The National Bank of Serbia published its February update on foreign exchange reserves and interbank foreign exchange market conditions, reporting record end-of-month reserve levels. Gross foreign reserve assets stood at EUR 29,818.0 million at end-February, up EUR 421.3 million from end-January, while net foreign exchange reserves rose EUR 297.1 million to EUR 25,251.8 million. The reserve stock covered 169.7% of M1 money supply and 6.9 months of imports of goods and services. Changes in reserves reflected inflows from banks’ foreign exchange reserve requirements (EUR 150.1 million net), net sales of state-owned securities on the domestic market (EUR 53.6 million), and reserve management, donations and other factors (EUR 48.5 million net), offset by FX market interventions and government outflows. Sales of foreign currency on the domestic FX market totalled EUR 230.0 million (including EUR 30.0 million contracted in January and settled in February and EUR 200.0 million contracted and settled in February), while net government deleveraging on foreign currency loans and other liabilities amounted to EUR 155.0 million; valuation effects added EUR 554.1 million, driven mainly by a roughly 4.8% rise in the USD gold price and a roughly 1.0% strengthening of the US dollar against the euro. Gold reserves reached a record 53,411.0 kilograms (EUR 7,593.3 million, or 25.5% of gross reserves) after a 326.2-kilogram increase from purchases of 26 bars on the domestic market from Serbia Zijin Koper; year to date, gold reserves rose by about 0.9 tons and their value increased by EUR 1,397.7 million. Interbank FX turnover was EUR 535.4 million (EUR 1.0 billion year to date), the dinar was almost unchanged against the euro in February, and the central bank sold EUR 200.0 million during the month (EUR 810.0 million since the start of 2026) to maintain relative exchange-rate stability.
National Bank of Serbia 2026-03-11
National Bank of Serbia reports record gross foreign exchange reserves of EUR 29.818 billion and February FX sales of EUR 200 million
The National Bank of Serbia reported record foreign exchange reserves at the end of February, with gross reserves at EUR 29,818.0 million and net reserves at EUR 25,251.8 million. The increase was driven by inflows from banks' reserve requirements, net sales of state-owned securities, and valuation effects, including a rise in the USD gold price. Gold reserves reached a record 53,411.0 kilograms, accounting for 25.5% of gross reserves, while the central bank sold EUR 200.0 million to stabilize the exchange rate.