The National Bank of Serbia published its March update on foreign exchange reserves and interbank foreign exchange market developments, reporting a fall in gross reserves to EUR 28,527.4 million and net reserves to EUR 24,026.6 million by end-March. The dinar’s value against the euro was almost unchanged in March, while it weakened by 0.2% year to date. Gross reserves decreased by EUR 265.7 million from end-February and were stated to cover 176.2% of M1 and 7.0 months of imports of goods and services. Net outflows reflected net FX market interventions of EUR 210.0 million and net state deleveraging related to foreign currency loans and other foreign currency liabilities of EUR 208.5 million, partly offset by net inflows from banks’ foreign currency reserve requirements of EUR 88.7 million and other inflows including reserve management and donations of EUR 92.8 million. Market factors had a negative net effect of EUR 28.7 million, driven by a roughly 4.1% weakening of the US dollar against the euro, partly offset by a roughly 9.9% rise in gold prices. Interbank FX market turnover totalled EUR 670.2 million in March, down EUR 148.9 million from the previous month, bringing first-quarter interbank turnover to EUR 2,148.5 million. The NBS sold EUR 210 million net on the interbank FX market in March and EUR 955.0 million net since the beginning of the year.
National Bank of Serbia 2025-04-11
National Bank of Serbia reports March decline in foreign exchange reserves and net EUR 210 million FX sales to support dinar stability
The National Bank of Serbia reported a decline in gross foreign exchange reserves to EUR 28,527.4 million and net reserves to EUR 24,026.6 million by the end of March. The dinar remained stable against the euro in March but weakened by 0.2% year to date. Interbank FX market turnover in March was EUR 670.2 million, with the NBS selling EUR 210 million net.