August 12 (SeeNews) - The foreign exchange (FX) reserves held by Serbia's central bank totalled 9.61 billion euro ($10.71 billion) at the end of July, up by 314.5 million euro from a month earlier, mainly on the back of the central bank's market interventions, the National Bank of Serbia (NBS) said on Friday.
The hard currency reserves are enough to cover about six months of imports of goods and services, the bank said in a statement.
During July, NBS bought 355 million euro on the foreign exchange market in order to ease excessive daily volatility of the local currency.
Net FX reserves, defined as FX reserves less banks’ required reserves and drawdowns from the International Monetary Fund (IMF), came in at 8.01 billion euro at the end of July, up by 352 million euro from the end of June.
The volume of trading on the interbank foreign exchange market in July amounted to 567.6 million euro, down by 21.8 million euro from the previous month. In the first seven months of the year, interbank trading was 4.13 billion euro.
($=0.8965 euro)