Serbia’s gross foreign exchange reserves reached 28.6 billion euros at the end of August, up 276.1 million euros from July, the National Bank of Serbia (NBS) reported. These reserves cover 163.3 percent of the monetary base M1 and 6.8 months of imports of goods and services, more than twice the standard for adequate coverage.
Net reserves, accounting for banks’ mandatory reserves, IMF obligations, and other items, stood at 24.2 billion euros, increasing by 184.7 million euros in August. The growth was driven by NBS interventions on the domestic foreign exchange market (165 million euros), banks’ reserve allocations (141.3 million euros), and other inflows including reserve management and donations (34.7 million euros).
At the same time, Serbia repaid 127.7 million euros in foreign debt. Rising gold prices added to reserves, while a weaker dollar against the euro offset some gains. Gold reserves totaled 51,315.7 kilograms, valued at 4.85 billion euros, representing 17 percent of gross reserves. In August, gold reserves increased by 526.9 kilograms through domestic purchases, contributing to a 139.4 million euro rise in gold value.
On the interbank foreign exchange market, trading reached 540.4 million euros in August, down 82.6 million euros from July. Since the start of the year, the dinar has weakened slightly against the euro by 0.1 percent. The NBS purchased 105 million euros in August, bringing net purchases in 2025 to 235 million euros to maintain exchange rate stability.
