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...
11/09/2026
Rising by EUR 303.5 mn from end-July, gross NBS FX reserves reached their highest end-of-month level of EUR 30,805.4 mn at end-August.
They covered 163.9% of money supply M1 and 7.0 months’ worth of the country’s import of goods and services, which is more than twice the level prescribed by the relevant adequacy standard.
Net FX reserves (gross FX reserves less banks’ FX balances on account of reserve requirements, liabilities to the IMF under the arrangement, and other grounds) were also at their record high of EUR 26,328.0 mn, having increased by EUR 341.4 mn from end-July.
The largest inflow to FX reserves during August came from NBS interventions in the local FX market, i.e. net purchase of FX in the amount of EUR 135.0 mn (the purchase worth EUR 90.0 mn agreed in late August was settled, i.e. had an effect on FX inflow in September). Significant inflows also came from FX reserve management, grants and other sources in the amount of EUR 117.6 mn.
Outflows from FX reserves were recorded on account of the settlement of the government’s FX liabilities, totalling EUR 710.4 mn.
The market effects were positive in the amount of EUR 761.3 mn as a consequence of developments in international markets – increase in the USD price of gold by 13.3% while the weakening of the US dollar against the euro by 0.7% worked in the opposite direction.
At end-August, gold reserves, a part of FX reserves, stood at record 54,991.8 kg and were valued at EUR 6,959.1 mn, accounting for 22.6% of gross FX reserves. During the month, gold reserves increased by 200.7 kg, as a result of the purchase of 16 gold bars in the domestic market from Serbia Zijin Copper. The value of gold reserves increased in August by EUR 795.5 mn, primarily due to market factors. Since the beginning of the year, 2.5 tonnes of gold were purchased, while the value of gold reserves increased by EUR 763.5 mn largely because of the impact of positive market factors (an increase in the value of a fine ounce in USD by around 5.9%, and the appreciation of the US dollar against the euro by around 1.3% in the international market).
Trading volumes in the IFEM amounted to EUR 398.7 mn in August and EUR 6,493.0 mn since the start of the year.
The value of the dinar remained almost unchanged against the euro in August, while during the first eight months of 2026, the dinar lost 0.1% against the euro in nominal terms. The NBS bought EUR 225.0 mn net in the IFEM in August. Since the beginning of the year, the NBS has sold EUR 95.0 mn net in order to maintain the relative stability of the dinar exchange rate against the euro.
Governor's Office
