NBS gross FX reserves at 24.16 bln euros at end-November

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 24,163.1 mln euros at end-November, declining by 225.7 mln euros compared to end-October, according to figures released by the central bank.

"They covered 175.1 pct of money supply M1 and 6.5 months’ worth of the country’s imports of goods and services, which is more than twice the level prescribed by the adequacy standard," the NBS said in a statement.

"Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under SBA, and other grounds) came at 20,113.7 mln euros, having decreased by 140.1 mln euros from end-October.

The November decrease in gross FX reserves reflects the net repayment of government debt in respect of FX loans (129.7 mln euros) and the settlement of other FX liabilities (53.3 mln euros), as well as the withdrawal of banks’ FX required reserves (51.2 mln euros) and the NBS’s FX interventions in the local FX market (net sale of 45.0 mln euros).

Inflows to FX reserves came from reserve management, grants and other sources (128.6 mln euros in total).

The effect of market factors on FX reserves was negative in November (75.1 mln euros net), as a consequence of the dollar’s weakening against the euro by around 3.4 pct, while the hike in gold prices in the international market by around 1.9 pct worked in the opposite direction," it also said.