You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Serbia's FX reserves decrease slightly in November

Author Radomir Ralev
Serbia's FX reserves decrease slightly in November Author: SeeNews. License: All rights reserved.

BELGRADE (Serbia), December 11 (SeeNews) – The foreign exchange (FX) reserves held by Serbia's central bank rose to 13.465 billion euro ($14.924 billion) at the end of November, down by 34.3 million euro on a monthly comparison basis, the National Bank of Serbia (NBS) said on Wednesday.

The increase in gross FX reserves in November was mostly the result of the government's net deleveraging on foreign currency loans and NBS interventions on the domestic FX market, the central bank said in a statement.

The volume of trading on the IFEM in November increased to 564.9 million euro, down by 239.5 million euro month-on-month, the NBS said.

The FX reserves held by NBS as at end-November were enough to cover about six months’ worth of imports of goods and services, NBS said.

In November, the dinar depreciated 0.1% against the euro, and the NBS intervened by buying 140 million euro and selling 140 million euro on the interbank market in order 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 11.398 billion euro at end-November, down 84 million euro on the month.

($ = 0.907762 euro)