Serbia total FX reserves down by EUR 166mn in June.

By bne IntelliNews July 19, 2010
Serbia's total foreign exchange reserves stood at EUR 11.9bn (USD 14.4bn) in June, compared to EUR 12bn in May (down by 1.4% or EUR 166mn m/m), according to data published by the central bank. The FX reserves of the central bank alone shrank by EUR 238.1mn to EUR 10.5bn in June. The main reason for the decrease was the interventions of the bank on the interbank market to support the depreciating dinar, the central bank said in a statement. NBS sold EUR 421mn to support the dinar in June which has lost around 9.0% of its value against the euro since the start of this year. Other June outflows from NBS foreign exchange reserves came from the settlement of liabilities under frozen FX savings amounted to EUR 59.3mn and liabilities to foreign lenders totalling EUR 46.5mn, according to the central bank statement. June inflows into NBS FX reserves came from loan disbursements: EUR 63.4mn from the EIB and EUR 56mn from the IMF as part of the EUR 383.2mn fourth tranche of the country's stand-by loan deal.

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