Serbia’s foreign-exchange reserves reached €29.9 billion at the end of September 2026, providing the National Bank of Serbia (NBS) with a substantial buffer against currency-market pressure and volatility in external financing conditions as the country entered the final quarter of the year.
The reserves covered slightly less than seven months of goods and services imports and approximately 152% of the M1 money supply. Their scale supports the central bank’s capacity to respond to shifts in foreign-currency demand and periods of market stress. Serbia’s reserve position is also relevant to its sovereign credit profile, particularly as exchange-rate stability influences corporate financing, inflation expectations and financial contracts linked to the euro.
Gold Holdings and Dinar Performance
Serbia has significantly increased its gold reserves over the longer term. Holdings reached 55.1 tonnes, more than three times the level recorded in 2012, with gold accounting for 21.9% of the total value of foreign-exchange reserves.
The dinar depreciated by just 0.2% against the euro between the beginning of 2026 and the end of September, despite periods of downward pressure on the domestic currency. The limited movement in the exchange rate has taken place alongside active intervention by the NBS in the foreign-exchange market, with the central bank adjusting its position as demand for foreign currency changed.
NBS Intervention in the Foreign-Exchange Market
The central bank was a net seller of €475 million in the foreign-exchange market during the first nine months of 2026. Its activity varied over the period. From April through August, the NBS was predominantly a buyer, purchasing a net €1.125 billion. In September, it reversed direction and sold €380 million as foreign-currency demand increased among energy importers.
The September intervention reflected higher demand for foreign currency to cover energy imports, illustrating how movements in external costs can influence conditions in Serbia’s currency market.
Reserves and External Financial Risks
The size of Serbia’s reserves is an important consideration for investors because exchange-rate stability remains closely linked to corporate borrowing conditions, inflation expectations and the widespread use of euro-linked financial contracts. The reserve buffer also supports the country’s sovereign credit standing.
Substantial reserves do not remove exposure to external shocks. A significant increase in energy import costs could still place pressure on foreign-currency demand and the balance of external payments. For investors comparing Serbia with other emerging European markets, the adequacy of foreign-exchange reserves remains an important component of the country’s financial-stability profile.
