Serbia’s FX reserves reached about EUR 23.6 bln at the end of August, up some EUR 500mln and a new record. FX reserves covered 183.9% of money supply M1 and 6.3 months’ worth of Serbia’s imports of goods and services, which is more than twice the level prescribed by the adequacy standard according to the central bank. The gross FX reserves level primarily reflects the net FX purchases of the bank in the local FX market and the credit disbursement by the country.