NBS: Serbia's FX Reserves Hit Record 30.8 Billion Euros

The National Bank of Serbia announced on September 11 that gross foreign exchange reserves stood at 30.8 billion euros at the end of August 2026, the highest level ever recorded at the close of a month. That marks an increase of 303.5 million euros compared to the end of July.

Net foreign exchange reserves, meaning gross reserves minus the foreign currency held by commercial banks as required reserves and minus obligations to the International Monetary Fund, reached 26.3 billion euros, also a record. That figure grew by 341.4 million euros compared to July.

The central bank specified that the reserves now cover the M1 money supply at a rate of 163.9%, more than double the standard threshold for adequate import coverage, and are sufficient to cover seven months of imports of goods and services.

Gold reserves at a record high

Gold reserves stood at 54,991.8 kilograms, or 54.99 tons, at the end of August, also a record amount, worth 6.9 billion euros. Gold thus accounted for 22.6% of gross foreign exchange reserves. The NBS bought an additional 200.7 kilograms of gold in August, in 16 bars, from the mining company Serbia Zijin Copper, bringing its total gold purchases since the start of the year to 2.5 tons.

The value of the gold reserves rose by 795.5 million euros in August, largely because the global price of gold climbed 13.3% in dollar terms, while a 0.7% weakening of the dollar against the euro pulled in the opposite direction. The overall market effect on foreign exchange reserves in August was a positive 761.3 million euros.

Where the inflows and outflows came from

The largest inflow in August came from NBS interventions on the domestic foreign exchange market, where the central bank purchased 135 million euros, of which 90 million euros was settled only in September. On the interbank market, the NBS bought an additional 225 million euros. Outflows tied to the settlement of the state’s foreign currency obligations totaled 710.4 million euros.

Since the start of the year, the NBS has been a net seller of 95 million euros on the interbank foreign exchange market, in order to maintain the relative stability of the dinar’s exchange rate. Total foreign exchange trading volume on that market reached 398.8 million euros in August, and 6.4 billion euros since January. The dinar was nearly unchanged against the euro in August, while it has weakened 0.1% in nominal terms since the start of the year.

The data was released a week after the NBS kept its key policy rate unchanged at 5.75%, confirming that the central bank is building up both its foreign currency and gold reserves while holding monetary policy steady.