12.11.2025.

FX reserves and IFEM movements in October

Gross NBS FX reserves hit EUR 29,364.1 mn at end-October, their highest end-of-month level on record, after increasing by EUR 312.3 mn from a month ago.

They covered 166.1% of money supply M1 and 6.9 months’ worth of the country’s import of goods and services, which is more than twice the level prescribed by the relevant adequacy standard.

Net FX reserves (gross FX reserves less banks’ FX balances on account of required reserves, liabilities to the IMF under the arrangement, and other grounds) came at EUR 24,987.3 mn, also reaching their historical high, up by EUR 325.2 mn from end-September.

The greatest boost to FX reserves came from the positive net market effects (EUR 482.3 mn), as a result of developments in the international markets – chiefly the increase in US dollar gold prices by around 4.9% and the strengthening of the dollar against the euro by around 1.4%.

Inflows to FX reserves in October came from FX reserves management, the allocation of banks’ FX required reserves, grants and other sources (in the total net amount of EUR 97.9 mn).

Outflows were recorded on account of NBS interventions in the IFEM (net sale of EUR 75.0 mn) and government net debt repayment under FX loans and payment of other FX liabilities (EUR 192.9 mn).

At end-October, gold reserves amounted to record 52,156.3 kilograms and were valued at EUR 5,814.4 mn, accounting for 19.8% of gross FX reserves. During the month, gold reserves increased by 464.2 kilograms as a result of a purchase of 37 gold bars in the domestic market – from Serbia Zijin Copper. The value of gold reserves in euros rose in October by EUR 394.2 mn, largely owing to market factors (an increase in the price of gold in dollars, and the strengthening of the dollar vis-à-vis the euro), and to a lesser extent owing to the purchase of gold during the month. Since the beginning of the year (January–October), gold reserves have increased by slightly more than 4.0 tonnes, while their value has risen by EUR 1,930.8 mn (against the backdrop of an increase in the value of a fine ounce in US dollars by around 53.6% and the weakening of the dollar against the euro in the international market by around 10.0%).

***

Trading volumes in the IFEM amounted to EUR 514.7 mn in October, down by EUR 120.0 mn from the month before. Trading volumes in the first ten months of the year totalled EUR 6,502.9 mn.

The dinar stayed broadly unchanged against the euro in October, while weakening nominally by 0.2% since the beginning of the year. The NBS sold EUR 75.0 mn net in the IFEM during the month. Since the beginning of the year, it bought EUR 355.0 mn net to maintain the relative stability of the dinar exchange rate against the euro.

Governor’s Office