Serbian c-bank FX reserves rise in May

Net foreign exchange reserves, which are the gross reserves minus banks' foreign exchange assets due to reserve requirements, IMF obligations, and other factors, were also at a record high, of 20.972 billion euro, rising by 50.5 million euro from the end of April, the National Bank of Serbia (NBS) said in a statement on Wednesday.

The end-May gross reserves covered 172.1% of M1 money supply and 6.7 months worth of the country's imports and exports of goods and services.

($ = 0.929 euro)