Serbia Monetary Policy March 2016


Serbia: NBS keeps its policy rate unchanged in March

March 17, 2016

At its 17 March monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) decided to keep 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 7 April.

In its brief accompanying statement, the NBS commented that inflationary pressures remain subdued, which reflects both domestic and external factors. The Bank remarked that the current expansive monetary policy will boost inflationary pressures in the medium term. Inflation is expected to return to within the Central Bank’s target of 4.0% plus or minus 1.5 percentage points in late 2016 or early 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 March 2016

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

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