The National Bank of Serbia published its monthly update on foreign exchange reserves and interbank foreign exchange market developments, reporting gross foreign reserve assets of EUR 29,008.3 million at end-December 2025. This was EUR 358.3 million lower than at end-November and EUR 286.2 million lower than at end-2024, while still covering 155.8% of M1 money supply and 6.8 months of imports of goods and services. Over 2025, the decline in gross reserves was mainly driven by outflows from net government deleveraging on foreign currency loans and other foreign currency liabilities (EUR 2,683.2 million) and National Bank of Serbia interventions via net foreign currency sales (EUR 490.0 million), partly offset by inflows from reserve management (EUR 516.9 million), net sales of state-owned securities on the domestic financial market (EUR 241.2 million), donations (EUR 223.2 million) and other net inflows (EUR 225.7 million). Net market effects were positive by EUR 1,680.0 million, reflecting higher gold prices and higher prices of foreign securities, with a weaker US dollar acting in the opposite direction. Net foreign exchange reserves stood at EUR 24,636.1 million at end-December. In December, outflows included EUR 825.0 million from foreign currency sales in the domestic FX market and EUR 121.8 million in payments for state bodies and other FX liabilities, while inflows totalled EUR 465.2 million from FX loans and sales of state-owned FX reserves on the domestic market plus EUR 115.6 million from reserve management, banks’ FX reserve requirements, donations and other factors; net market effects were positive by EUR 7.7 million. Gold reserves reached a record 52,507.6 kilograms (EUR 6,195.7 million), representing 21.4% of gross reserves, after a 100.4 kilogram increase in December, including the purchase of eight gold bars on the domestic market from SERBIA ZIJIN COPPER. Interbank FX trading volume rose to EUR 964.9 million in December, and the dinar strengthened nominally by 0.1% against the euro during the month; the National Bank of Serbia reported net FX sales of EUR 725.0 million in December, while noting that a EUR 55.0 million purchase agreed at end-December was settled in January in line with customary market principles.
National Bank of Serbia 2026-01-12
National Bank of Serbia reports EUR 29.0bn gross foreign exchange reserves at end-December 2025 and net EUR 725m FX sales
The National Bank of Serbia reported a decline in gross foreign exchange reserves to EUR 29,008.3 million at the end of December 2025, driven by net government deleveraging and foreign currency sales, while gold reserves increased to a record 52,507.6 kilograms. Despite the decrease, reserves still covered 155.8% of M1 money supply and 6.8 months of imports, with net foreign exchange reserves at EUR 24,636.1 million.