BELGRADE (Serbia), September 12 (SeeNews) – The foreign exchange (FX) reserves held by Serbia's central bank rose to 13.01 billion euro ($14.32 billion) at the end of August, up by 341.4 million euro on a monthly comparison basis, the National Bank of Serbia (NBS) said.
The increase in gross FX reserves in August was mostly the result of NBS activities in the interbank foreign exchange market (IFEM), the central bank said in a statement on Wednesday.
The volume of trading on the IFEM in August increased to 619.1 million euro, up by 217.4 million euro month-on-month, the NBS said.
The FX reserves held by NBS as at end-August were enough to cover about six months’ worth of imports of goods and services, NBS said.
In August, the value of the dinar against the euro stayed unchanged, and the NBS intervened by buying 105 million euro on the interbank market in order to tame excessive daily volatility of the exchange rate.
Net FX reserves (total reserves less banks’ FX balances on account of required reserves and other requirements) amounted to 11.061 billion euro at end-August, up 267 million euro on the month.
($ = 0.90849 euro)