National Bank of Serbia reports record EUR 29,366.6 million in gross foreign exchange reserves and November sales of EUR 210.0 million in the interbank FX market

The National Bank of Serbia published its November update on foreign exchange reserves and interbank FX market developments, reporting gross foreign reserve assets of EUR 29,366.6 million at end-November, the highest end-of-month level, and net foreign exchange reserves of EUR 24,975.5 million. Gross reserves rose by EUR 2.5 million from end-October, while net reserves fell by EUR 11.9 million; the stock covered 164.2% of M1 and 6.9 months of imports of goods and services. Movements in reserves were driven mainly by positive net market effects of EUR 285.8 million, reflecting a roughly 4.5% increase in the US dollar gold price, partly offset by a roughly 0.2% weakening of the US dollar against the euro. Inflows totalled EUR 95.6 million from reserve management, allocation of banks’ foreign reserve requirements, donations and other bases, while outflows included EUR 213.9 million linked to the government’s net deleveraging on foreign-currency loans and other FX liabilities, alongside domestic FX market intervention sales of EUR 165.0 million (out of EUR 210.0 million contracted in November, with EUR 45.0 million settled in December). Gold reserves rose to a record 52,407.3 kilograms, valued at EUR 6,093.9 million and representing 20.8% of gross reserves, after an increase of 250.9 kilograms including a purchase of 20 gold bars on the domestic market from Serbia Zijin Koper. Interbank FX turnover reached EUR 669.0 million in November (EUR 7,171.9 million over the first 11 months of 2025), while the dinar depreciated by 0.1% against the euro during the month; since the start of 2025, the National Bank of Serbia reported net FX purchases of EUR 145.0 million.