17. april 2024 18:27

NBS FX reserves at 24.94 bln euros at end-March

Autor: Tanjug

Izvor: TANJUG

Foto: MINISTARSTVO FINANSIJA/UPRAVA CARINA

BELGRADE - National Bank of Serbia (NBS) gross FX reserves amounted to 24,942.1 mln euros at end-March 2024, down by 89.3 mln euros from a month earlier, according to figures released by the central bank.

In a statement, the NBS said the reserves had covered 171.1 pct of money supply M1 and 6.7 months’ worth of Serbia's imports of goods and services, which was "more than twice the level prescribed by the adequacy standard."

"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 20,679.0 mln euros, down by 127.2 mln euros from end-February.

The decrease in gross FX reserves in March is attributable primarily to the net government debt repayment in respect of FX loans (221.7 mln euros), the settlement of other government FX liabilities, and other grounds (115.3 mln euros).

Outflows from FX reserves were also triggered by NBS interventions, even though the NBS bought 20 mln euros net in March.

Downward pressure on FX reserves came from the sale of foreign exchange in the amount of 175.0 mln euros, while the purchase of foreign exchange, executed on the last two business days of March in the amount of 195 mln euros exerted an upward pressure in early April (T+2).

The largest inflow to FX reserves in March came from the allocation of banks’ FX required reserves (53.0 mln euros). Inflows also stemmed from FX reserve management, grants, interest and coupon payments and other sources (82.7 mln euros in total)," it said.

"The positive net effect of market factors worth 287.0 mln euros, mainly reflecting the rise in the price of gold by around 8.1 pct and dollar’s appreciation against the euro by around 0.5 pct in the international market, mitigated the reduction in gross FX reserves.

Trading volumes in the IFEM came at 773.6 mln euros in March, up by 199.7 mln euros from February. In the first three months of the year, trading volumes in the IFEM totalled 2,001.9 mln euros," the NBS also said.