Serbia: FX Reserves Shrink

Other Countries ♦ Published: October 11, 2013; 20:08 ♦ (Vindobona)

NBS FX reserves amounted to EUR 10,444.5 million at end-September, covering M1 by 333 percent and more than seven months of imports of goods and services. Inflation remains stable.

Serbia: FX Reserves Shrink / Picture: ©

The largest inflow to FX reserves during the month originated from the drawdown of an EIB loan (EUR 54.7 million). Other inflows came from the sale of euro-denominated RS securities in the domestic financial market (EUR 37.2 million) and bank allocations under FX reserve requirements (EUR 26.5 million, net).

The largest outflow from FX reserves was due to the settlement of…