The National Bank of Serbia published its July update on foreign exchange reserves and interbank foreign exchange market activity, reporting gross reserves of EUR 28,334.7 million at the end of July 2025, up EUR 931.1 million from end-June, and net reserves of EUR 24,060.7 million, up EUR 984.3 million. This level covered 165.0% of the M1 money supply and 6.7 months of imports of goods and services. Changes in reserves reflected foreign exchange interventions, other flows and valuation effects. Inflows included EUR 680.0 million from domestic foreign exchange market interventions, comprising EUR 210.0 million of purchases executed in the last two working days of June and recorded as July inflows, and EUR 470.0 million of purchases executed in July, while purchases totalling EUR 60.0 million in the last two days of July were set to affect inflows in August; reserve management, donations and other bases added a net EUR 50.6 million. Outflows comprised EUR 81.5 million of net state deleveraging on foreign currency debt and EUR 49.0 million on other bases, while market factors contributed a net EUR 331.0 million, mainly reflecting a roughly 2.6% strengthening of the US dollar against the euro and a 0.4% increase in the US dollar price of gold. Gold reserves reached a record 50,788.8 kilograms, valued at EUR 4,709.8 million or 16.6% of gross reserves, after a 476.8 kilogram increase driven by purchases on the domestic market from Srbija Zijin Koper. On the interbank foreign exchange market, July trading totalled EUR 623 million, down EUR 142.1 million from the previous month, bringing turnover for the first seven months of the year to EUR 4,813.1 million. The dinar’s value against the euro was almost unchanged in July and was 0.1% weaker year to date; the central bank bought EUR 530 million on the interbank market in July and reported net purchases of EUR 130 million since the start of the year to support relative exchange rate stability.
National Bank of Serbia 2025-08-11
National Bank of Serbia reports end-July gross foreign exchange reserves of EUR 28,334.7 million and record gold holdings
The National Bank of Serbia reported gross foreign exchange reserves of EUR 28,334.7 million at the end of July 2025, an increase of EUR 931.1 million from June, with net reserves rising to EUR 24,060.7 million. The reserves covered 165.0% of the M1 money supply and 6.7 months of imports. Interbank foreign exchange market trading in July totalled EUR 623 million, with the dinar's value against the euro remaining stable.