Source: eKapija | Monday, 13.09.2021.| 10:17
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Serbia’s foreign exchange reserves EUR 15.59 billion by end of August

(Photo: ToskanaINC/shutterstock.com)
At the end of August, the gross foreign reserves of the National Bank of Serbia amounted to EUR 15.58 billion, the highest level at the end of one month since 2000, when foreign exchange reserves have been measured as per the current methodology, the National Bank of Serbia announced.

According to the central banking institution, foreign exchange reserves at this level provide coverage of the money supply M1 of 142% and six and a half months of imports of goods and services, which is twice the standard for determining the adequate level of coverage of imports of goods and services by foreign exchange reserves.

The high level of foreign exchange reserves is a consequence of the inflow based on Special Drawing Rights from the International Monetary Fund.

- At the end of August, gross foreign exchange reserves were over a billion euros more than at the end of the previous month. This is primarily the result of the inflow based on the new general allocation of special drawing rights (SDRs) by the International Monetary Fund (IMF) to its member countries, out of which Serbia received SDR 627.6 million, which amounted to EUR 759.4 million on the last day of August - the announcement of the NBS sates. It is also added that the activities of the central bank had a significant impact on the level of foreign exchange reserves as well.
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