The National Bank of Serbia left its benchmark interest rate unchanged at an all-time low of 1% during its November 2021 meeting, but decided to raise its average repo rate by 16 basis points to 0.27% to continue with monetary policy tightening and influence the inflation expectations in conditions of stronger than expected cost-push pressure. Headline inflation jumped to 5.7% year-on-year in September, much above NBS's expectations due to soaring prices of commodities, transportation, supply-chain disruptions and low base effect from last year. Still, policymakers stressed that the core inflation (2.6%) in September is still in the lower half of the target tolerance band on account of the preserved stability of the exchange rate. Looking ahead, Serbia’s GDP was projected to stay within 4-5% in the medium term and inflation is expected to slow down from Q2 2022, return within the bounds of the target around mid-year and retreat to the lower half of the band before the year’s end. source: National Bank of Serbia

Interest Rate in Serbia averaged 7.67 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 December 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
2021-09-09 10:00 AM 1% 1% 1% 1%
2021-10-07 10:00 AM 1% 1% 1% 1%
2021-11-09 11:00 AM 1% 1% 1% 1%
2021-12-09 11:00 AM 1% 1%


Related Last Previous Unit Reference
Interest Rate 1.00 1.00 percent Nov/21
Interbank Rate 0.92 0.92 percent Dec/21
Money Supply M0 282644.00 280259.00 RSD Million Oct/21
Foreign Exchange Reserves 16277.80 16802.50 EUR Million Oct/21
Deposit Interest Rate 0.10 0.10 percent Dec/21
Money Supply M3 3606216.00 3614110.00 RSD Million Oct/21
Money Supply M2 1653428.00 1661771.00 RSD Million Oct/21
Money Supply M1 1315877.00 1321410.00 RSD Million Oct/21
Loans To Private Sector 1314968.00 1309390.00 SRB Million Oct/21
Lending Rate 1.90 1.90 percent Oct/21

News Stream
Serbia Keeps 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 November 2021 meeting, but decided to raise its average repo rate by 16 basis points to 0.27% to continue with monetary policy tightening and influence the inflation expectations in conditions of stronger than expected cost-push pressure. Headline inflation jumped to 5.7% year-on-year in September, much above NBS's expectations due to soaring prices of commodities, transportation, supply-chain disruptions and low base effect from last year. Still, policymakers stressed that the core inflation (2.6%) in September is still in the lower half of the target tolerance band on account of the preserved stability of the exchange rate. Looking ahead, Serbia’s GDP was projected to stay within 4-5% in the medium term and inflation is expected to slow down from Q2 2022, return within the bounds of the target around mid-year and retreat to the lower half of the band before the year’s end.
2021-11-09
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 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.