Serbia’s gross foreign exchange reserves rose to €29.88 billion at the end of May 2026, according to the National Bank of Serbia (NBS). The level is the highest month-end figure recorded by the central bank. NBS data show an increase of approximately €1.73 billion compared with April.
The record reserve position corresponds to 167.5% coverage of the M1 money supply. It also equates to approximately 6.9 months of imports of goods and services. The NBS said these measures are more than double internationally accepted adequacy thresholds.
Net foreign exchange reserves also reached a record, rising to €25.42 billion. During May, net reserves increased by roughly €1.79 billion. The changes reflect both reserve inflows and movements within the reserve portfolio over the month.
International bond issuance and other inflows support reserve growth
The largest contribution to the May increase came from Serbia’s return to international capital markets. In May, the government issued three international bonds, including two euro-denominated instruments and one U.S. dollar-denominated bond. The total raised approximately €2.91 billion in equivalent proceeds, boosting reserve holdings.
Additional inflows were linked to NBS foreign-exchange market interventions and reserve management activities. Other financial transactions also contributed to the rise in reserves during the month. Together, these factors supported the end-May gross reserve level reported by the NBS.
Gold holdings reach record levels within reserve structure
Gold remains a key component of Serbia’s reserve portfolio, with holdings reaching a record 54.3 tonnes. The market value was approximately €6.82 billion, representing 22.8% of total gross reserves. The NBS reported that gold purchases continued during May.
In May alone, reserves increased by an additional 351 kilograms through purchases from Serbia Zijin Copper . This added to a strategy that has steadily increased gold’s role within Serbia’s reserve structure over time.
Reserve trajectory since mid-2024 and implications for external financing
The NBS data show a longer-term rise in Serbia’s reserves across multiple reporting points. Reserves were approximately €27.5 billion in mid-2024, then increased to €29.3 billion by the end of 2024. They exceeded €29.8 billion in early 2026 and have now approached the €30 billion threshold.
The central bank attributed the growth trajectory to a combination of foreign direct investment inflows, sovereign financing activities, active foreign-exchange market management and rising gold valuations . The reserve buildup is relevant for currency stability and external debt servicing, with Serbia maintaining a relatively stable dinar despite turbulence in international markets.
The NBS said its sizeable reserve stockpile supports capacity for intervention when necessary . For investors monitoring sovereign credit conditions, the reserve levels provide coverage for meeting international obligations while Serbia finances major infrastructure projects and prepares for EXPO 2027 amid higher sovereign borrowing costs and a more volatile global environment marked by energy-market uncertainty and geopolitical risks .
The NBS also noted that larger foreign exchange reserves improve resilience against external financing shocks and provide policymakers with greater flexibility during periods of economic stress . With infrastructure spending accelerating and financing needs remaining elevated, Serbia’s movement toward the €30 billion gross reserve mark is reflected as a key indicator within available macroeconomic data .
