Serbia Monetary Policy May 2016


Serbia: NBS keeps its policy rate on hold in May

May 17, 2016

At its 17 May 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 its lowest level since the NBS introduced an inflation targeting mandate in 2006. The next monetary policy meeting is scheduled for 9 June.

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’ target range of 4.0% plus or minus 1.5 percentage points in early 2017. Moreover, the NBS added that macroeconomic fundamentals continue to improve. However, persistent uncertainties in international commodity markets pose downside risks to the Serbian economy going forward.

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 May 2016

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

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