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Serbia’s April Forex Reserves Decline 6.6% on Fund Outflows

May 14 (Bloomberg) -- Serbia’s foreign-currency reserves contracted by 6.6 percent in April, dropping for the fourth consecutive month, amid capital outflows and a decline in the central bank’s euro-selling activity to curb the dinar.

Foreign-exchange reserves fell to 10.387 billion euros ($13.365 billion), the lowest since August 2011, from 11.07 billion euros in March, the central bank, Narodna Banka Srbije, said in an e-mail today.

The decline mainly resulted from banks pulling out 469.8 million euros after changes in mandatory reserve rules, the central bank said. The government repaid 66.6 million euros to foreign creditors.

The central bank’s net reserves, excluding deposits by commercial lenders and money from the International Monetary Fund, fell to 5.9 billion euros in April from 6.14 billion euros in March. They equaled 421 percent of M1 money supply, down from 461 percent in the previous month, sufficient for “more than seven months of imports,” the bank said.

The central bank spent 210 million euros in the foreign-exchange market in April to slow the decline in the dinar, which depreciated 6.5 percent against the euro in nominal terms between January and April.

Interbank trading volumes of 816.6 million euros compared with 1.01 billion euros in March, with four-month trading volumes at 5.34 billion euros, the central said.

To contact the reporter on this story: Gordana Filipovic in Belgrade at

To contact the editor responsible for this story: James M. Gomez at

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