The National Bank of Serbia held its key policy rate unchanged at 5.75% after its August 2026 meeting, holding benchmark borrowing costs at that level since September of 2024. The prolonged period of unchanged rates indicated the NBS sees risks of inflation and unemployment at a relatively balanced, despite macroeconomic headwinds from the war in the Middle East and its impact on global energy prices. July data showed that headline inflation fell to a five-year low of 1.9%, within the lower end of the tolerance band of 1.5% to 4.5%. Expectations of incoming base effects from the central bank drove the Executive Board to signal that inflation could rise to 4% by September. Similarly, the dinar held close to the 101 per USD mark, not too far from its strongest since late 2021. Still, expectations that the GDP will pick up during the year limited the upside of looser financial conditions. source: National Bank of Serbia

The benchmark interest rate in Serbia was last recorded at 5.75 percent. Interest Rate in Serbia averaged 7.08 percent from 2006 until 2026, 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 August of 2026.

The benchmark interest rate in Serbia was last recorded at 5.75 percent. Interest Rate in Serbia is expected to be 5.75 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 5.50 percent in 2027 and 5.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-11 10:00 AM Interest Rate Decision 5.75% 5.75% 5.75%
2026-07-09 10:00 AM Interest Rate Decision 5.75% 5.75% 5.75%
2026-08-13 10:00 AM Interest Rate Decision 5.75% 5.75% 5.75%
2026-09-10 10:00 AM Interest Rate Decision 5.75% 5.75%
2026-10-08 10:00 AM Interest Rate Decision
2026-11-12 11:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Deposit Interest Rate 4.50 4.50 percent Sep 2026
Foreign Exchange Reserves 30502.00 29609.00 EUR Million Jul 2026
Interest Rate 5.75 5.75 percent Aug 2026
Lending Rate 7.00 7.00 percent Sep 2026
Loans to Private Sector 1870705.00 1852090.00 RSD Million Jul 2026
Money Supply M0 416971.00 404025.00 RSD Million Jul 2026
Money Supply M1 2122987.00 2104111.00 RSD Million Jul 2026
Money Supply M2 2876700.00 2844360.00 RSD Million Jul 2026
Money Supply M3 5703601.00 5646334.00 RSD Million Jul 2026


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
5.75 5.75 18.00 1.00 2006 - 2026 percent Daily

News Stream
Serbia Holds Rate Unchanged
The National Bank of Serbia held its key policy rate unchanged at 5.75% after its August 2026 meeting, holding benchmark borrowing costs at that level since September of 2024. The prolonged period of unchanged rates indicated the NBS sees risks of inflation and unemployment at a relatively balanced, despite macroeconomic headwinds from the war in the Middle East and its impact on global energy prices. July data showed that headline inflation fell to a five-year low of 1.9%, within the lower end of the tolerance band of 1.5% to 4.5%. Expectations of incoming base effects from the central bank drove the Executive Board to signal that inflation could rise to 4% by September. Similarly, the dinar held close to the 101 per USD mark, not too far from its strongest since late 2021. Still, expectations that the GDP will pick up during the year limited the upside of looser financial conditions.
2026-08-13
Central Bank Serbia Leaves Rates Unchanged
The National Bank of Serbia kept its key policy rate unchanged at 5.75% during its July 2026 meeting, citing risks stemming from geopolitical tensions. Headline inflation accelerated to 3.5% in May, its highest level since mid-2025, but remained within the central bank's target range of 3±1.5%. The increase was driven by higher global oil prices, partly offset by government measures. Economic activity accelerated to 3.2% in Q1 2026 from 2.2%, supported by the service sector and agriculture, with favorable trends in manufacturing, retail and turism. The central bank expects inflation to ease by September and remain around the upper end of the target range, although it could temporarily exceed it in late 2026 or early 2027. Meanwhile, economic activity remains affected by global uncertainty and volatile energy prices. Future decisions will aim to maintain exchange rate stability, taking into account inflation trends to which will react with all available instruments.
2026-07-09
Serbian Central Bank Holds Rates
The National Bank of Serbia kept its key policy rate unchanged at 5.75% during its June 2026 meeting, adopting a cautious stance while assessing the economic fallout from the Middle East war and the Strait of Hormuz closure. Policymakers expressed concerns that the energy crisis could fuel inflation and weigh on growth. The NBS now explicitly forecasts a temporary breach of the upper limit of its inflation tolerance band around the fourth quarter of 2026. The central bank targets inflation at 3%, with a tolerance range of ±1.5 percentage points. It also confirmed that if global oil price increases trigger stronger second-round effects, such as higher inflation expectations, the NBS will respond decisively using all available policy tools.
2026-06-11