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Serbian c-bank FX reserves rise to record-high 27.5 bln euro in June

Jul 10, 2024, 4:55:30 PMArticle by Valentina Bajic
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July 10 (SeeNews) - The gross foreign exchange (FX) reserves held by Serbia's central bank (NBS) rose to a record-high 27.506 billion euro ($29.770 billion) at the end of June, up by 2.349 billion euro compared to a month earlier, the central bank said.

Serbian c-bank FX reserves rise to record-high 27.5 bln euro in June
Photo: Srbija Danas/Sasa Dzambic

Net FX reserves - the gross reserves minus banks' FX assets due to reserve requirements, IMF obligations, and other factors - were also at a record high, of 23.270 billion euro, rising by 2.298 billion euro from the end of May, the NBS said in a statement on Wednesday.

NBS attributed the rise in FX reserves to the issue of 10-year dollar-denominated sustainability bonds of Serbia in the international financial market, which contributed 1.366 billion euro to the total amount of the reserves. Inflows also came from the central bank's FX purchases in the local FX market, FX loans, FX reserves management as well as grants and other sources.

The end-June gross reserves covered 178.7% of M1 money supply and 7.3 months worth of the country's imports and exports of goods and services.

($ = 0.924 euro)

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