FX reserves in November at EUR 10.362 billion

FX reserves of the National Bank of Serbia (NBS) amounted to EUR 10,362 million at end-November, covering M1 by 332 percent or more than seven months of imports of goods and services.

Larger inflows to FX reserves came from the sale of euro-denominated RS securities in the domestic financial market (EUR 135.7 million) and disbursement of grants and loans (EUR 20 million).

The largest outflow from FX reserves (EUR 100 million, net) was registered on account of redemption of due euro-denominated RS securities. Other outflows reflected the payment of debt to the IMF (EUR 99.3 million), withdrawal of excess allocations under FX reserve requirements (EUR 49.4 million net) and settlement of liabilities to foreign creditors (EUR 30.8 million).

Net FX reserves, defined as FX reserves less banks’ required reserves and drawings from the IMF, came at EUR 7,039 million.

Trading volume in the IFEM reached EUR 411.2 million, down by EUR 307.4 million from the month before. In the year to November, trading volumes in the IFEM amounted to EUR 8,373.8 million.

The value of the dinar against the euro remained almost unchanged from a month earlier. The NBS bought EUR 180 million in the IFEM in order to ease excessive daily volatility of the exchange rate.