So in fact, the stability was achieved through an increase in net FX reserves of the NBS, i.e. of the Republic of Serbia. When we speak of spending the FX reserves, it often brings to mind the topic which is favourite among many – these being interventions in the FX market.
In this regard, allow me to say that the 2010–2012 period was marked by pronounced volatility of the dinar, although the NBS intervened by selling EUR 3.7 bln net cumulatively over three years.