The decrease was mainly due to the last decision of the NBM administrative council on the reduction of reserve requirements to ensure commercial banks’ liquidity. Thus, the reduction of the compulsory reserves of commercial banks in foreign currency (by 62 million euro) and payments for external debt servicing (by 34 million euro) were the main reasons for the negative balance of funds in November.
At the same time, the inflow of foreign currency last month was provided by loans and grants in the amount of EUR 9.66 million (including budgetary support of the European Investment Bank – EUR 6.94 million and for investment projects – EUR 2.71 million). Transactions with reserves and investment instruments were profitable (over EUR 14 million), as well as the growth of exchange rates against the Euro (EUR 3.2 million). It should be mentioned that, for the first time after a long break, the NBM intervened in the purchase of foreign currency on the domestic market, adding 15 million euros to the reserves.
In the first 10 months of 2025, the government received loans and grants worth 661 million euros, which periodically replenished the state’s “security cushion”. It also received revenues from the management of foreign exchange reserves (€145 million).
At the same time, external debt servicing costs reduced foreign exchange reserves this year by €489 million. Also the decrease in reserves was affected by the strengthening of the Euro – by 321 million euros, sale of foreign currency – by 178 million euros and some other operations. In total, since the beginning of the year, foreign exchange reserves have decreased by 167 million euros.
