NBS FX reserves at EUR 10.6494 billion at end-November

NBS FX reserves amounted to EUR 10,649.4 million at end-November, covering M1 by 432 percent and more than seven months of imports of goods and services, the National Bank of Serbia said in a release on its website.

The largest inflows to FX reserves during November came from the sale of RS securities in the international and domestic financial markets (EUR 663.0 million) and credit disbursement and grants (EUR 30.3 million).

The largest outflows from FX reserves during the month were triggered by repayments to the IMF (EUR 104.9 million). Other outflows from FX reserves included banks’ withdrawal of excess allocations under FX required reserves (EUR 74.8 million, net), the settlement of obligations to foreign creditors (EUR 16.1 million) and servicing of frozen FX savings (EUR 3.7 million).

Net FX reserves, defined as FX reserves less banks’ required reserves and drawings from the IMF, came at EUR 6,672.0 million at end-November.

Trading volumes in the IFEM reached EUR 1,650.9 million, down EUR 232.3 million from October. In the year to November, interbank trading volumes totalled EUR 16.1 billion.

During the month, the dinar appreciated against the euro by a nominal 0.6 percent and the NBS did not intervene in the IFEM.