NBS FX reserves highest on record

BELGRADE - Increasing by 282.9 mln euros from a month earlier, National Bank of Serbia (NBS) gross FX reserves reached 21,196.2 mln euros at end-February, their highest end-of-month level since records began in 2000.

"They covered 173 pct of money supply M1 and 5.6 months' worth of the country's import of goods and services, which is almost twice the level prescribed by the adequacy standard," the NBS said in a statement.

"Net FX reserves (FX reserves less banks' FX balances on account of required reserves, liabilities to the IMF under SBA, and other grounds) touched their all-time end-of-month high - 17,296.1 mln euros, having increased by 327.2 mln euros from end-January.

The February increase in gross FX reserves reflects primarily NBS interventions in the local FX market on the purchase side (inflow of 285.0 mln euros), as well as grants - 154.4 mln euros,...