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Serbia's FX reserves grow in July

Author Maja Garaca
Serbia's FX reserves grow in July Author: SeeNews. License: All rights reserved.

BELGRADE (Serbia), August 10 (SeeNews) - The foreign exchange (FX) reserves held by Serbia's central bank rose to 11.403 billion euro ($13 billion) at the end of July, up by 299.0 million euro on a monthly comparison basis, the National Bank of Serbia (NBS) said on Friday.

The increase in gross FX reserves in July almost fully resulted from NBS activity on the domestic FX market, the central bank said in a statement.

The volume of trading on the interbank foreign exchange market in July increased to 461.9 million euro, up by 11.4 million euro month-on-month.

The FX reserves held by NBS as at end-July covered six months’ worth of the country’s imports of goods and services, NBS said.

In July, the dinar remained broadly unchanged against the euro, and the NBS intervened by purchasing 220 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) came at 9.54 billion euro at end-July, up by 224 million euro in that month, which is their highest level since 2000.

($ = 0.853852 euro)