Expressed in numbers, in the last five years until July, the NBS intervened in the foreign exchange market by net selling EUR 765 million, with the nominal depreciation of the dinar against the euro of 1.5%. This is significantly less than the net sale of EUR 5.7 billion in the five years before that, when the nominal depreciation of the dinar was 33.2%.
Bracing for the coming pressures by preparing a defence system at peaceful times and investing in stability during turmoil, the country’s gross foreign exchange reserves were preserved at an adequate level, measured by all criteria, while in net terms, they increased from EUR 6.6 billion at end-2012 to EUR 8.4 billion at end-2016.