Serbia held about 29 billion euros in foreign-exchange reserves at the end of 2025, equal to 32.7% of gross domestic product (GDP), according to a European Commission report. The stock covered around 6.8 months of imports, providing a buffer against external volatility.
Gold represented 21.4% of the reserves. The report said rising global gold prices contributed to the increase in their headline value. The holdings also protect against energy-price shocks and abrupt changes in capital flows, while supporting the credibility of the National Bank of Serbia’s currency-management policy.
The National Bank of Serbia (NBS), which actively manages the dinar, sold a net 580 million euros in the foreign-exchange market during 2025. Its interventions took place as the reserves provided a buffer against external volatility.
By the end of the second quarter of 2026, reserves had edged down to 32.2% of GDP.
The report noted that Serbia’s current account weakened and foreign investment slowed as the country ended 2025 with its reserve buffer. Reserves provide insurance, but do not substitute for competitiveness. A persistent current-account deficit combined with weaker foreign direct investment would eventually put more pressure on external financing.
The reserve position buys time to adjust, but the report said Serbia still needs to strengthen exports, productivity and investor confidence.
