NBS says FX reserves higher in May

The National Bank of Serbia (NBS) announced that the country's foreign exchange reserves reached an all-time high at the end of May, totaling 29.88 billion Euros. This represents a significant increase of 1.72 billion Euros compared to the previous month.

These reserves comfortably cover 167.5% of the M1 money supply and are sufficient to cover 6.9 months of the country's imports of goods and services. This level is more than double the adequacy standard set by relevant regulations. The NBS also reported that net foreign exchange reserves, which exclude certain bank balances and liabilities, also reached a record high of 25.41 billion Euros, an increase of 1.79 billion Euros from the end of April.

In addition to foreign currency, Serbia's gold reserves stand at 54,314.3 kilograms, valued at approximately 6.81 billion Euros, accounting for 22.8% of the gross FX reserves. The gold reserves saw an increase of 351.3 kilograms following the acquisition of 28 gold bars from Serbia Zijin Copper. Despite the increase in quantity, the value of these gold reserves decreased by 39.8 million Euros in May.