Serbian Foreign-Exchange Reserves Top 10 Billion Euros in May

Serbia’s foreign-exchange reserves topped 10 billion euros ($14.37 billion) in May for the first time since February, as the government increased euro borrowing domestically and drew loan tranches from foreign lenders.

Foreign-exchange reserves rose by a net 112.2 million euros in May to 10.064 billion euros, the National Bank of Serbia said in an e-mail today.

Net reserves, excluding the funds commercial lenders keep with the central bank and funds from the International Monetary Fund, inched up to 5.388 billion euros from 5.37 billion euros in April, the Belgrade-based Narodna Banka Srbije said.

Serbia repaid 10.3 million euros to foreign creditors in May and 95.1 million euros to locals whose savings were frozen in the early 1990s and which the government repays through a so- called savings bond.

Inflows included the government borrowing of 58.9 million euros on the local market, the central bank’s currency purchases from banks worth 40 million euros, 15.9 million euros worth of loans from the European Investment Bank and donations worth 5.9 million euros, the bank said.

Interbank trading volumes rose in May to 1.68 billion euros, increasing by 647.9 million euros from April, while the January through May interbank trading volumes hit 6 billion euros, it said.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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