Serbia Monetary Policy June 2016

Serbia

Serbia: NBS keeps its policy rate on hold again in June

June 9, 2016

At its 9 June monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) decided to maintain the reference rate unchanged at 4.25%, thus leaving the rate at the lowest it has been since the NBS introduced an inflation targeting mandate in 2006. The next monetary policy meeting is scheduled for 7 July.

In its brief accompanying statement, the NBS commented that inflationary pressures are slowly picking up and that inflation will likely return to within the Central Bank’s target range of 4.0% plus or minus 1.5 percentage points early next year. Inflation is expected to increase amid a slow recovery of the economy and a pick-up in Euro area inflation. However, the NBS added that persistent uncertainties in international commodity markets pose downside risks to the Serbian economy.

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 June 2016

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


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