Serbia Monetary Policy February 2016


Serbia: NBS cuts its policy rate in February

February 11, 2016

At its 11 February monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) decided to cut the reference rate by 25 basis points from 4.50% to 4.25%. This is the lowest the rate has been since the NBS introduced an inflation targeting mandate in 2006. The next monetary meeting is scheduled for 17 March.

In its brief accompanying statement, the NBS commented that inflationary pressures remain subdued, which reflects both domestic and external factors. The Bank added that there is uncertainty in the international environment against the backdrop of strong geopolitical tensions and the slowdown of the Chinese economy. Inflation remains below the lower bound of the Central Bank’s target of 4.0% plus or minus 1.5 percentage points. The Bank commented that inflation will likely return to within the target range later this year or early in 2017.

FocusEconomics Consensus Forecast panelists expect the policy rate to end 2016 at 4.40%. For 2017, the panel sees the rate ending the year at 5.08%.

Author:, Senior Economist

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Serbia Monetary Policy Chart

Serbia Monetary Policy February 2016

Note: NBS Reference Rate in %.
Source: National Bank of Serbia (NBS).

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