The National Bank of Serbia held its benchmark interest rate unchanged at an all-time low of 1% during its January 2022 meeting, as widely expected. Despite holding the rate constant, policy makers continued the process of tightening monetary conditions, noting a 25bps increase in the weighted average of the repo auction rate to 0.59%, 48bps higher than the start of the process in October of 2021. The headline inflation rate jumped to an eight-year high of 7.9 percent in December, well above the central bank’s target of 1.5%-4.5%, due to rising prices for energy and raw materials. However, the central bank noted that core inflation was still within the target, averaging 3% in the previous months. Accordingly, policymakers expect inflation to remain high in the Q1 2022 and gradually slow during the rest of the year. According to preliminary estimates, Serbia’s GDP grew 7.5% on the year, above expectations, while the central bank expects growth to continue around 4-5% during 2022. source: National Bank of Serbia

Interest Rate in Serbia averaged 7.60 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 January of 2022.

Interest Rate in Serbia is expected to be 1.25 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 2.50 percent in 2023, according to our econometric models.

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Serbia Interest Rate


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
1.00 1.00 18.00 1.00 2006 - 2022 percent Daily

Calendar GMT Actual Previous Consensus TEForecast
2021-11-09 11:00 AM 1% 1% 1% 1%
2021-12-09 11:00 AM 1% 1% 1% 1%
2022-01-13 11:00 AM 1% 1% 1% 1%
2022-02-10 11:00 AM 1%


Related Last Previous Unit Reference
Interest Rate 1.00 1.00 percent Jan/22
Interbank Rate 1.00 1.00 percent Jan/22
Money Supply M0 274552.00 282644.00 RSD Million Nov/21
Foreign Exchange Reserves 16454.50 16453.10 EUR Million Dec/21
Deposit Interest Rate 0.10 0.10 percent Jan/22
Lending Rate 1.90 1.90 percent Dec/21
Money Supply M3 3697704.00 3606216.00 RSD Million Nov/21
Money Supply M2 1687821.00 1653428.00 RSD Million Nov/21
Money Supply M1 1338366.00 1315877.00 RSD Million Nov/21
Loans To Private Sector 1330619.00 1314968.00 SRB Million Nov/21


News Stream
Serbia Holds Interest Rate Steady at 1%
The National Bank of Serbia held its benchmark interest rate unchanged at an all-time low of 1% during its January 2022 meeting, as widely expected. Despite holding the rate constant, policy makers continued the process of tightening monetary conditions, noting a 25bps increase in the weighted average of the repo auction rate to 0.59%, 48bps higher than the start of the process in October of 2021. The headline inflation rate jumped to an eight-year high of 7.9 percent in December, well above the central bank’s target of 1.5%-4.5%, due to rising prices for energy and raw materials. However, the central bank noted that core inflation was still within the target, averaging 3% in the previous months. Accordingly, policymakers expect inflation to remain high in the Q1 2022 and gradually slow during the rest of the year. According to preliminary estimates, Serbia’s GDP grew 7.5% on the year, above expectations, while the central bank expects growth to continue around 4-5% during 2022.
2022-01-13
Serbia Interest Rate Steady at 1%
The National Bank of Serbia held its benchmark interest rate unchanged at an all-time low of 1% during its December 2021 meeting, as widely expected. Policymakers said that using the flexibility of the monetary framework the central bank has been gradually reducing the degree of monetary policy expansion without changing base interest rates since October this year, given the increased cost pressures in the international and domestic environment and the need to influence inflation expectations. The headline inflation jumped to an over eight-year high of 6.6% in October, well above the central bank's target (3 ±1.5%), mainly due to supply shocks and last year’s low base, but those factors are expected to dissipate next year. Accordingly, the bank anticipates inflation to slow particularly from Q2 2022. Meanwhile, Serbia’s GDP grew 7.7% in the third quarter and it is seen expanding between 4.0–5.0%, supported by the implementation of large infrastructure projects.
2021-12-09
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