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11.07.2022.
Gross NBS FX reserves amounted to EUR 14,775.7 mn at end-June, up by EUR 872.1 mn m-o-m. They covered 136% 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 (FX reserves less banks’ FX balances on account of required reserves and other grounds) came at EUR 11,907.1 mn, having increased by EUR 613.9 mn from the month before.
The increase reflects primarily NBS activities in the domestic FX market (total net effect of FX purchases and swap transactions worth EUR 403.0 mn), as well as the net sale of government securities in the domestic financial market, FX reserves management, grants and other sources (EUR 314.3 mn net), including net inflow from banks’ activities in respect of FX reserve requirements (EUR 264.2 mn).
These inflows were more than sufficient to cover outflows in respect of government net debt repayment on account of loans and other grounds (EUR 206.8 mn).
The effect of market factors was positive in June, equalling EUR 97.4 mn net, chiefly on account of US dollar’s appreciation against the euro in the international market.
Trading volumes in the IFEM amounted to EUR 916.0 mn in June, down by EUR 150.5 mn from the month before. In the six months of the year, trading volumes in the IFEM totalled EUR 4,287.3 mn.
Appreciation pressures that prevailed in May continued into June. The dinar gained 0.1% nominally against the euro in June or 0.2% nominally since the start of the year.
In June, the NBS bought EUR 405 mn in the interbank FX market. Since the start of the year, it sold EUR 1,790 mn net, in order to maintain relative stability of the dinar exchange rate against the euro.
Governor's Office
