Weekly Market Watch

International reserves at US$ 6.3bn in Mar-26
Gross international reserves increased by 46.5% y/y to US$ 6.3bn in Mar-26, according to NBG. On a monthly basis, however, the reserves declined by 5.2% (-US$ 343.4mn). The monthly decrease was driven by a fall in the value of monetary gold (-US$ 140.9mn m/m due to lower global gold prices), as well as government and/or banking sector FX operations, and likely the NBG’s FX trading via BMatch platform (information will be available on 27 April). Notably, as of Apr-26, monetary gold accounted for 16.7% of total international reserves.
We expect the NBG to continue accumulating gross international reserves, reaching US$ 7.0bn by end-2026 (see our latest macro forecasts here).