Serbia's gross FX reserves decreases in May

Banking

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National Bank of Serbia gross foreign exchange (FX) reserves amounted to EUR 13.9 billion at end-May, the central bank has said.

In a statement the bank said, the reserves had covered "128% of money supply (M1) and five 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 came at EUR 11,293.2 million, having decreased by EUR 245.7 million from the month before.

Outflows from FX reserves were driven primarily by the net loan debt repayment by the government (EUR 128.1 million) and payment of other liabilities (EUR 37.6 million), it said. 

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