Interest Rate in Serbia

Serbia Interest Rate | Economic News & Forecasts

Serbia - Interest Rate

Central Bank continues hiking cycle in August

The National Bank of Serbia (NBS) continued its hiking cycle at its 11 August meeting, delivering another 25 basis point increase. Consequently, the key policy rate was raised to 3.00%. The Bank also raised both the lending facility rate and the deposit facility rate by 25 basis points, to 4.00% and 2.00%, respectively.



Explaining its decision, the Bank stated that it deemed it necessary to further tighten financial conditions in the face of prolonged cost-push pressures, with imported inflation rising beyond expectations: With the continuation of the hiking cycle, the monetary policy authority is attempting to limit second-round effects and inflation expectations in order to ensure a downward trajectory. The NBS expects inflation to peak in the third quarter. The Bank forecasts the economy to grow 3.5–4.5% this year, although the balance of risks is clearly skewed to the downside amid a potential recession in the Euro area.

The NBS once again did not explicitly state the direction of monetary policy going forward, reiterating that the situation in Ukraine and the movement of key monetary and macroeconomic factors at home and abroad would determine “whether there is a need for additional tightening of monetary conditions.” Our panelists expect the NBS to continue its tightening cycle going forward amid sustained price pressures.

The next meeting is scheduled for 8 September.

The NBS once again did not explicitly state the direction of monetary policy going forward, reiterating that the situation in Ukraine and the movement of key monetary and macroeconomic factors at home and abroad would determine “whether there is a need for additional tightening of monetary conditions.” Our panelists expect the NBS to continue its tightening cycle going forward amid sustained price pressures.

The next meeting is scheduled for 8 September.

FocusEconomics panelists project the key policy rate to end 2022 at 3.66% and 2023 at 3.66%.

Serbia - Interest Rate Data

2015   2016   2017   2018   2019  
Policy Interest Rate (%)4.50  4.00  3.50  3.00  2.25  

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Serbia Interest Rate Chart


Serbia Interest Rate
Note: Policy Interest Rate in % (eop).
Source: National Bank of Serbia

Serbia Facts

Value Change Date
Bond Yield3.050.0 %Dec 31
Exchange Rate104.9-0.31 %Jan 01

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