FX reserves at end-April at EUR 27.7 billion – Down by EUR 822 million relative to end-March

Gross NBS FX reserves amounted to EUR 27,7 billion at end-April 2025, having decreased by EUR 822.0 million from the previous month, announced the National Bank of Serbia (NBS).

They covered 169.6% of money supply M1 and 6.8 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the relevant adequacy standard, the press release says.

Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) came at EUR 23.3 billion, down by EUR 692.9 million from end-March.

– The April outflows from FX reserves were driven by the government’s net debt repayment in respect of FX loans and other FX liabilities (EUR 619.3 million in total) and the withdrawal of banks’ FX reserves (EUR 78.7 million, net). A net outflow was also registered because of NBS interventions in the local FX market (EUR 60.0 million), i.e. an outflow of EUR 165.0 million for the sale of FX in April and an inflow of EUR 105.0 million from the purchase of FX (of the total purchased EUR 210.0 million in April as the inflow of EUR 105.0 million purchased on the last two business days of April was recorded in May – in accordance with the T+2 market principle where the settlement is carried out two business days after the transaction is closed – the NBS points out.

At the same time, inflows to FX reserves came from FX reserve management, grants and other sources (EUR 110.7 million net). Market factors provided a negative net effect in the amount of EUR 174.7 million as a consequence of trends in the international market – the weakening of the dollar against the euro by around 4.7%, while a rise in gold prices by around 6.0% worked in the opposite direction.

Trading volumes in the IFEM amounted to EUR 738.8 million in April, up by EUR 68.6 million from the month before. Trading volumes in the first four months of the year totaled EUR 2.8 billion.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

NBS FX reserves