Serbian Foreign-Currency Reserves Drop in January: Central Bank

Serbia’s foreign-currency reserves fell 3.8 percent to 11.6 billion euros ($15.3 billion) in January amid stepped-up external debt servicing, while banks reduced funds they set aside in mandatory reserves, 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 6.7 billion euros from 6.66 billion euros in December, the National Bank of Serbia said today in an e-mail. This equaled 447 percent of M1 money supply, up from 430 percent in the previous month and remained sufficient for about eight months of imports.

The Belgrade-based Narodna Banka Srbije did not detail debt repayments and other foreign-currency outflows for January.

Interbank trading volumes of 1.819 billion euros were 281 million euros lower than in December, the bank said, adding that the dinar weakened 1.3 percent against the euro in January.

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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