12/11/2026
Gross NBS FX reserves stood at EUR 29,163.9 mn at end-October, down by EUR 695.3 mn from end-September.
They covered 151.4% of money supply M1 and 6.5 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 required reserves, liabilities to the IMF under the arrangement, and other grounds) came at EUR 24,669.2 mn at end-October, down by EUR 889.0 mn from end-September.
Outflows from FX reserves were realised through the NBS’s interventions in the domestic FX market, involving net sales of foreign currency amounting to EUR 712.0 mn (the sale of EUR 60.0 mn, agreed at the end of September, was settled, thereby affecting foreign currency outflows in October, while of the EUR 861.0 mn in net sales in October, EUR 652.0 mn was reflected in FX reserves as an outflow in that month, since the sale of EUR 209.0 mn, concluded at the end of October, was settled and had an impact on foreign currency outflows in November), as well as through the net settlement of the government’s foreign currency obligations, amounting to a total of EUR 100.7 mn.
Inflows into FX reserves during October were generated from FX reserve management activities, donations, and other sources, amounting to a total net inflow of EUR 285.0 mn.
Market effects were negative, amounting to EUR 167.6 mn, reflecting developments in international markets, primarily a 6.3% decline in the US dollar price of gold, while the 1.3% appreciation of the US dollar against the euro had an offsetting effect.
Gold reserves, which form part of FX reserves, stood at a record 55,343.1 kg at the end of October, with a value of EUR 6,223.5 mn, accounting for 21.3% of gross FX reserves. During October, the quantity of gold held in FX reserves increased by 200.7 kg through the purchase of 16 gold bars in the domestic market from SERBIA ZIJIN COPPER. The value of gold reserves decreased by EUR 307.9 mn in October due to market factors. Since the beginning of the year, 2.8 tonnes of gold have been purchased in the domestic market, resulting in an increase of EUR 27.9 mn in the value of gold reserves, despite negative market effects stemming from developments in international markets – namely, a 9.2% decline in the US dollar price of gold, while the 4.9% appreciation of the US dollar against the euro had an offsetting effect.
The volume of foreign exchange trading executed in the IFEM amounted to EUR 615.0 mn in October, while total foreign exchange trading volume since the beginning of the year reached EUR 7,540.4 mn.
In October 2026, the dinar remained almost unchanged against the euro, while over the first ten months of 2026, it depreciated nominally by 0.2% against the euro. In October, the NBS intervened in the IFEM by making net sales of EUR 865.0 mn. Since the beginning of the year, the NBS has made net sales of EUR 1,340.0 mn on the IFEM in order to maintain the relative stability of the dinar exchange rate against the euro.
Governor’s Office
