Serbia’s gross foreign-exchange reserves reached €29.61 billion at the end of June 2026, strengthening the country’s financial buffer against external shocks, capital-flow volatility and pressure on the dinar exchange rate. Including foreign-exchange reserves held by commercial banks, the total reserve position reached approximately €32.80 billion.
The National Bank of Serbia’s (NBS) reserves increased by around €2.2 billion compared with June 2025, reinforcing one of Serbia’s key sovereign-credit supports.
Gold increases share within reserve portfolio
The structure of Serbia’s reserves has changed significantly, with gold becoming a larger component of the NBS portfolio.
Gold holdings were valued at approximately €6.2 billion in June 2026, compared with €4.53 billion a year earlier. Gold represented around 21% of total NBS reserves, although the increase reflects both higher international gold prices and physical accumulation. Foreign securities remained the largest reserve category, with a value of approximately €16.37 billion. Cash and foreign deposits accounted for around €7.02 billion.
The reserve composition combines liquidity, investment returns and diversification. Cash and deposits provide immediate access to foreign currency, securities generate income, while gold reduces exposure to individual currencies and foreign financial institutions.
Reserve strategy reflects global gold demand
The expansion of gold holdings follows a broader trend among central banks seeking greater diversification amid geopolitical uncertainty, sanctions risks and concerns over reserve-currency exposure. Gold provides a strategic diversification role, but it does not replace liquid foreign-currency assets. Its market value can fluctuate significantly, and physical gold must generally be sold or converted through financial transactions to meet euro-denominated payment obligations. A higher gold allocation therefore improves portfolio diversification while also increasing exposure to valuation changes.
Reserves support exchange-rate stability
The reserve position remains a key foundation of Serbia’s managed exchange-rate policy. The dinar stood at approximately RSD 117.37 per euro at the end of June 2026, remaining close to the level maintained through the country’s exchange-rate management framework. Exchange-rate stability helps limit imported inflation, supports borrowers with euro-indexed loans and reduces currency volatility for companies engaged in international trade.
At the same time, maintaining a stable currency requires potential intervention by the central bank and reduces the ability of the exchange rate to adjust to changes in competitiveness. If domestic wages and prices increase faster than those of trading partners, the absence of nominal depreciation can create additional adjustment pressure.
Reserve adequacy depends on external obligations
The strength of Serbia’s reserve position must be assessed against external financing requirements, including import coverage, short-term debt obligations, government repayments and potential capital outflows. Serbia’s external debt exceeded €52 billion by March 2026, while portfolio investment flows have become an increasingly relevant element of external financing.
The current reserve level provides authorities with significant capacity to manage temporary market pressures. The long-term effectiveness of the reserve strategy will depend on maintaining sufficient liquidity while ensuring that reserve accumulation is supported by stronger exports and productive investment rather than increasing external liabilities.
