NBS: FX reserves of Serbia at end-February reach record EUR 29.8 billion, gold reserves at 53.4 tons

Gross NBS FX reserves amounted to EUR 29.8 billion at end-February 2026, having risen to a highest end-of-month level – by EUR 421.3 million from a month earlier, the National Bank of Serbia (NBS) announced. They covered 169.7% of money supply M1 and 6.9 months’ worth of the country’s import of goods and services, which is more than twice the level prescribed by the relevant adequacy standard.

Net FX reserves (gross FX reserves less banks’ FX balances on account of reserve requirements, liabilities to the IMF under the arrangement, and other grounds) came at EUR 25,25 billion (also a highest end-of-month level). Main February inflows to FX reserves came from banks’ allocations under FX reserve requirements, followed by the sale of government securities in the domestic financial market, FX reserves management, grants and other sources.

At end-February, gold reserves stood at record 53.4 tons and were valued at EUR 7.59 billion, accounting for 25.5% of gross FX reserves. The value of gold reserves in euros rose in February largely owing to market factors (an increase in the price of gold in US dollars, and the dollar’s appreciation against the euro), and to a lesser extent owing to the purchase of gold (an increase in quantity).

Trading volumes in the IFEM amounted to EUR 535 million in February, and the value of the dinar remained almost unchanged against the euro, while during the first two months of 2026, the dinar lost 0.1% against the euro in nominal terms. The NBS sold EUR 200 million in the IFEM in February. Since the beginning of the year, the NBS has sold EUR 810 million in order to maintain the relative stability of the dinar exchange rate against the euro.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

FX reserves at end February 2026

gold reserves of Serbia

FX sale