Serbia’s foreign exchange reserves have reached a historic high of €29.8 billion as of the end of February 2026, according to data from the National Bank of Serbia (NBS). This figure marks the highest monthly end-of-period level recorded, indicating a strengthened external liquidity position for the country.
The reserves increased by €421.3 million compared to the end of January, reflecting ongoing accumulation of foreign-currency assets by the central bank. Net foreign exchange reserves, which exclude certain bank reserve requirements and international obligations, also hit a record level of €25.2 billion.
From a macroeconomic standpoint, these reserves provide a crucial buffer for Serbia’s financial stability. The current reserves cover 169.7% of the M1 money supply and are sufficient to finance 6.9 months’ worth of imports, significantly exceeding the internationally recognized benchmark for reserve adequacy.
The rise in reserves during February was fueled by several inflows. The most substantial contribution came from foreign-currency reserve requirements of commercial banks, which added €150.1 million. Additional inflows included net sales of government securities on the domestic market amounting to €53.6 million and income from reserve management and other financial transactions totaling €48.5 million.
Conversely, the central bank noted several outflows during this period. The most significant was related to foreign-exchange interventions on the domestic currency market, where the NBS sold €230 million to maintain stability for the dinar against the euro. Other outflows included net repayments of government foreign-currency loans and other external obligations totaling €155 million.
A notable portion of the increase in reserves was attributed to favorable market conditions, with positive valuation effects amounting to €554.1 million due to international market developments, especially the rise in global gold prices and the strengthening of the US dollar against the euro.
Serbia’s gold reserves also reached a new historical peak, with 53,411 kilograms valued at approximately €7.5 billion by the end of February, constituting about 25.5% of total foreign exchange reserves. During February, the central bank purchased an additional 326.2 kilograms of gold from Serbia Zijin Copper.
The increasing share of gold in Serbia’s reserves aligns with a broader strategy by the central bank to diversify its holdings in recent years. Rising global gold prices have enhanced the euro-denominated value of these assets, contributing positively to overall reserves.
Strong foreign exchange reserves are seen as a fundamental component of monetary stability within Serbia’s macroeconomic framework. They empower the central bank to intervene in currency markets when necessary, support dinar stability, and act as a safeguard against external financial shocks.
With reserves nearing €30 billion, Serbia now boasts one of the largest foreign-currency buffers relative to its economic size among Western Balkan nations. The ongoing accumulation of reserves alongside increasing gold holdings suggests that the central bank remains focused on enhancing financial resilience amid uncertain global economic conditions.
