NBS: Foreign exchange reserves reached EUR 15 billion at the end of July
The gross foreign exchange reserves of the National Bank of Serbia (NBS) amounted to slightly more than EUR 15 billion at the end of July and were EUR 247.1 million more than at the end of the previous month, the National Bank of Serbia (NBS) announced.
At this level of foreign exchange reserves, coverage of the M1 money supply of 137 percent and almost five months of imports of goods and services is secured, which is almost twice the standard.
Net foreign exchange reserves (foreign exchange reserves minus the foreign currency assets of banks based on mandatory reserves and other bases) amounted to EUR 12.3 billion euros at the end of July and compared to the end of the previous month, they were higher by EUR 427.2 million.
The increase in foreign exchange reserves is primarily a result of activities of the National Bank of Serbia on the domestic foreign exchange market (net inflow based on the purchase of foreign currency and swap transactions in the amount of EUR 367 million).
The increase in foreign exchange reserves in July was additionally influenced by the management of foreign exchange reserves, donations and inflows on other bases (net amount of EUR 94.8 million in total).