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Serb November Foreign-Exchange Reserves Rise After Eurobond Sale

Dec. 11 (Bloomberg) -- Serbia’s foreign-exchange reserves expanded by $636 million in November after the government sold its second Eurobond in two months to secure funds for the first part of 2013.

The official reserves rose to 10.65 billion euros ($13.8 billion) in November from 10.16 billion euros a month earlier, Narodna Banka Srbije, the country’s central bank, said in an e-mailed statement today.

Net reserves, excluding the money commercial lenders keep with the central bank and funds from the International Monetary Fund, rose to 6.672 billion euros from 6.02 billion in October.

Serbia’s borrowing in foreign and domestic markets generated 663 million euros in inflows on top of 30.3 million euros in loans and donations.

Outflows included repayment of 104.9 million euros to the IMF, 16.1 million euros to foreign creditors and 3.7 million euros in old savings to Serbian citizens, while banks withdrew a surplus of 74.8 million euros they held in mandatory reserve accounts with the central bank.

Interbank foreign-currency trading dropped 12 percent on the month to 1.65 billion euros in November, the month when the dinar gained a nominal 0.6 percent against the euro. The 11-month volume in interbank foreign-currency market stood at 16.1 billion euros, the bank said.

To contact the reporters 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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