NBS Spends Nearly EUR 1 Billion to Preserve Dinar Since January

The National Bank of Serbia (NBS) sold a net sum of EUR 605 million in February and EUR 945 million since the beginning of the year. Adding to it the sale of a net sum of EUR 455 million in the last three months of 2021, it means that, due to the large demand for foreign exchange, FX reserves have been reduced by EUR 1.4 billion in the past five months on this basis, writes the Danas daily.

In late 2021 and early 2022, it was primarily a consequence of the increasing import of expensive energy sources, but in late February, the development of the conflict in Ukraine played a considerable role too, the daily writes.

Still, FX reserves remain at a high level. At the end of February, the gross amount was EUR 15.56 billion, and excluding the mandatory reserves of the banks, they amounted to nearly EUR 13 billion.

Narodna banka Srbije Beograd

Ekonomski fakultet Beograd

National Bank of Serbia

NBS

Faculty of Economics in Belgrade

dinar exchange rate

preserving the dinar

sale of foreign exchange