The National Bank of Serbia lowered its key policy rate by 25 bps to 2.75 percent at its July 11th 2019 meeting, surprising markets who expected no changes. It is the first rate cut so far this year, bringing borrowing cost to its lowest on record. Policymakers said that inflation is expected to move to the lower bound of the target range (3.0±1.5%) by the end of this year and next year. The Committee projects that the economic growth will be driven by domestic demand, such as investment and consumption, and foreign direct investments, which will contribute to output growth and export capacities. Interest Rate in Serbia averaged 8.80 percent from 2006 until 2019, reaching an all time high of 18 percent in October of 2006 and a record low of 2.75 percent in July of 2019.

Interest Rate in Serbia is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Serbia to stand at 3.00 in 12 months time. In the long-term, the Serbia Interest Rate is projected to trend around 3.00 percent in 2020, according to our econometric models.

Serbia Interest Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-09 10:00 AM Interest Rate Decision 3% 3% 3% 3%
2019-05-09 10:00 AM Interest Rate Decision 3% 3% 3% 3%
2019-06-06 10:00 AM Interest Rate Decision 3% 3% 3% 3%
2019-07-11 10:00 AM Interest Rate Decision 2.75% 3% 3% 3%
2019-08-08 10:00 AM Interest Rate Decision 2.75% 2.75%
2019-09-12 10:00 AM Interest Rate Decision 2.75%
2019-10-10 10:00 AM Interest Rate Decision 2.75%


Serbia Money Last Previous Highest Lowest Unit
Interest Rate 2.75 3.00 18.00 2.75 percent [+]
Interbank Rate 2.65 2.66 19.18 2.65 percent [+]
Money Supply M0 178801.00 178288.00 182611.00 16056.00 RSD Million [+]
Foreign Exchange Reserves 12146.10 11655.60 12146.10 2682.00 EUR Million [+]
Deposit Interest Rate 1.75 1.75 15.25 1.75 percent [+]
Lending Rate 4.25 4.25 25.26 4.25 percent [+]
Loans To Private Sector 1075275.00 1079331.00 1152545.00 187458.00 SRB Million [+]
Money Supply M1 753882.00 748816.00 792319.00 43647.00 RSD Million [+]
Money Supply M2 1012170.00 993913.00 1017267.00 52024.00 RSD Million [+]
Money Supply M3 2581843.00 2557302.00 2605286.00 86158.00 RSD Million [+]


Serbia Interest Rate

In Serbia, interest rate decisions are taken by the Executive Board of the National Bank of Serbia. The official interest rate is the key policy rate. This page provides - Serbia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Serbia Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.75 3.00 18.00 2.75 2006 - 2019 percent Daily




Country Last Previous
Argentina 58.80 Jul/19
Turkey 24.00 Jun/19
Mexico 8.25 Jul/19
Russia 7.50 Jun/19
South Africa 6.75 May/19
Brazil 6.50 Jun/19
Indonesia 6.00 Jun/19
India 5.75 Jul/19
China 4.35 Jun/19
Saudi Arabia 3.00 Jun/19
United States 2.50 Jun/19
Canada 1.75 Jul/19
South Korea 1.75 Jun/19
Singapore 1.67 Jun/19
Australia 1.00 Jul/19
United Kingdom 0.75 Jun/19
Euro Area 0.00 Jun/19
France 0.00 Jun/19
Germany 0.00 Jun/19
Italy 0.00 Jun/19
Netherlands 0.00 Jun/19
Spain 0.00 Jun/19
Japan -0.10 Jun/19
Switzerland -0.75 Jun/19


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