The NBS Head Office Building was built from 1888 – 1890, on the basis of blueprints designed by Konstantin Jovanovic (Vienna 1849 – Zurich 1923), son to distinguished artist Anastas Jovanovic...
09/10/2020
Gross NBS FX reserves amounted to EUR 13,030.3 mn at end-September, covering 136% of money supply M1 and six months’ worth of the country’s import of goods and services, twice more than the standard on the adequate level of coverage of the import of goods and services by FX reserves.
Net FX reserves (total reserves less banks’ FX balances on account of reserve and other requirements) came at EUR 10,776.3 mn at end-September.
Gross FX reserves at end-September were lower by EUR 338.8 mn compared to the end of the previous month, mainly as a result of two factors – the settlement of government FX liabilities (EUR 212.0 mn net), and the NBS’s continued activities in the local FX market (sale of EUR 150.0 mn) in order to ensure financial stability, i.e. mitigate the effects of the coronavirus crisis on the domestic economy. Net inflows to FX reserves during September originated from efficient FX reserves management, grants, banks’ FX reserve requirements due to their regular activities, and other sources (total net EUR 17.2 mn). The positive net market effect contributed EUR 6.0 mn.
The volume of FX trading in the IFEM amounted to EUR 410.4 mn in September, down by EUR 48 mn from the month before. In the first nine months of the year, interbank trading totalled EUR 4,821.6 mn.
In September, as since the beginning of the year, the value of the dinar remained almost unchanged vis-à-vis the euro. During the month, the NBS sold EUR 120 mn net in the IFEM. Since the start of the year, it sold EUR 1,635 mn net with a view to preserving the relative stability in the FX market amid heightened global uncertainty caused by the pandemic-induced crisis.
Governor's Office
