The National Bank of Serbia published its April update on foreign exchange reserves and the interbank foreign exchange market. Gross foreign exchange reserves stood at EUR 27,705.4 million at end-April 2025, down EUR 822.0 million from end-March, while net foreign exchange reserves fell by EUR 692.9 million to EUR 23,333.7 million. Reserves covered 169.6% of M1 and 6.8 months of imports of goods and services. Outflows were mainly driven by state net deleveraging and other foreign-currency liability payments (EUR 619.3 million), banks’ net withdrawals of foreign-currency reserve requirements (EUR 78.7 million), and a net reserve outflow of EUR 60.0 million from NBS foreign exchange market interventions (EUR 165.0 million sold and EUR 105.0 million purchased, with settlement of EUR 105.0 million purchased in the last two working days of April recorded in May under T+2). Inflows from reserve management, donations and other items totalled EUR 110.7 million, while market valuation effects were negative by EUR 174.7 million, reflecting a roughly 4.7% weakening of the US dollar against the euro partially offset by a roughly 6.0% rise in the US dollar gold price. Interbank foreign exchange turnover reached EUR 738.8 million in April (EUR 2,887.4 million in the first four months), the dinar was almost unchanged against the euro in April and down 0.2% since the start of the year, and the NBS reported net purchases of EUR 45.0 million in April while remaining a net seller of EUR 910.0 million year-to-date.
National Bank of Serbia 2025-05-12
National Bank of Serbia reports April drop in gross foreign exchange reserves to EUR 27.7bn
The National Bank of Serbia reported a decrease in gross foreign exchange reserves to EUR 27,705.4 million at the end of April 2025, down EUR 822.0 million from March. The decline was primarily due to state net deleveraging and foreign-currency liability payments. Interbank foreign exchange turnover reached EUR 738.8 million in April, with the dinar remaining stable against the euro.