NBS FX reserves at 24.94 bln euros at end-March

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 24,942.1 mln euros at end-March 2024, down by 89.3 mln euros from a month earlier, according to figures released by the central bank.

In a statement, the NBS said the reserves had covered 171.1 pct of money supply M1 and 6.7 months' worth of Serbia's imports of goods and services, which was "more than twice the level prescribed by the adequacy standard."

"Net FX reserves (gross FX reserves less banks' FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) came at 20,679.0 mln euros, down by 127.2 mln euros from end-February.

The decrease in gross FX reserves in March is attributable primarily to the net government debt repayment in respect of FX loans (221.7 mln euros), the settlement of other government FX liabilities, and other...

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