 29.86 billion, while remaining above the applicable adequacy standard. The decline reflected government payments, foreign exchange interventions and adverse market effects, with energy import demand driving EUR 380 million in net intervention sales. Gold holdings reached a record 55.14 tonnes, although their value declined because of market movements.