Serbian Foreign-Exchange Reserves Drop on Foreign Debt Repayment
Serbia’s foreign-exchange reserves fell 86 million euros to 11.27 billion euros ($15.4 billion) in October as the Balkan country repaid debt to foreign creditors, the Belgrade-based National Bank of Serbia said.
Part of the decline resulted from banks withdrawing a net 50.2 million euros from their mandatory reserve accounts, kept with the central bank, the Narodna Banka Srbije said in an e- mail today, adding that new credit inflows amounted to 78.5 million euros in October.
Net reserves, excluding the funds commercial lenders keep with the central bank and funds from the International Monetary Fund, expanded to 6.57 billion euros from 6.55 billion euros in September, equalling 443 percent of M1 money supply and more than eight months of exports, the central bank said.
Interbank trading volumes fell in October to 1.25 billion euros from 2.1 billion euros in September, with January-through- October trading volumes rising to 16.3 billion euros. The dinar gained a nominal 0.7 percent against the euro in October.
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