Gold has become a substantially larger component of Serbia’s foreign-exchange reserves, with the National Bank of Serbia (NBS) holding 55.1 tonnes in September 2026, more than three times its holdings in 2012.
The increase has changed the composition of the country’s reserve portfolio. Gold accounted for 21.9% of total foreign-exchange reserves, which reached EUR 29.9 billion in September 2026. The NBS presentation documents the expansion of gold holdings but does not provide a detailed explanation of the central bank’s strategic rationale. The figures nevertheless show a deliberate increase in non-currency assets alongside its foreign-exchange reserves.
Gold Takes a Larger Share of Reserve Assets
Gold offers central banks several portfolio-management advantages. Unlike government securities or bank deposits, it carries no credit risk against a foreign issuer and can provide diversification during periods of financial-market stress.
Bullion is less suitable than liquid foreign currencies for routine foreign-exchange market interventions. Serbia’s reserve structure therefore combines a substantial stock of liquid foreign-currency assets with a larger allocation to gold, rather than indicating a replacement of euros and dollars. The EUR 29.9 billion reserve total provides the context for the increased gold allocation, with the precious metal representing more than one-fifth of the portfolio’s value.
Reserve Diversification Amid Greater Market Integration
The expansion of gold holdings has taken place alongside Serbia’s deeper integration into international capital markets. The country has obtained investment-grade status from Standard & Poor’s, while foreign investors are purchasing dinar-denominated bonds and access to Euroclear has improved.
The development of gold reserves alongside greater participation in international financial markets reflects two parallel elements of reserve management: access to external financing and diversification of assets held against potential economic shocks.
Gold Allocation and Foreign-Currency Liquidity
The share of gold in total reserves has also raised the question of whether the current allocation is appropriate. The NBS presentation does not establish an optimal proportion, and there is no single benchmark applicable to every central bank. A higher gold allocation can reduce exposure to specific currencies and counterparties, but it can also decrease the proportion of reserves immediately available in liquid currencies for foreign-exchange interventions.
The appropriate balance depends on the central bank’s liquidity requirements, prevailing market conditions and the composition of its remaining reserve assets. Serbia’s gold holdings have increased more than threefold since 2012, while total foreign-exchange reserves have reached nearly EUR 30 billion, making portfolio composition an increasingly significant element of reserve management.
