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

Serbia's FX reserves increase in November

Author Radomir Ralev
Serbia's FX reserves increase in November By NMedjedov (Own work), via Wikimedia Commons

BELGRADE (Serbia), December 12 (SeeNews) - The foreign exchange (FX) reserves held by Serbia's central bank rose to 11.626 billion euro ($13.2 billion) at the end of November, up by 76.2 million euro on a monthly comparison basis, the National Bank of Serbia (NBS) said.

The increase in gross FX reserves in November was the result of the privatisation of agricultural company Poljoprivredna Korporacija Beograd (PKB) and the interventions of the central bank on the interbank FX market, the central bank said in a statement on Tuesday.

The volume of trading on the interbank foreign exchange market in November decreased to 543.8 million euro, down by 46.8 million euro month-on-month.

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 strengthened nominally 0.1% against the euro, and the NBS intervened by buying 15 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 9.721 billion euro at end-November, up by 98 million euro in that month.

($ = 0.883239 euro)