Serbian town in the winter

Serbia Monetary Policy January 2024

Serbia: Central Bank stands pat in January

At its 11 January meeting, the National Bank of Serbia (NBS) held its key policy rate at 6.50%. It also kept the deposit and lending facility rates unchanged at 5.25% and 7.75%, respectively. The decision marked the sixth consecutive hold and was in line with market expectations.

The Bank’s decision to hold fire was driven by an ongoing decline in price pressures: Inflation fell to 7.6% in December, and the NBS expects it to continue receding in the coming months thanks to prior monetary tightening, lower imported inflation and declining inflation expectations. The Bank reiterated that it projects inflation to return to the 1.5–4.5% target band in mid-2024 and approach the 3.0% mid-point by year–end.

The Bank’s forward guidance remained muted. The NBS affirmed once again that it would track inflation drivers at home and abroad and make decisions based on the inflation outlook, while trying to maintain financial stability and support economic growth.

The next meeting is scheduled for 8 February.

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