NBS: Net Foreign Exchange Reserves Down by EUR 315 Million in April

The National Bank of Serbia (NBS) announced that gross foreign exchange reserves at the end of April 2026 amounted to EUR 28.16 billion, which is EUR 329.5 million lower compared to the end of March.

Despite the monthly decline, the reserves still provide a high level of stability, covering 159.7% of the M1 money supply and 6.5 months of imports of goods and services, which is more than double the internationally accepted adequacy standard.

Net foreign exchange reserves, which represent gross reserves minus liabilities and the funds of banks and the IMF, stood at EUR 23.6255 billion, down EUR 315.0 million from the previous month.

According to the NBS, the decline in reserves during April was primarily the result of:

- net repayment of the government’s foreign currency loans and other liabilities (EUR 226.3 million),
- NBS interventions on the domestic foreign exchange market (EUR 30 million),
- negative market effects (EUR 173.6 million), due to the weakening of the U.S. dollar against the euro.

On the other hand, inflows into reserves were generated through reserve management activities (EUR 52 million), as well as through other sources such as banks’ required reserves and donations (EUR 48.4 million).

A special segment of the foreign exchange reserves consists of gold holdings, which reached 53,963 kilograms at the end of April, valued at EUR 6.8579 billion, accounting for 24.4% of total gross reserves.

During April, gold reserves increased through purchases on the domestic market from the company Serbia Zijin Copper, while total gold reserves have increased by around 1.5 tons since the beginning of the year.

Trading volume on the interbank foreign exchange market in April amounted to EUR 773.1 million, higher than in March.

The Serbian dinar remained almost stable against the euro in April, while since the beginning of the year it has recorded a slight depreciation of 0.1%.

During April, the NBS was a net buyer of EUR 15 million, while since the beginning of the year, in order to preserve exchange rate stability, it has been a net seller of EUR 1.205 billion on the market.

Narodna banka Srbije Beograd

NBS

foreign exchange reserves April 2026