The National Bank of Serbia (NBS) announced that its gross foreign exchange reserves reached €27.4 billion at the end of June 2025, an increase of €4.7 million compared to the end of May. This reserve level covers 161.8% of the money supply (M1) and corresponds to six and a half months of import coverage for goods and services, which is more than double the standard required for adequate import coverage.
Net foreign exchange reserves (gross reserves minus banks’ required reserves in foreign currency, IMF obligations, and other liabilities) stood at just over €23 billion at the end of June, rising by €12.7 million compared to May.
In June, the increase in reserves was driven by:
- NBS interventions on the domestic foreign exchange market amounting to €465 million,
- net allocation of banks’ foreign currency mandatory reserves totaling €34.4 million,
- management of reserves, donations, and other sources adding a net €69.6 million.
The purchase of foreign currency totaling €75 million made in the last two working days of May was accounted for in June’s inflows, alongside €390 million of currency purchases made in June. The currency purchases made in the last two days of June, totaling €210 million, will be reflected in July’s inflows.
Outflows from the reserves amounted to €263.7 million, primarily due to the government’s net repayments of foreign currency loans and other foreign currency obligations.
The National Bank reported a negative net effect of market factors of €300.6 million, mainly caused by the depreciation of the US dollar against the euro by approximately 3.3%, partially offset by a 0.3% increase in the price of gold in US dollars on international markets.
The volume of foreign exchange trading on the interbank market in June was €765.1 million, an increase of €227.5 million compared to May. In the first six months of 2025, the total interbank trading volume reached €4.19 billion.
The value of the Serbian dinar against the euro remained almost unchanged in June, while since the beginning of the year it has depreciated nominally by 0.1% against the euro.
In June, the NBS purchased €600 million on the interbank foreign exchange market. Since the start of the year, the NBS has been a net seller of €400 million to maintain relative stability of the dinar’s exchange rate against the euro.
