National Bank of Serbia

National Bank of Serbia

March 17, 2016

Serbia’s key monetary policy interest rate was left unchanged in March.  Last year saw seven 50-basis point reductions between March and October, and an eighth cut, this time of 25 basis points, was enacted in February of 2016.  Inflation lies above target, but a released statement today predicts a downtrend coming that will return inflation […] More

National Bank of Serbia

January 12, 2016

Beginning last March, Serbia’s key monetary policy interest rate was reduced after 7 of 8 consecutive monthly Executive Board meetings.  The exception was July’s meeting, and the cumulative decline lowered the rate to 4.5% from 8.0%.  As in November and December, officials declined to change their policy at the first meeting of 2016, so such […] More

National Bank of Serbia

December 10, 2015

In seven of the eight monthly meetings between March and October this year, the Executive Board voted to cut Serbia’s central bank interest rate by 50 basis points.  There were no policy changes at the meetings in January, February, July, November or, most recently, December.  The rate is now 3.50% versus 8.0% at the beginning […] More

Another Serbian Central Bank Interest Rate Cut

October 16, 2015

The National Bank of Serbia’s policy rate was cut this past Wednesday by 50 basis points to 4.5%.  This was the seventh 50-bp reduction since March.  A released statement defends the move because of several factors:  continuing sub-target inflation, a stable exchange rate amidst earlier monetary easing, favorable fiscal and balance of payments developments, and […] More

Serbian Interest Rate Cut

September 11, 2015

On September 10, the National Bank of Serbia’s one-week repo rate was cut by 50 basis points for a sixth time since March.  The rate has fallen from 8% at the start of the year to the new level of 5.0%.  A released statement stresses, weak growth, low inflation, well-anchored expected inflation and the recent […] More

National Bank of Serbia Reduces Policy Rate by 50 Basis Points for Fifth Time in Seven Months

June 11, 2015

As recently as end-April 2013, Serbia’s main policy interest rate stood at 11.75%, but now it becomes 6.0% after the latest cut of 50 basis points.  A statement from the central bank’s executive board observes that inflation remains depressed below the target floor by external deflationary forces plus a tighter fiscal policy.  The hope and […] More

National Bank of Serbia

February 12, 2015

Three Serbian central bank interest rate cut occurred last year — each by 50 basis points in May, June and November.  The Executive Board’s CPI target is 2.5-3.5%, and sub-target inflation of 1.7% now reflect what officials consider temporary disinflationary factors.  In a statement released today,they consider a return to in-target inflation likely by mid-2015 […] More

Serbian Monetary Policy Now Paused

January 15, 2015

The Executive Board of the National Bank of Serbia left its policy interest rate at 8.0%.  Inflation has been below the 2.5-5.5% target since March 2014, and the policy rate was accordingly reduced three times in 2014 (May, June and November, each time by 50 basis points).  A statement released today says this about the […] More

National Bank of Serbia Keeps 8% Policy Interest Rate

December 11, 2014

The central bank’s executive board decided not to cut the benchmark rate further, have done so by 50 basis points each in May, June and, most recently, November of this year.  A released statement proclaims that “the monetary policy measures undertaken so far, gradual waning of disinflationary effects of low food production costs, and the […] More

Rate Cut by National Bank of Serbia

November 13, 2014

After cutting their policy interest rate by 50 basis points for a third time in the half year since May, Serbian monetary officials released a statement that essentially made two points.  First, inflation has been below target for the past eight months and is likely to remain subdued amid persistent disinflationary forces.  Secondly, the risk […] More