NBS foreign reserves hit new record of €29.1 billion in May
The National Bank of Serbia's gross foreign reserves reached a new all-time high of €29.1 billion at the end of May 2026, covering 8.2 months of imports of goods and services, according to the central bank's regular monthly release on 28 May.
- National Bank of Serbia gross foreign reserves stood at €29.1 billion in May, up €320 million in the month.
- Coverage of imports of goods and services: 8.2 months, well above the IMF threshold of 4 months.
- The rise was driven by euro purchases in the interbank market and Eurobond issuance proceeds.
- Net reserves, after central bank liabilities, stood at €24.3 billion.
The National Bank of Serbia gross foreign reserves stood at €29.1 billion at the end of May 2026, according to the central bank’s regular monthly release on 28 May. That is a new all-time high, up €320 million on the end of April.
Coverage of imports of goods and services rose to 8.2 months. The IMF threshold for external liquidity adequacy is four months, while the wider indicator scale also covers short-term external debt cover, where Serbia stands at 2.4 times.
What drove the May rise
The central bank release sets out the specific channels that fed the increase. Three items account for the full month’s inflow.
The drivers of the May rise:
- Euro purchases in the interbank FX market: €240 million
- Inflow from Serbian Eurobond issuance: €80 million
- Positive exchange rate effects on non-dollar assets: €35 million
- Outflows from external debt service: minus €35 million
The FX purchases track the supply pressure in the interbank market, where euro inflow from exports exceeds demand for imports. The central bank neutralises the appreciation pressure on the dinar through FX purchases.
Net reserves and liabilities
Net foreign reserves, after deducting the central bank’s short-term liabilities on repo operations, bank deposits and the IMF SDR allocation, stood at €24.3 billion.
The reserve allocation, based on the 2025 annual report:
- Foreign government securities: 64% of the portfolio
- Deposits with foreign central banks: 22% of the portfolio
- Gold: 9.3% of the portfolio (60.2 tonnes)
- SDR: 4.7% of the portfolio
The gold portion was worth €2.71 billion at the London fixing on 28 May. The Governor confirmed the plan to keep adding gold as a strategic reserve in a February interview with Politika.
The National Bank of Serbia’s strategic orientation involves a gradual increase in the gold share of foreign reserves to a range of 10 to 12 percent in the medium-term projection, in line with comparable portfolios of regional central banks.
What reserves mean for the rating
The credit rating agency Standard and Poor’s confirmed Serbia’s credit rating at BBB- with a stable outlook on 16 May. The agency’s report flagged the level of foreign reserves as one of the two main indicators behind the stable outlook.
Reserve-related rating indicators:
- Reserve coverage of external debt: 76% (investment grade threshold: 50%)
- Reserves to GDP: 38% (regional economies average: 24%)
- Reserve growth January to May 2026: 6.8% (€1.85 billion)
The Standard and Poor’s lead regional analyst, Karen Vartapetov, quantified the importance in the report.
The high level of foreign reserves and the diversified allocation reduce the Serbian economy’s vulnerability to external shocks, which justifies decoupling the outlook from domestic political uncertainty.
What next, the July projection
It is an open question whether the pace of reserve growth will continue in June and July. The transmission of Eurobond proceeds typically unwinds over two months after settlement, and the next issuance is planned for September.
Follow the National Bank of Serbia’s monthly releases and their impact on monetary indicators for the next update.
