The National Bank of Serbia published its June update on the level and drivers of its foreign exchange reserves and on conditions in the interbank foreign exchange market. Gross foreign exchange reserves stood at EUR 27,403.6 million at end-June 2025, up EUR 4.7 million from end-May, while net foreign exchange reserves rose EUR 12.7 million to EUR 23,076.4 million; the reserves were reported as covering 161.8% of M1 and 6.5 months of imports of goods and services. Inflows into reserves in June included EUR 465.0 million from National Bank of Serbia interventions on the domestic foreign exchange market, comprising EUR 75.0 million of purchases executed in the last two working days of May and EUR 390.0 million of purchases in June. Additional inflows reflected banks’ foreign currency reserve requirements in a net amount of EUR 34.4 million and reserve management, donations and other bases in a net amount of EUR 69.6 million, while outflows of EUR 263.7 million were attributed to net state deleveraging and payments of other foreign currency liabilities. A negative net market valuation effect of EUR 300.6 million was linked mainly to a roughly 3.3% weakening of the US dollar against the euro, partly offset by a 0.3% rise in the dollar gold price; purchases totaling EUR 210.0 million in the last two working days of June were noted as affecting July inflows. Interbank foreign exchange turnover totaled EUR 765.1 million in June, up EUR 227.5 million month on month, bringing total interbank trade in the first half of the year to EUR 4,190.0 million. The dinar was almost unchanged against the euro in June and was down 0.1% nominally versus the euro since the start of the year; the National Bank of Serbia bought EUR 600 million on the interbank market in June and reported net sales of EUR 400.0 million since the start of the year to maintain relative stability of the dinar-euro exchange rate.
National Bank of Serbia 2025-07-11
National Bank of Serbia reports end-June gross FX reserves of EUR 27,403.6 million and June interbank FX purchases of EUR 600 million
The National Bank of Serbia reported gross foreign exchange reserves at EUR 27,403.6 million and net reserves at EUR 23,076.4 million by June 2025. Inflows included EUR 465.0 million from market interventions and EUR 34.4 million from banks' reserve requirements, while outflows were EUR 263.7 million due to state deleveraging. Interbank foreign exchange turnover rose to EUR 765.1 million in June, with the dinar stable against the euro.