Foreign Currency Invoices and the Exchange Rate List

Invoicing foreign clients

A Serbian entrepreneur may invoice in a foreign currency (EUR, USD, GBP...). This is a so-called foreign currency invoice and is subject to specific foreign exchange rules.

Which exchange rate to use?

For the KPO knjiga (revenue ledger), use the NBS middle exchange rate on the invoice issue date.

The NBS rate is available at: www.nbs.rs/sr/finansijske_institucije/medjunarodne_finansije/kurs/index.jsp

Calculation example

Item	Value
Invoice amount	2.000 EUR
Issue date	15.03.2026.
NBS rate (15.03.)	117,20 RSD/EUR
KPO entry	234.400 RSD

Collecting a foreign currency invoice

The payment from a foreign client arrives in your bank's foreign currency account. The bank either converts it automatically or leaves the amount in foreign currency.

Remittance — a standard SWIFT transfer. The client needs your bank's BIC/SWIFT code and your IBAN.

Obligations upon collection

• You may keep the foreign currency funds in the account or convert them to RSD
• There is no obligation of immediate conversion (abolished in 2019)
• For collections > 15.000 EUR the bank may request documentation (contract, invoice)

VAT treatment

Services provided to a foreign client who is not a Serbian resident are exempt from VAT (Article 24 of the VAT Act), regardless of the invoice currency. On the invoice you state: "VAT not charged — the place of supply is not in Serbia".

Actual rate vs the NBS rate

Banks rarely apply the exact NBS rate — they take a margin (0,5–1%). For the KPO ledger, always use the NBS rate on the invoice issue date, regardless of the rate the bank applied when the payment was collected.

Recommendation

Use dedicated payment references with a description and the invoice number on every incoming foreign currency payment — it makes reconciliation with invoices and any later tax audit easier.