By 2013-01-11 14:12:27.0
FX Reserves and IFEM Movements in December 2012
NBS FX reserves amounted to EUR 10,914.2 million at end-December, covering M1 by 400 percent and more than seven months of imports of goods and services.
The largest inflows to FX reserves during December came from allocations under FX required reserves (EUR 333.8 million, net). Other inflows were generated by credit disbursement and grants (EUR 43.9 million) and the sale of RS securities in the domestic financial market (EUR 33.6 million).
The largest outflows from FX reserves during the month were triggered by the settlement of obligations to foreign creditors (EUR 58.3 million) and servicing of frozen FX savings (EUR 2.8 million).
Net FX reserves, defined as FX reserves less banks' required reserves and drawings from the IMF, came at EUR 6,614 million at end-December.
Trading volumes in the IFEM reached EUR 1,267.3 million, down EUR 383.6 million month-on-month. During the course of 2012, interbank trading volumes totalled EUR 17.4 billion.
In December, the dinar depreciated against the euro by a nominal 1 percent and the NBS did not intervene in the IFEM.
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