The National Bank of Serbia kept its benchmark interest rate at the current level of 6.5% for the seventh consecutive meeting in February 2024, matching market expectations and following 550bps of hikes. The deposit and lending rate were also maintained at 5.25% and 7.75%, respectively. The Executive Board noted the faster-than-anticipated retreat in global price pressures and the respective decline in domestic inflation. Serbia’s inflation rate eased to 7.6% at the end of 2023 and was projected to reach the target range in the middle of 2024. However, the 2.5% growth of the country's economy in 2023 and geopolitical risks in the world discarded the need for rapid rate cuts. source: National Bank of Serbia

The benchmark interest rate in Serbia was last recorded at 6.50 percent. Interest Rate in Serbia averaged 7.26 percent from 2006 until 2024, reaching an all time high of 18.00 percent in October of 2006 and a record low of 1.00 percent in December of 2020. This page provides - Serbia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Serbia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2024.

The benchmark interest rate in Serbia was last recorded at 6.50 percent. Interest Rate in Serbia is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Serbia Interest Rate is projected to trend around 3.50 percent in 2025, according to our econometric models.

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Serbia Interest Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-07 11:00 AM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-01-11 11:00 AM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-02-08 11:00 AM
Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-03-07 11:00 AM
Interest Rate Decision
6.5% 6.5%
2024-04-11 11:00 AM
Interest Rate Decision
2024-05-10 11:00 AM
Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 6.50 6.50 percent Feb 2024
Interbank Rate 5.70 5.70 percent Feb 2024
Money Supply M0 369373.00 331203.00 RSD Million Dec 2023
Foreign Exchange Reserves 25036.90 24909.10 EUR Million Jan 2024
Deposit Interest Rate 5.25 5.25 percent Feb 2024
Lending Rate 7.75 7.75 percent Feb 2025
Money Supply M3 4548214.00 4413366.00 RSD Million Dec 2023
Money Supply M2 2280996.00 2124488.00 RSD Million Dec 2023
Money Supply M1 1751531.00 1614365.00 RSD Million Dec 2023
Loans to Private Sector 1436234.00 1411463.00 RSD Million Dec 2023

Serbia Interest Rate
In Serbia, interest rate decisions are taken by the Executive Board of the National Bank of Serbia. The official interest rate is the key policy rate.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.50 18.00 1.00 2006 - 2024 percent Daily

News Stream
Serbia Interest Rate Steady at 6.5%
The National Bank of Serbia kept its benchmark interest rate at the current level of 6.5% for the seventh consecutive meeting in February 2024, matching market expectations and following 550bps of hikes. The deposit and lending rate were also maintained at 5.25% and 7.75%, respectively. The Executive Board noted the faster-than-anticipated retreat in global price pressures and the respective decline in domestic inflation. Serbia’s inflation rate eased to 7.6% at the end of 2023 and was projected to reach the target range in the middle of 2024. However, the 2.5% growth of the country's economy in 2023 and geopolitical risks in the world discarded the need for rapid rate cuts.
2024-02-08
Serbia Interest Rate Unchanged, as Expected
The National Bank of Serbia held its benchmark interest rate unchanged at 6.5% for the sixth consecutive meeting in January 2023, in line with market expectations and following 550bps of hikes. The deposit and lending rate were also kept at 5.25% and 7.75%, respectively. The central bank’s Executive Board noted the cooling global price pressures and the respective decline in domestic inflation amid good crops and the effects of monetary tightening. Policymakers anticipate Serbia’s inflation rate, last recorded at 7.6%, to move to the target range in the middle of 2024. Still, the estimated 2.5% growth of the Serbian economy in 2023 limited the need for urgent easing.
2024-01-11
Serbia Holds Interest Rate as Expected
The National Bank of Serbia held its benchmark interest rate unchanged at 6.5% for the fifth consecutive decision following its December 2023 policy meeting, in line with market expectations, maintaining tighter financial conditions brought by 550bps of hikes after reaching the current terminal rate. The central bank’s Executive Board noted that inflationary pressures are easing on a global scale, matching the downward trajectory in price growth domestically amid slowing inflation or food. Policymakers expect Serbia’s inflation rate, last recorded at 8.5%, to remain above target until the middle of 2024. Still, robust growth in the Serbian economy, with the latest GDP growth surpassing the NBS’s estimates at a yearly 3.6% rate in the third quarter pushed back against the urgency for lower financial conditions. Interest rates on deposits (5.25%) and credit facilities (7.75%) were also held unchanged.
2023-12-07