The National Bank of Serbia left its benchmark interest rate unchanged at an all-time low of 1% during its October 2021 meeting, but raised its average repo rate by 13 basis points to 0.24% in what was its first move towards tightening monetary policy. The bank also announced the end of the repo securities purchase auctions as of October. Headline inflation jumped to 4.3% in August, close to the upper limit of the central bank's target (3 ±1.5%), mainly due to supply shocks and last year’s low base. Still, policymakers noted that the core inflation (1.8%) is still running at a low level as well as the short and medium-term inflation expectations. In terms of medium-term economic growth, Serbia's GDP projection was recently raised to the 4–5% range from 4%, in light of numerous infrastructure projects and their direct and indirect effects on output. source: National Bank of Serbia

Interest Rate in Serbia averaged 7.71 percent from 2006 until 2021, reaching an all time high of 18 percent in October of 2006 and a record low of 1 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 October of 2021.

Interest Rate in Serbia is expected to be 1.00 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 1.75 percent in 2022 and 2.50 percent in 2023, according to our econometric models.

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Serbia Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-08 10:00 AM 1% 1% 1% 1%
2021-08-12 10:00 AM 1% 1% 1% 1%
2021-09-09 10:00 AM 1% 1% 1% 1%
2021-10-07 10:00 AM 1% 1% 1% 1%
2021-11-09 11:00 AM 1%
2021-12-09 11:00 AM


News Stream
Serbia Interest Rate Steady at 1%
The National Bank of Serbia left its benchmark interest rate unchanged at an all-time low of 1% during its October 2021 meeting, but raised its average repo rate by 13 basis points to 0.24% in what was its first move towards tightening monetary policy. The bank also announced the end of the repo securities purchase auctions as of October. Headline inflation jumped to 4.3% in August, close to the upper limit of the central bank's target (3 ±1.5%), mainly due to supply shocks and last year’s low base. Still, policymakers noted that the core inflation (1.8%) is still running at a low level as well as the short and medium-term inflation expectations. In terms of medium-term economic growth, Serbia's GDP projection was recently raised to the 4–5% range from 4%, in light of numerous infrastructure projects and their direct and indirect effects on output.
2021-10-07
Serbia Keeps Interest Rate at 1%
The National Bank of Serbia left its benchmark interest rate at an all-time low of 1% during its September 2021 meeting, as expected, based on the assessment that prior monetary and fiscal policy measures have supported economic activity and will continue to do so. Policymakers underlined that a faster-than-expected recovery in activity suggests that recent GDP growth projections of 6.5% this year could be exceeded. Serbia's real GDP grew by 13.7% year-on-year in the second quarter of 2021, after rising by 1.8% in the previous quarter. Meanwhile, inflation has been hovering around the central value of the target (3 ±1.5%) since April. The annual inflation rate came in at 3.3% in July, unchanged from the previous month.
2021-09-09
Serbia Keeps Interest Rate at 1%
The National Bank of Serbia kept its benchmark interest rate at 1% during its August meeting, as expected as inflation has been hovering around the central value of the target (3 ±1.5%) since April. The annual inflation rate came in at 3.3% in July, unchanged from the previous month. Also, policymakers said that there are no significant inflationary pressures on the demand side, as indicated by still low and stable core inflation (around 2%), as well as short-term and medium-term inflation expectations, which in the case of the financial sector are around the central value of the target, and in the case of the economy are lower.
2021-08-12
Serbia Leaves Rates Steady
The National Bank of Serbia kept its benchmark interest rate at 1% for a 6th straight month, as expected, during its July meeting. The central bank noted that Serbia is one of the few economies that exceeded pre-crisis levels of economic activity already in Q1, amid well-coordinated monetary and fiscal policies. The inflation rate increased to 3.6% in May but is seen falling to around the target midpoint of 3% in the coming months.
2021-07-08

Serbia Last Unit Reference Previous Highest Lowest
Interest Rate 1.00 percent Oct/21 1.00 18.00 1.00
Interbank Rate 0.91 percent Oct/21 0.91 19.18 0.87
Money Supply M0 269161.00 RSD Million Aug/21 276803.00 276803.00 16056.00
Foreign Exchange Reserves 16802.50 EUR Million Sep/21 15585.40 16802.50 2682.00
Deposit Interest Rate 0.10 percent Oct/21 0.10 15.25 0.10
Lending Rate 1.90 percent Sep/21 1.90 25.26 1.90
Money Supply M3 3571034.00 RSD Million Aug/21 3509196.00 3571034.00 86158.00
Money Supply M2 1626091.00 RSD Million Aug/21 1604887.00 1626091.00 52024.00
Money Supply M1 1284332.00 RSD Million Aug/21 1257194.00 1284332.00 43647.00
Loans To Private Sector 1303686.00 SRB Million Aug/21 1301228.00 1303686.00 187458.00


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.