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The Government of the Republic of Serbia

In the service of citizens

April foreign exchange reserves stand at €10.1bn

Belgrade, 13 May 2008

The National Bank of Serbia (NBS) stated today that Serbia’s foreign exchange reserves decreased by €160.4 million in April and at the end of the month stood at €9.4 billion.

According to a statement issued by the NBS, in dollar terms the foreign exchange reserves stood at $14.6 billion, resulting in a ratio of foreign exchange reserves over money supply (M1) of 333%.

Including the foreign exchange reserves of commercial banks which amounted to €720.6 million on the last day of April, Serbia’s total foreign exchange reserves stand at €10.1 billion, or $15.7 billion.

The major reason for the decrease in the NBS foreign exchange reserves in April was the termination of the contract with the company A-Tec for the sale of the mining and metallurgical complex Bor Group, when a sum of €94.1 million was returned to A-Tec. An amount of €18.9 million was also paid out from foreign exchange reserves to settle obligations to foreign creditors.

The most important contribution to the foreign exchange reserves of the NBS during April came from effective purchase of foreign currency to the amount of €31.2 million from authorised money changers, which was €10.6 million more than in the last month.

A donation by the German government to the amount of €9 million for establishing a deposit insurance system in Serbia also contributed to the national foreign exchange reserves.