NBS FX reserves down to EUR 10.689 billion

NBS FX reserves amounted to EUR 10,689.2 million at end-August, covering M1 by 346 percent and more than seven months of goods and services imports, the National Bank of Serbia (NBS) said in a release on its website.

The largest inflow to FX reserves during the month came from credit disbursement and grants (EUR 41.1 million), specifically from the European Investment Bank (EUR 29.6 million) and the Council of Europe Development Bank (EUR 11.5 million). Other inflows came from allocations under FX required reserves (EUR 39.9 million, net) and the sale of euro-denominated RS securities in the domestic financial market (EUR 25.8 million).

The largest outflow from FX reserves was triggered by the repayments to the IMF (EUR 100.2 million). Other outflows were generated by the settlement of obligations to foreign creditors (EUR 60.4 million), payout of maturing euro-denominated RS securities (EUR 40.0 million) and servicing frozen FX savings (EUR 12.2 million).

In August, the dinar depreciated against the euro by 0.5% in nominal terms and the NBS did not intervene in the IFEM.