NBS FX reserves at EUR 10.3 billion at end-December 2015

(Photo: Maryna Pleshkun/shutterstock.com)

Major inflows came from the disbursement of loans (EUR 86.1 mln), allocation of FX required reserves (EUR 82.5 mln net), grants (EUR 41.3 mln) – most of which from the IPA fund (EUR 22.9 mln) and the sale of euro-denominated government securities in the domestic financial market (EUR 33.7 mln). Other inflows amounted to EUR 50.5 mln.

Significant outflows were recorded in respect of NBS interventions in the interbank FX market and the settlement of the Republic of Serbia’s liabilities to foreign creditors (EUR 420.0 mln). Outflows were also caused by the redemption of maturing euro-denominated government securities and frozen FX savings bonds, and the repayment of drawings under the 2009 stand-by arrangement with the IMF (EUR 63.2 mln). Other outflows equalled EUR 13.9 mln net.

At end-December, net FX reserves, defined as FX reserves less banks’ FX required reserves and drawings under the arrangement with the IMF concluded in 2009, came at EUR 8,420.0 mln.

Trading volumes in the IFEM reached EUR 1,000.5 mln, up by EUR 454.7 mln from the month before. As at 31 December 2015, interbank trading volumes totalled EUR 8,077.5 mln.

The dinar depreciated against the euro by 0.3% in nominal terms in December. The NBS intervened in the IFEM by buying EUR 30 mln and selling EUR 300 mln in order to ease excessive daily volatility of the exchange rate.