Central bank releases foreign exchange data

BELGRADE The foreign exchange reserve of the National Bank of Serbia (NBS) was EUR 11.84 billion in March, which is EUR 163.1 million higher than in February. This was announced by the central bank on Friday. Central bank releases foreign exchange data This amount covers the money mass (M1) by 425 percent and more than 8 months of import. The largest inflow to FX reserves in March came from the allocation of banks’ FX required reserves (EUR 131.5 million, net), credit disbursements (EUR 81.5 million) and the sale of euro-denominated government securities in the domestic financial market (EUR 50.0 million). The largest outflow from FX reserves during the month was registered in relation to the settlement of liabilities to foreign creditors (EUR 141.0 million) and repayment of debt to the IMF (EUR 46.8 million). Net FX reserves, defined as FX reserves minus the banks’ required reserves and withdrawals from the IMF, came at EUR 7.69 billion at the end of March. Trading volumes in the interbank foreign exchange market amounted to EUR 790.4 million, up by EUR 106.5 million relative to the preceding month. In the first quarter of 2013, the interbank trading volumes came at EUR 2,629.6 million. During March, the dinar appreciated against the euro by a nominal 0.4 percent. The NBS did not intervene in the interbank foreign exchange market during this month. NBS assessments show that the central bank expects the inter-annual inflation rate to drop further due to the beginning of the new agricultural season, low aggregate demand, successfully achieved stability of the foreign exchange market and high basis effect. According to a release issued by the NBS, the price of a majority of products in the consumer price index did not change in March, which resulted in zero monthly inflation. According to the data of the Statistical Office of the Republic of Serbia, the prices did not increase relative to February and the inter-annual exchange rate continued to drop and totalled 11,2 percent in March. Tanjug

Central bank releases foreign exchange data

This amount covers the money mass (M1) by 425 percent and more than 8 months of import.

The largest inflow to FX reserves in March came from the allocation of banks’ FX required reserves (EUR 131.5 million, net), credit disbursements (EUR 81.5 million) and the sale of euro-denominated government securities in the domestic financial market (EUR 50.0 million).

The largest outflow from FX reserves during the month was registered in relation to the settlement of liabilities to foreign creditors (EUR 141.0 million) and repayment of debt to the IMF (EUR 46.8 million).

Net FX reserves, defined as FX reserves minus the banks’ required reserves and withdrawals from the IMF, came at EUR 7.69 billion at the end of March.

Trading volumes in the interbank foreign exchange market amounted to EUR 790.4 million, up by EUR 106.5 million relative to the preceding month. In the first quarter of 2013, the interbank trading volumes came at EUR 2,629.6 million.

During March, the dinar appreciated against the euro by a nominal 0.4 percent. The NBS did not intervene in the interbank foreign exchange market during this month.

NBS assessments show that the central bank expects the inter-annual inflation rate to drop further due to the beginning of the new agricultural season, low aggregate demand, successfully achieved stability of the foreign exchange market and high basis effect.

According to a release issued by the NBS, the price of a majority of products in the consumer price index did not change in March, which resulted in zero monthly inflation.

According to the data of the Statistical Office of the Republic of Serbia, the prices did not increase relative to February and the inter-annual exchange rate continued to drop and totalled 11,2 percent in March.