Палата Народне банке, изграђена у стилу неоренесансног академизма, представља једно од највећих и најлепших остварења у Београду у 19. веку, због чега је сврстана у споменике културе под заштитом државе...
11.01.2023.
Gross NBS FX reserves amounted to EUR 19,415.7 mn at end-December 2022, which includes the first tranche (EUR 985.6 mn) under the Stand-By Arrangement with the IMF, approved to the Republic of Serbia on 19 December 2022. The funds can be used to directly finance the budget, refinance Serbia’s obligations and/or finance current budgetary needs after the adoption of the relevant law.
This was the record high level (since 2000) of end-of-month and end-of-year gross FX reserves. FX reserves increased by EUR 2,148.4 mn in December and by EUR 2,961.2 mn in 2022.
They covered 158% of money supply (M1) and almost 5.5 months’ worth of the country’s import of goods and services, which is almost twice the level prescribed by the adequacy standard.
Net FX reserves (FX reserves less banks’ FX balances on account of required reserves, obligations to the IMF and other grounds) came at EUR 15,426.8 mn at end-December, having increased by EUR 1.207,0 mn from the month before. Overall in 2022, net FX reserves went up by EUR 1,722.8 mn.
The December increase in FX reserves reflects the net inflow from other loans approved to the Republic of Serbia worth EUR 885.8 mn – mainly dollar funds from the Abu Dhabi Fund for Development worth USD 1 bn (EUR 945.8 mn). A significant inflow also came from NBS interventions in the local FX market – a purchase worth EUR 340.0 mn net, as well as FX reserves management, donations and other sources – EUR 170.5 mn.
The outflows from FX reserves were due to the net withdrawal of banks' FX required reserves (EUR 91.5 mn) and other grounds (EUR 32.7 mn in total). The effect of market factors was negative in the net amount of EUR 109.3 mn, largely as a consequence of the dollar's slide against the euro in the international financial market by around 2.8%.
Trading volumes in the IFEM amounted to EUR 998.3 mn in December, up by EUR 110.7 mn from the month before. Overall in 2022, IFEM trading volumes totalled EUR 9,776.8 mn.
The value of the dinar against the euro stayed almost unchanged in December, while in 2022 the dinar gained 0.2% in nominal terms.
To maintain relative stability of the EUR/RSD exchange rate, and responding more to appreciation pressures, the NBS bought EUR 550 mn net in the IFEM in December, while buying in the year as a whole EUR 1 bn net. In the first four months of 2022 the NBS sold EUR 2,270 mn net amid strong depreciation pressures fuelled by external factors – geopolitical tensions and rising energy prices. Owing, inter alia, to the well-timed and decisive response of the NBS, the effect of factors on the FX supply side was restored and as of May appreciation pressures on the dinar began to prevail again, which is why the NBS bought EUR 3,270 mn net from May until year end.
Thus, the NBS in 2022 as well maintained the relative stability of the EUR/RSD exchange rate in the IFEM and contributed to a further increase in FX reserves.
Governor’s Office
