At the conclusion of December 2025, Serbia’s gross foreign exchange reserves were approximately €29 billion, representing a decrease from the previous month. Data from the central bank indicates a reduction of €358.3 million compared to November and a decline of €286.2 million relative to the end of 2024.
This decrease in reserves was largely attributed to net repayments of government foreign-currency debt and other external obligations. Additionally, net foreign-currency sales by the central bank aimed at stabilizing the domestic foreign exchange market contributed to the outflows. These factors were partially mitigated by inflows from reserve management activities, net sales of government securities on the domestic market, and other smaller inflows.
Market valuation effects helped support reserve levels to some extent. Notably, an increase in global gold prices in US dollars and fluctuations in the valuation of foreign securities within the reserve portfolio provided a positive impact, which limited the overall monthly decline.
As for net foreign exchange reserves, which exclude required reserves held by commercial banks and liabilities to international financial institutions, they totaled €24.63 billion at December’s end, also reflecting a decrease from November.
Gold has become an increasingly significant component of Serbia’s reserve structure. By the end of December, gold holdings reached a record volume of approximately 52.5 tonnes, valued at around €6.19 billion. This represented just over 21 percent of total gross reserves, influenced by both rising international prices and additional domestic purchases throughout the year.
Throughout December, the Serbian dinar experienced a slight nominal appreciation against the euro. The central bank remained active in the interbank foreign exchange market, with trading volumes remaining high as part of ongoing efforts to manage short-term exchange-rate fluctuations and maintain overall monetary stability as Serbia entered 2026.
