NBS: Gross FX reserves at end-July EUR 28.33 billion

Gross NBS FX reserves amounted to EUR 28.33 billion at end-July 2025, having increased by EUR 931.1 million from a month ago, announced the cabinet of the governor of the National Bank of Serbia (NBS).

They covered 165% of money supply M1 and 6.7 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the relevant adequacy standard.

Gold reserves amounted at the end of July to a record 50,788.8 kilograms and were valued at EUR 4.7 billion, accounting for 16.6% of gross FX reserves.

During July, gold reserves increased by 476.8 kilograms, entirely on account of the purchase of gold bars on the domestic market from the company Serbia Zijin Copper.

In July, the value of gold reserves in euros rose by EUR 176.8 million, largely as a result of market factors (an increase in the price of gold in dollars and the strengthening of the dollar against the euro), and to a lesser extent due to the purchase of nearly half a ton of gold during the month.

Narodna banka Srbije Beograd

National Bank of Serbia

FX reserves

loans

securities

gold