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The Government of the Republic of Serbia

In the service of citizens

Serbia’s foreign exchange reserves at €9.6bn in end-July

Belgrade, 6 August 2008

The National Bank of Serbia (NBS) stated today that Serbia’s total foreign exchange reserves at the end of July stood at €9.69 billion, or $15.1 billion.

The statement adds that the reserves increased in July by €158.3 million and reached €9.26 billion, that is, $14.44 billion.

The increase in the NBS foreign currency reserves was mostly influenced by positive inter-currency changes caused by a reduction in the value of the euro in comparison with the dollar, as well as the growth of the market value of foreign securities amounting to €49.7 million.

The main contribution to the NBS foreign exchange reserves growth was the inflow from net purchase of foreign currency cash from licensed exchange dealers amounting of €26.8 million, which is a fall of €18.5 million in comparison with the previous month.

A total of €18.8 million was paid out from the foreign currency reserves on account of frozen foreign currency savings and “economic revival loan” action.

Interbank trading in July recorded a lower volume of trade in foreign currency compared with the previous two months and it stood at €1.904 million.

In the past seven months, direct interbank trading reached €14.168 million and the NBS did not take part in interbank trading in the past month, adds the statement.