The National Bank of Serbia (NBS) said on Monday that the country’s foreign exchange reserves fell by 946.2 million Euro in September to stand at 29.86 billion Euro at the end of that month.
A press release said that the reserves covered 152.4 percent of the M1 money supply and 6.7 months of imports of goods and services, more than twice the level required under the relevant adequacy standard.
The net foreign exchange reserves, not including mandatory bank reserves and other liabilities, stood at 25.56 billion Euro, down 769.8 million Euro from the end of August.
The decline was mainly driven by the 400.2 million Euro repayment of the government's foreign currency debts and the NBS net sale of 230 million euros on the domestic foreign exchange market which was largely prompted by increased demand for energy imports.