Obim deviznih rezervi je porastao za više od pet puta u periodu 2002-2013. godina, sa 2.168 na 11.189 miliona evra. Jedan od kriterijuma za merenje adekvatnosti deviznih rezervi je obim uvoza (u posmatranom periodu uvoz roba povećan je za 2,6 puta). Prema tom kriterijumu uzima se obim uvoza od 3 od 6 meseci kao potreban nivo deviznih rezervi u ekonomiji. NBS uzima donju granicu od tri meseca. Prema strožijem kriterijumu, dakle obimu uvoza od šest meseci, srpske devizne rezerve su od 2005. godine na zadovoljavajućem nivou.
Istovremeno, adekvatno visok nivo deviznih rezervi je preduslov za sticanje prava na pomoć MMF-a. U fazi nadgledanja, kroz kriterijume izvršenja, MMF kontinuirano kontroliše sprovođenje programa oporavka. U tu svrhu MMF koristi nivo deviznih rezervi („pod“) i obim odobrenih kredita domaćem sektoru („plafon“) kako bi se postigla opšta (unutrašnja i ekstrena) ravnoteža u ekonomiji i ravnoteža (ponude i tražnje) na tržištu novca. Prema kriterijumu izvršenja nivo deviznih rezervi i obim kredita odobrenih privredi su u projektovanim granicama i u dogovorenom programu, pa se ne zahtevaju korektivne mere NBS. Devizne rezerve su u junu 2014. godine bile na nivou od 10.125 miliona evra, dok je odobreno 95 miliona evra kredita domaćem sektoru.
The volume of Serbia’s foreign exchange reserves increased more than fivefold in the period 2002–2013, rising from EUR 2,168 million to EUR 11,189 million. One of the key criteria for assessing the adequacy of foreign exchange reserves is the level of imports (over the observed period, merchandise imports increased by 2.6 times). According to this criterion, reserves equivalent to three to six months of imports are considered an adequate level for an economy. The National Bank of Serbia applies the lower threshold of three months. Under the stricter criterion – reserves covering six months of imports – Serbia’s foreign exchange reserves have been at a satisfactory level since 2005.
At the same time, an adequately high level of foreign exchange reserves is a prerequisite for eligibility for IMF financial assistance. During the surveillance phase, through performance criteria, the IMF continuously monitors the implementation of the recovery program. For this purpose, the IMF uses the level of foreign exchange reserves (the “floor”) and the volume of credit extended to the domestic sector (the “ceiling”) in order to achieve overall balance in the economy (both internal and external) and equilibrium in the money market (supply and demand). According to the performance criteria, both the level of foreign exchange reserves and the volume of credit granted to the economy remain within the projected limits and the agreed program, so no corrective measures by the National Bank of Serbia are required. In June 2014, foreign exchange reserves amounted to EUR 10,125 million, while EUR 95 million in credit was extended to the domestic sector.