National Bank of Serbia reports September gross reserves up to EUR 29,051.8 million and gold holdings at a record 51,692.1 kg

The National Bank of Serbia released its monthly update on the foreign reserve position and interbank foreign exchange market for September 2025, reporting gross foreign reserve assets of EUR 29,051.8 million at end-September, up EUR 441.0 million from end-August. Net foreign exchange reserves rose to EUR 24,662.1 million, while the reserve stock covered 162.3% of M1 and 6.8 months of imports of goods and services. Changes in reserves reflected net foreign exchange purchases of EUR 195.0 million in domestic market interventions, EUR 65.5 million from reserve management, and a further net EUR 64.2 million from banks’ reserve requirement allocations, donations and other items, offset by EUR 389.5 million of outflows linked to government net deleveraging and other foreign currency liabilities. Market valuation effects added EUR 505.8 million, mainly from an around 11.6% rise in the price of gold in dollars, partly offset by a roughly 0.5% weakening of the dollar against the euro. Gold holdings reached a record 51,692.1 kg valued at EUR 5,420.2 million (18.7% of gross foreign exchange reserves), after a 376.4 kg increase including the purchase of 30 gold bars on the domestic market from Serbia Zijin Koper. Interbank foreign exchange turnover totalled EUR 634.8 million in September (EUR 94.4 million more than in August), bringing turnover for the first nine months of 2025 to EUR 5,988.2 million. The dinar’s value against the euro was almost unchanged in September and was down 0.2% in nominal terms since the start of the year; cumulative National Bank of Serbia net purchases on the interbank market stood at EUR 430.0 million, including EUR 195.0 million in September.