Serbia Monetary Policy January 2016


Serbia: NBS keeps its policy rate unchanged in January

January 12, 2016

At its 12 January monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) decided to keep the reference rate unchanged at 4.50% where it has been since the 50-basis-point cut that was made during the October meeting. 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 11 February.

In its brief accompanying statement, the NBS commented that inflationary pressures remain subdued reflecting low commodity prices, a low inflation environment abroad and a stable exchange rate. 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 band 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 in the second half of this year.

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 January 2016

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

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