The National Bank of Serbia published its monthly update on foreign exchange reserves and interbank foreign exchange market developments for February 2025. Gross foreign exchange reserves stood at EUR 28,793.1 million at end-February, down EUR 225.3 million from end-January, alongside net interbank market sales of EUR 325.0 million aimed at maintaining the relative stability of the dinar against the euro amid seasonally higher demand for foreign currency. Net foreign exchange reserves were EUR 24,350.6 million at end-February, a EUR 274.1 million decline. Reserves covered 180.8% of M1 money supply and 7.2 months of imports of goods and services; outflows also reflected state net deleveraging of foreign-currency loans and other liabilities totalling EUR 145.7 million, while inflows included a net EUR 69.2 million from banks’ foreign-currency reserve requirements and EUR 54.2 million from reserve management, donations and other bases, with market price movements contributing a positive net effect of EUR 122.0 million. Interbank FX turnover totalled EUR 819.1 million (up EUR 159.9 million month on month), the dinar weakened nominally by 0.1% against the euro in February and since the start of 2025, and cumulative net FX sales year to date reached EUR 745.0 million.
National Bank of Serbia 2025-03-11
National Bank of Serbia reports February decline in foreign exchange reserves and EUR 325 million net FX sales
The National Bank of Serbia reported a decline in gross foreign exchange reserves to EUR 28,793.1 million at the end of February 2025, with net reserves also decreasing to EUR 24,350.6 million. The bank conducted net interbank market sales of EUR 325.0 million to stabilize the dinar against the euro amid increased foreign currency demand. Reserves covered 180.8% of M1 money supply and 7.2 months of imports, with inflows and outflows affecting the overall reserve position.