Serbia's c-bank FX reserves drop 9.5% y/y in December 2012.

By bne IntelliNews January 14, 2013
The foreign exchange reserves of Serbia's central bank (NBS) recorded an annual drop of 9.5% to EUR 10.9bn in December 2012, shrinking for a sixth consecutive month, NBS said in a statement. FX reserves declined 6.6% y/y to EUR 10.65bn in November, the bank said in a statement. At the end of 2011, the FX reserves stood at EUR 12.1bn. The most significant FX reserves outflows in December included the repayment of EUR 58mn worth of loans to foreign creditors and EUR 2.8mn towards servicing frozen FX savings. The strongest inflows in the month came from allocations under bank's FX required reserves (EUR 334mn), credit disbursement and grants (EUR 44mn) and the sale of securities on the domestic markets (EUR 33.6mn). Net FX reserves (total FX reserves minus commercial banks' reserves and IMF funding) stood at EUR 6.61bn at end-Dec, up from 6.67bn at end-Nov and EUR 6.02bn at end-Oct. The FX reserves covered M1 by 400% as of end-Dec, down from 432 % as of end-Nov and 421% in Oct. The December trading volumes on the interbank FX market decreased by EUR 384mn from a month earlier to EUR 1.27bn. The 2012 trading volume on the interbank FX market reached EUR 17.4bn or close to 61% of the projected full-year GDP. The Serbian dinar depreciated by a nominal 8.7% versus the euro last year. It weakened by 1% in December alone.

Serbia's c-bank FX reserves drop 9.5% y/y in December 2012.

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