National Bank of Serbia reports record foreign reserves and gold holdings at end-October 2025

The National Bank of Serbia published its October 2025 update on its foreign reserve position and interbank foreign exchange market activity, reporting record end-month gross foreign reserve assets of EUR 29,364.1 million and record net foreign exchange reserves of EUR 24,987.3 million. Reserves covered 166.1% of M1 money supply and 6.9 months of imports of goods and services. Compared with end-September, gross reserves increased by EUR 312.3 million and net reserves by EUR 325.2 million, with the largest contribution coming from positive net market effects of EUR 482.3 million linked primarily to a roughly 4.9% rise in the dollar gold price and a 1.4% strengthening of the dollar against the euro. Net inflows of EUR 97.9 million reflected foreign reserve management, allocation of banks’ foreign exchange reserve requirements, donations and other bases, while outflows included net foreign currency sales of EUR 75.0 million via domestic market interventions and net state deleveraging and other foreign-currency liability payments totalling EUR 192.9 million. Gold reserves reached a record 52,156.3 kilograms (EUR 5,814.4 million, 19.8% of gross reserves) after an increase of 464.2 kilograms, including the purchase of 37 bars from SERBIA ZIJIN COPPER; interbank FX turnover was EUR 514.7 million in October (EUR 6,502.9 million over the first ten months), and the dinar was almost unchanged against the euro in October and 0.2% weaker since the start of the year.