Serbian FX reserves at end-September amount to EUR 29.9 billion, decrease of 946 million recorded

Gross NBS FX reserves stood at EUR 29.86 billion at end-September 2026, having decreased by EUR 946.2 million from end-August, the Central Bank announced.

They covered 152.4% of money supply M1 and 6.7 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) stood at EUR 25.56 billion at end-September, having decreased by EUR 769.8 million from end-August.

FX reserves reduced due to government liabilities and NBS interventions

Outflows from FX reserves were recorded on account of the settlement of the government’s FX liabilities, totaling EUR 400.2 million, as well as NBS interventions in the local FX market, i.e. net sale of FX in the amount of EUR 230 million.

The Central Bank says that NBS FX sales, recorded in the second half of the month, were largely driven by increased FX demand for energy imports (primarily oil) in the international market, at elevated prices due to tensions in the Middle East.

Inflows to FX reserves during September came from FX reserve management, grants and other sources in the total net amount of EUR 65.5 million.

The market effects were negative in the amount of EUR 381.5 million, as a consequence of developments in international markets – a decrease in the USD price of gold by 8.5%, while the strengthening of the US dollar against the euro by 2.3% worked in the opposite direction, the NBS explains.

Record gold reserves

At end-September, gold reserves, a part of FX reserves, stood at a record 55,142.3 kg and were valued at EUR 6.53 billion, accounting for 21.9% of gross FX reserves.

During September, gold reserves increased by 150.5 kg as a result of the purchase of 12 gold bars in the domestic market from Serbia Zijin Copper. The value of gold reserves decreased by EUR 427.7 million in September due to market factors.

Since the beginning of the year, 2.6 tons of gold have been purchased in the domestic market, and the value of gold reserves has increased by EUR 335.7 million as a result of the above purchases of gold bars, while market effects were almost neutral (a 3.1% decrease in the USD price of gold was offset by the strengthening of the US dollar against the euro by 3.6% in the international market).

NBS sells EUR 380 million in September

Trading volumes in the IFEM amounted to EUR 432.4 million in September and EUR 6,93 billion since the start of the year.

The dinar lost 0.1% against the euro in nominal terms in September 2026, while during the first nine months of 2026, it weakened by 0.2% against the euro in nominal terms.

The NBS sold EUR 380 million net in the IFEM in September due to increased FX demand from domestic energy-importing companies. Since the beginning of the year, the NBS has sold EUR 475 million net in the IFEM in order to maintain the relative stability of the dinar exchange rate against the euro.

Narodna banka Srbije Beograd

Serbia Zijin Copper doo Bor

National Bank of Serbia

NBS

Zijin Copper

FX reserves

gross FX reserves at end September 2026

gold reserves