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Serbian c-bank's FX reserves rise m/m in August

Author Radomir Ralev
Serbian c-bank's FX reserves rise m/m in August Photo: Srbija Danas/Sasa Dzambic

BELGRADE (Serbia), September 10 (SeeNews) - The foreign exchange (FX) reserves held by Serbia's central bank rose to 15.585 billion euro ($18.451 billion) at the end of August, up by 1.0 billion euro on a monthly comparison basis, the National Bank of Serbia (NBS) said on Wednesday.

The August increase in gross FX reserves is mostly due to the inflow of 759.4 million euro through the general allocation of special drawing rights by the International Monetary Fund (IMF), the central bank said in a statement.

The volume of trading on the interbank FX market increased to 551.1 million euro in August, up by 123.1 million euro month-on-month, the NBS said.

In August, the dinar remained unchanged against the euro, and the NBS intervened by purchasing 265 million euro on the interbank market to tame excessive daily volatility of the exchange rate.

Net FX reserves (total reserves less banks’ FX balances on account of required reserves and other requirements) amounted to 13.185 billion euro at end-August, up from 12.2 billion euro in July.

($ = 0.84495 euro)