Gross foreign exchange reserves of the National Bank of Serbia amounted to EUR 13,464,700,000 at the end of November, the NBS said. Foreign exchange reserves at this level provide M1 money supply coverage of 187 percent and six months of the import of goods and services, which is twice the standard. Gross foreign reserves were increased by about EUR 2.2 billion in the first 11 months of 2019, which, as explained, can be attributed entirely to NBS activities through interventions – net purchase of foreign currency (euros) on the domestic foreign exchange market (effect of EUR 2.37 billion), which is the healthiest reserve increase type, because it does not involve any borrowing or other liabilities. At the same time, the state repaid foreign currency debt, based on loans and securities (EUR 663 million net). Net foreign exchange reserves (foreign currency reserves reduced by banks’ foreign exchange reserves and other bases) amounted to EUR 11 billion and EUR 398 million at the end of November.