Serbia’s gross foreign exchange reserves held by the National Bank of Serbia (NBS) reached a record €29.36 billion at the end of October 2025 — the highest month-end level ever recorded, the NBS announced. Compared to the end of September, reserves increased by €312.3 million.
This amount covers 166.1% of the money supply (M1) and the equivalent of 6.9 months of imports of goods and services, more than double the international adequacy standard. Net foreign exchange reserves, which exclude banks’ required reserves and IMF obligations, stood at €24.99 billion, also the highest month-end level, up €325.2 million from September.
The main driver of the increase was a positive net market effect of €482.3 million, primarily due to a 4.9% rise in the global price of gold and a 1.4% appreciation of the U.S. dollar against the euro. Additional inflows into reserves came from reserve management operations, bank foreign currency requirements, donations, and other sources totaling €97.9 million.
Outflows were mainly due to NBS interventions in the domestic foreign exchange market — net sales of €75 million, and government debt repayments and other foreign obligations totaling €192.9 million.
At the end of October, gold reserves reached a record 52,156.3 kilograms, valued at €5.81 billion, accounting for 19.8% of total reserves. Gold holdings increased by 464.2 kilograms during the month following the purchase of 37 gold bars from Serbia Zijin Copper. The total value of gold reserves rose by €394.2 million, mainly due to higher global gold prices and a stronger dollar.
Since the beginning of 2025, Serbia’s gold reserves have grown by over four tons, with their total value rising by €1.93 billion, supported by a 53.6% increase in the global gold price and a 10% depreciation of the dollar against the euro.
The volume of interbank foreign exchange trading reached €514.7 million in October — €120 million less than in September. Over the first ten months of the year, total interbank trading amounted to €6.5 billion.
The dinar remained almost unchanged against the euro in October and has depreciated by just 0.2% since the start of the year. In October, the NBS sold a net €75 million on the interbank market, while net purchases since January total €355 million, helping maintain relative exchange rate stability.
