Serbia’s foreign exchange reserves reduced to EUR 29.6 billion

The gross foreign exchange reserves of the National Bank of Serbia at the end of June this year amounted to EUR 29.6 billion, down by EUR 273.2 million compared to the end of May, the NBS announced. This amount of foreign exchange reserves ensures coverage of the M1 money supply of 164.3% and 6.8 months of imports of goods and services, which is more than twice the standard.

Net foreign exchange reserves (gross foreign exchange reserves less banks’ foreign exchange assets based on mandatory reserves, liabilities to the International Monetary Fund based on arrangements and other bases) at the end of June amounted to around EUR 25.1 billion, down by EUR 362.8 million compared to the end of May.

The largest inflows into foreign exchange reserves during June were achieved based on NBS interventions in the domestic foreign exchange market through net purchases of foreign exchange in the amount of EUR 270 million (with the purchase of EUR 135 million being agreed at the end of June, and executed/settled, i.e. having an effect on the inflow of foreign exchange in July), allocations of foreign exchange mandatory reserves by banks in the net amount of EUR 255.1 million, as well as on the basis of foreign exchange reserve management, donations and other grounds in the total net amount of EUR 88.4 million.

Inflows into foreign exchange reserves were more than sufficient to compensate for the outflows that were realized based on the settlement of the government’s foreign exchange liabilities in the total amount of EUR 411.8 million.

The decrease in foreign exchange reserves was influenced by net market effects, which were negative in the amount of EUR 474.9 million, and the consequences of movements in international markets - a decrease in the price of gold in US dollars of about 11.4%, while the strengthening of the US dollar against the euro by 2.2% had the opposite effect.

Gold reserves, which are part of foreign exchange reserves, at the end of June amounted to a record 54,565.2 kilograms and had a value of EUR 6.2 billion, which made up 20.9% of gross foreign exchange reserves. During June, the amount of gold in foreign exchange reserves increased by 250.9 kilograms, with the purchase of 20 gold bars on the domestic market from the company Zijin Serbia.

The value of gold reserves decreased by EUR 617.7 million in June due to market factors (a decrease in the price of gold in US dollars by 11.4% and a strengthening of the US dollar against the euro by 2.2%).

Since the beginning of the year, the value of gold reserves has increased by EUR 4.8 million, with the purchase of 2.1 tons of gold and due to market factors (a decrease in the value of a fine ounce of gold in US dollars by about 6.5%, while the strengthening of the US dollar against the euro by about three percent on the international market had the opposite effect).

The volume of foreign exchange trade on the interbank foreign exchange market in June amounted to EUR 1.9 billion, while since the beginning of the year the volume of foreign exchange trade amounted to EUR 5.1 billion.

In June 2026, the value of the dinar was almost unchanged against the euro, while during the first six months of 2026, the dinar nominally weakened against the euro by 0.1%. In June, the NBS bought EUR 405 million on the interbank foreign exchange market, and since the beginning of the year, it has sold EUR 755 million on the interbank foreign exchange market, maintaining the relative stability of the dinar exchange rate against the euro.

Narodna banka Srbije Beograd

foreign exchange reserves of Serbia