The National Bank of Serbia hiked its main interest rate by 50bps to 2.5% during its June 2022 meeting, the third straight rise in borrowing costs, and in line with market forecasts. Interest rates are now at their highest level since 2019, amid the Ukraine conflict, a further spike in prices of agricultural commodities and industrial raw materials, and ongoing supply chain constraints. The inflation in Serbia continued to rise to hit nine-year highs of 9.6% in April but is expected to slow in the second half of the year. Further interest rate increases will depend on geopolitical developments and both national and international factors weighing on the inflation. source: National Bank of Serbia

Interest Rate in Serbia averaged 7.44 percent from 2006 until 2022, 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 July of 2022.

Interest Rate in Serbia is expected to be 2.50 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 4.00 percent in 2023 and 3.75 percent in 2024, according to our econometric models.

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Serbia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-07 10:00 AM 1.5% 1% 1.25% 1.25%
2022-05-12 10:00 AM 2% 1.5% 1.75% 1.75%
2022-06-09 10:00 AM 2.5% 2% 2.5% 2.25%
2022-07-07 10:00 AM 2.5% 3%
2022-08-11 10:00 AM
2022-09-08 10:00 AM


Related Last Previous Unit Reference
Interest Rate 2.50 2.00 percent Jun 2022
Interbank Rate 2.32 2.32 percent Jul 2022
Money Supply M0 265721.00 276181.00 RSD Million May 2022
Foreign Exchange Reserves 13903.60 14113.60 EUR Million May 2022
Deposit Interest Rate 1.50 1.00 percent Jul 2022
Money Supply M3 3687150.00 3689381.00 RSD Million May 2022
Money Supply M2 1595724.00 1609536.00 RSD Million May 2022
Money Supply M1 1273395.00 1255772.00 RSD Million May 2022
Loans To Private Sector 1366758.00 1359879.00 RSD Million May 2022
Lending Rate 3.00 2.50 percent May 2022

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
2.50 2.00 18.00 1.00 2006 - 2022 percent Daily

News Stream
Serbia Raises Key Rate to 2019-Highs
The National Bank of Serbia hiked its main interest rate by 50bps to 2.5% during its June 2022 meeting, the third straight rise in borrowing costs, and in line with market forecasts. Interest rates are now at their highest level since 2019, amid the Ukraine conflict, a further spike in prices of agricultural commodities and industrial raw materials, and ongoing supply chain constraints. The inflation in Serbia continued to rise to hit nine-year highs of 9.6% in April but is expected to slow in the second half of the year. Further interest rate increases will depend on geopolitical developments and both national and international factors weighing on the inflation.
2022-06-09
Serbia Hikes Rates More than Expected
The National Bank of Serbia hiked its main interest rate by 50bps to 2%, the second back to back rise in borrowing costs, and a more aggressive move than analyst forecasts of a 25 bps hike. Deposit rates and credit facilities were lifted to 1% and 3%, respectively. The central bank said inflationary pressures continued to be stronger than expected, and the move aimed to contain 2nd round effects and price expectations. Headline inflation accelerated to 9.6% in April led by soaring food and fuel prices, and well above the central bank’s target ceiling of 4.5%, as the war in Ukraine further strained global supply chains, but policymakers see inflation beginning its moderation path in the 2nd semester and return to target in the 2nd half of 2023. Still, domestic economic growth remained robust, and estimates point to an expansion of 4.3% year-on-year in Q1, and is expected to rise further in Q2, although for the whole year, forecasts could be revised lower.
2022-05-12
Serbia Raises Interest Rates for First Time Since 2008
The National Bank of Serbia hiked its main interest rate by 50bps to 1.5%, the first rise in borrowing costs since 2008, while rates on deposit and credit facilities were lifted to 0.5% and 2.5%, respectively. The move comes as the economy faces rising inflationary pressures due to global supply snags, made worse by the Ukraine crisis. The headline inflation rate jumped to 8.8% in February, the highest since June 2013 and well above the central bank’s target of 1.5%-4.5% due to rising energy and raw material prices. Still, the central bank noted that the current tightening of monetary conditions would not significantly affect economic activity in our country, pointing to higher levels of investment and private consumption.
2022-04-07