The National Bank of Serbia published its monthly update on foreign exchange reserves and interbank foreign exchange market developments for January, reporting gross foreign reserve assets of EUR 29,396.7 million at end-month, up EUR 388.4 million from end-December 2025. This stock covered 167.6% of the M1 money supply and 6.8 months of imports of goods and services. Net foreign exchange reserves totalled EUR 24,954.6 million, an increase of EUR 318.4 million month on month. Inflows of EUR 181.3 million reflected banks’ foreign reserve requirement allocations, donations, reserves management and other items, while outflows included domestic FX market interventions through net sales of EUR 525.0 million and net government deleveraging on FX loans and other FX liabilities of EUR 144.6 million. Net market effects were positive at EUR 876.7 million, mainly driven by an around 15.6% rise in the dollar gold price, partly offset by an around 1.6% weakening of the US dollar against the euro; gold reserves reached a record 53,084.8 kilograms valued at EUR 7,129.4 million, representing 24.3% of gross reserves. Interbank FX trading volume in January was EUR 464.5 million, down EUR 500.4 million from December 2025. Over the month the dinar depreciated by 0.1% against the euro, with the central bank selling EUR 610.0 million on the interbank market to maintain relative stability of the exchange rate.
National Bank of Serbia 2026-02-11
National Bank of Serbia reports gross FX reserves rising to EUR 29.4bn and record gold holdings at end-January
The National Bank of Serbia reported an increase in gross foreign reserve assets to EUR 29,396.7 million at the end of January, covering 167.6% of the M1 money supply and 6.8 months of imports. Net foreign exchange reserves rose to EUR 24,954.6 million, with positive net market effects driven by a 15.6% rise in the dollar gold price, while interbank FX trading volume decreased, and the dinar depreciated by 0.1% against the euro.