Serbian Foreign Exchange Reserves Rise on Currency Fluctuation

Serbia’s foreign-exchange reserves rose 125.5 million euros ($125.5 million) to almost 11.4 billion euros in November on more-convenient exchange rates for the country’s assets, the central bank said.

Net reserves, excluding the funds commercial lenders keep with the central bank and funds from the International Monetary Fund, rose to 6.61 billion euros from 6.57 billion euros in October, the Narodna Banka Srbije said. This equaled 448 percent of M1 money supply, up from 443 percent in the previous month, or about eight months of imports.

The Balkan country spent 12.6 million euros from the reserves on servicing external debt last month, while commercial lenders withdrew 17 million euros from their mandatory reserve accounts kept with the central bank. Inflows included 6.4 million euros from donations, the central bank said.

Interbank trading volumes fell 7.5 percent to 1.16 billion euros in November, while the 11-month trading total reached 17.4 billion euros, the central bank said.

The dinar weakened a nominal 3.4 percent against the euro in November, while remaining 1.5 percent stronger against the common European currency this year so far.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

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

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