The National Bank of Serbia held its key policy rate steady at a record low of 1.25 percent on October 8th of 2020, as widely expected. Policymakers expect an economic downturn of around 1% in 2020, less than a 1.5% contraction previously projected. In August, the annual inflation rate slowed to 1.9%, and according to the assessment of the Executive Board, it will continue to move around that level in the coming months. source: National Bank of Serbia

Interest Rate in Serbia averaged 8.18 percent from 2006 until 2020, reaching an all time high of 18 percent in October of 2006 and a record low of 1.25 percent in June 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 2020.

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. Looking forward, we estimate Interest Rate in Serbia to stand at 1.00 in 12 months time. In the long-term, the Serbia Interest Rate is projected to trend around 1.25 percent in 2021 and 1.75 percent in 2022, according to our econometric models.

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Serbia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.25 1.25 18.00 1.25 2006 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-07-09 10:00 AM 1.25% 1.25% 1.25% 1.25%
2020-08-13 10:00 AM 1.25% 1.25% 1.25% 1%
2020-09-10 10:00 AM 1.25% 1.25% 1.25% 1.25%
2020-10-08 10:00 AM 1.25% 1.25% 1.25% 1.25%
2020-11-12 10:00 AM 1.25% 1.25%
2020-12-10 10:00 AM 1%


News Stream
Serbia Leaves Monetary Policy Unchanged
The National Bank of Serbia held its key policy rate steady at a record low of 1.25 percent on October 8th of 2020, as widely expected. Policymakers expect an economic downturn of around 1% in 2020, less than a 1.5% contraction previously projected. In August, the annual inflation rate slowed to 1.9%, and according to the assessment of the Executive Board, it will continue to move around that level in the coming months.
2020-10-08
Serbia Holds Key Interest Rate at Record Low of 1.25%
The National Bank of Serbia held its key policy rate steady at a record low of 1.25 percent on September 10th of 2020, as widely expected. Policymakers said that the effects of policy moves so far and the future effects of a government recovery plan worth over $6 billion were the main reasons to keep the rate on hold. The Committee noted that the domestic economy shrank by 6.4% in the second quarter, the sharpest contraction since 1999 amid the coronavirus crisis, but still less than forecast in the range of 9.9% to 14.4%. Policymakers added that the inflation rate is likely to revolve around the 2 percent level in the coming months and it is expected to gradually approach the target midpoint in the medium run driven by the recovery of demand. The Board also expects that the incipient economic recovery continue, with growth exceeding pre-crisis levels already next year.
2020-09-10
Serbia Leaves Monetary Policy Unchanged
The National Bank of Serbia left its key policy rate unchanged at a record low of 1.25 percent on August 13th of 2020, as widely expected. Policymakers noted that the annual inflation rate rose to 2 percent in June, above expectations, mainly due to food & alcoholic beverages. The Committee said that growth rate projections suggested that the economy will likely shrink less than expected due to a state recovery program. Policymakers added that in the environment of high liquidity of banks it expects that the previous easing of monetary policy will continue to contribute to maintaining favorable financing conditions for the economy.
2020-08-13
Serbia Holds Key Interest Rate at 1.25% as Expected
The National Bank of Serbia left its key policy rate steady at 1.25 percent on July 9th of 2020, as expected following a 25bps cut in the previous meeting to mitigate the negative effects of the spread of the coronavirus. In May, the annual inflation rate rose to 0.7 percent, and policymakers expect it to be around the lower limit of the 3±1.5 percent target in the rest of the year and gradually approach the target in the medium-term.
2020-07-09

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.