Serbian c-bank foreign exchange reserves fall m/m in February
BELGRADE (Serbia), March 14 (SeeNews) – Foreign exchange (FX) reserves held by the central bank of Serbia stood at 15.562 billion euros ($16.991 billion) at the end of February, down from 549.3 million euros from the previous month, the central bank said the bank on Monday.
The decline in foreign exchange reserves can be attributed to the activity of the central bank in the interbank foreign exchange market, the net repayment of debt by the government in respect of foreign currency loans and securities issued in the domestic financial market, as well as net withdrawal of foreign currency from banks reserve requirements and other payments for government purposes, the National Bank of Serbia (NBS) said in a statement.
The volume of transactions on the interbank foreign exchange market fell to 573.7 million euros in February, down 42.6 million from January, the central bank said.
In February, the dinar depreciated against the euro in nominal terms by 0.1%, as the SNB intervened by selling 605 million euros on the interbank market to tame excessive daily volatility in the exchange rate.
Net foreign exchange reserves (total reserves minus banks’ foreign exchange balances in respect of reserve requirements and other obligations) amounted to €12.948 billion at the end of February, down €529.7 million from the end of January .
($ = 0.915776 euro)