The National Bank of Serbia kept its benchmark interest rate unchanged at 6 percent in a May meeting, defying market expectations of a 25 bps hike and following the 500 bps of increases since April 2022, as policymakers underscored the gradual weakening cost pressures from the international environment and the easing global supply chains shocks. The lending and deposit rates were also held at 7.25% and 4.25%, respectively. The central lender continued to contribute to price cooling by preserving the stability of the dinar exchange rate against the euro. The annual inflation in Serbia stood at around 16% in Q1 of 2023, in line with the projections. The policymakers expect it decrease more rapidly in the second half of 2023 and return to the goal range in mid-2024. Regarding GDP, the economy is seen growing between 2.0-3.0 percent in 2023 amid favorable foreign trade developments. Still, the regulator doesn't rule out the further tightening depending on the global economic scenario. source: National Bank of Serbia

Interest Rate in Serbia averaged 7.29 percent from 2006 until 2023, 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 June of 2023.

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.

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Serbia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-03-09 11:00 AM 5.75% 5.5% 5.75% 5.75%
2023-04-06 10:00 AM 6% 5.75% 6% 5.75%
2023-05-11 10:00 AM 6% 6% 6.25% 6.5%
2023-06-08 10:00 AM 6% 6.0%
2023-07-13 10:00 AM
2023-08-10 10:00 AM


Related Last Previous Unit Reference
Interest Rate 6.00 6.00 percent May 2023
Interbank Rate 5.58 5.58 percent Jun 2023
Money Supply M0 306737.00 292688.00 RSD Million Apr 2023
Foreign Exchange Reserves 21556.80 21380.60 EUR Million Apr 2023
Deposit Interest Rate 4.75 4.75 percent Jun 2023
Lending Rate 7.25 7.25 percent May 2023
Money Supply M3 4126178.00 4102988.00 RSD Million Apr 2023
Money Supply M2 1941827.00 1910347.00 RSD Million Apr 2023
Money Supply M1 1433498.00 1420090.00 RSD Million Apr 2023
Loans to Private Sector 1373283.00 1380899.00 RSD Million Apr 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
6.00 6.00 18.00 1.00 2006 - 2023 percent Daily

News Stream
Serbia Interest Rate Surprises at 6%
The National Bank of Serbia kept its benchmark interest rate unchanged at 6 percent in a May meeting, defying market expectations of a 25 bps hike and following the 500 bps of increases since April 2022, as policymakers underscored the gradual weakening cost pressures from the international environment and the easing global supply chains shocks. The lending and deposit rates were also held at 7.25% and 4.25%, respectively. The central lender continued to contribute to price cooling by preserving the stability of the dinar exchange rate against the euro. The annual inflation in Serbia stood at around 16% in Q1 of 2023, in line with the projections. The policymakers expect it decrease more rapidly in the second half of 2023 and return to the goal range in mid-2024. Regarding GDP, the economy is seen growing between 2.0-3.0 percent in 2023 amid favorable foreign trade developments. Still, the regulator doesn't rule out the further tightening depending on the global economic scenario.
2023-05-11
Serbia Hikes Interest Rate by 25 Bps, as Expected
The National Bank of Serbia hiked its benchmark interest rate by another 25 bps to 6 percent during its April meeting, bringing borrowing costs to the highest level since July 2015, as policymakers underscored the necessity to continue moderate tightening to bring the inflation down as geopolitical tensions, indirect effects of the increased prices of energy and industrial raw materials, and tight labor market were still present. The central bank projected the year-on-year inflation to remain elevated in the first quarter of 2023 before declining in the second half of 2023 and returning to the goal range in mid-2024. Regarding GDP, the economy of Serbia is seen growing between 2.0-3.0 percent this year. Policymakers will also assess the need for the prolonged hikes cycle, considering the effects of the previous monetary moves.
2023-04-06
Serbia Hikes Rates by 25Bps
The National Bank of Serbia hiked its benchmark interest rate by another 25 bps to 5.75 percent during its March meeting, bringing borrowing costs to the highest level since July 2015, as policymakers noted that global cost pressures and import inflation were still high, despite the recent signs of easing, and that it was necessary to limit their indirect effects on domestic price growth. The central bank projected that the year-on-year inflation will remain elevated in the first quarter of this year, before declining in the second half of this year and returning to the target range in mid-2024. Regarding GDP, the economy of Serbia is seen growing between 2.0-3.0 percent this year. Policymakers will also assess whether there is a need for continued tightening of monetary conditions and to what extent, taking into account the expected effects of previous tightening monetary policy on inflation in the coming period.
2023-03-09