12.10.2026.
Gross NBS FX reserves stood at EUR 29,859.2 mn at end-September 2026, having decreased by EUR 946.2 mn from end-August.
They covered 152.4% of money supply M1 and 6.7 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) stood at EUR 25,558.2 mn at end-September, having decreased by EUR 769.8 mn from end-August.
Outflows from FX reserves were recorded on account of the settlement of the government’s FX liabilities, totalling EUR 400.2 mn, as well as NBS interventions in the local FX market, i.e. net sale of FX in the amount of EUR 230.0 mn (the purchase worth EUR 90.0 mn agreed in late August was settled, i.e. had an effect on FX inflow in September, while, of the net sale of EUR 380.0 mn in September, EUR 320.0 mn was settled, i.e. had an effect on FX outflow in September, as the sale worth EUR 60.0 mn agreed in late September will be settled and have an effect on FX outflow in October). NBS FX sales, recorded in the second half of the month, were largely driven by increased FX demand for energy imports (primarily oil) in the international market, at elevated prices due to tensions in the Middle East.
Inflows to FX reserves during September came from FX reserve management, grants and other sources in the total net amount of EUR 65.5 mn.
The market effects were negative in the amount of EUR 381.5 mn, as a consequence of developments in international markets – a decrease in the USD price of gold by 8.5%, while the strengthening of the US dollar against the euro by 2.3% worked in the opposite direction.
At end-September, gold reserves, a part of FX reserves, stood at a record 55,142.3 kg and were valued at EUR 6,531.4 mn, accounting for 21.9% of gross FX reserves. During September, gold reserves increased by 150.5 kg as a result of the purchase of 12 gold bars in the domestic market from Serbia Zijin Copper. The value of gold reserves decreased by EUR 427.7 mn in September due to market factors. Since the beginning of the year, 2.6 tonnes of gold have been purchased in the domestic market, and the value of gold reserves has increased by EUR 335.7 mn as a result of the above purchases of gold bars, while market effects were almost neutral (a 3.1% decrease in the USD price of gold was offset by the strengthening of the US dollar against the euro by 3.6% in the international market).
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Trading volumes in the IFEM amounted to EUR 432.4 mn in September and EUR 6,925.4 mn since the start of the year.
The dinar lost 0.1% against the euro in nominal terms in September 2026, while during the first nine months of 2026, it weakened by 0.2% against the euro in nominal terms. The NBS sold EUR 380.0 mn net in the IFEM in September due to increased FX demand from domestic energy-importing companies. Since the beginning of the year, the NBS has sold EUR 475.0 mn net in the IFEM in order to maintain the relative stability of the dinar exchange rate against the euro.
Governor's Office
