NBS FX reserves at EUR 10.17 billion in May

FX reserves of the National Bank of Serbia (NBS) amounted to EUR 10,172.3 million at end-May, NBS announced on its website.

During the month, the largest outflow from FX reserves was registered in respect of NBS interventions in the IFEM (EUR 472.7 million).

A total of EUR 115.3 million was paid out of FX reserves for the settlement of obligations under frozen FX savings and EUR 16.5 million for the settlement of obligations to foreign creditors.

The greatest inflow originated from the sale of euro-denominated government securities (EUR 91.4 million). Credit disbursement and grants brought in EUR 40.5 million, and banks’ required reserve allocations EUR 35.2 million net.

Net FX reserves, defined as FX reserves less banks’ required reserves and drawings from the IMF, came at EUR 5,534.0 million.

End-May FX reserves covered M1 by 453 percent, short-term debt by 2.131 percent and over seven months of imports of goods and services.

Trading volumes in the IFEM came at EUR 1,086.3 million, up by EUR 269.7 million from April. In the year to May, interbank trading volumes totalled EUR 6,430.6 million.

To ensure smooth functioning of the foreign exchange market, the NBS sold EUR 472.7 million in the IFEM. In nominal terms, the dinar depreciated against the euro by 4% in May, and by 8.7% since the start of the year.