Serbian town in the winter

Serbia Monetary Policy February 2020

Serbia: Central Bank stands pat in February

The Executive Board of the National Bank of Serbia held fire at its 11 February meeting, leaving the key policy rate unchanged at its all-time low of 1.00%. This marked the second consecutive hold after December’s 25-basis-point cut.

The decision reflected the Bank’s assessment that prior monetary and fiscal policy action—combined with the recent announcement of an additional fiscal stimulus package of approximately EUR 2 billion—continued to buttress economic activity. Further easing was therefore not warranted, with the Bank expecting the economy to return to pre-pandemic levels in the second quarter. The Bank’s decision was facilitated by low and stable inflation.

In the accompanying communiqué, the Bank reaffirmed its commitment to continue supporting economic growth, while it also confirmed its pledge to not jeopardize price and financial stability.

The next meeting is scheduled for 11 March.

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