National Bank of Serbia maintains interest rates at 5.75 percent

The Executive Board of the National Bank of Serbia (NBS) has decided to maintain the reference interest rate at 5.75 percent. Deposit facility rates will remain at 4.5 percent, and marginal lending facility rates will stay at 7.0 percent.

The decision considers current and expected inflation trends, as well as international risks. Year-on-year inflation has remained within the target range of 3 percent ± 1.5 percent, dropping to 1.9 percent in July. This decline was attributed to favorable fruit and vegetable harvests and the absence of significant secondary effects from energy shocks. While inflation is expected to remain within target through the projection period, a temporary rise to approximately 4 percent is anticipated in September due to low base effects from previous trade margin regulations.

Economic activity in Serbia has shown signs of acceleration. Preliminary data from the Republic Statistical Office indicates that real GDP growth in the second quarter of 2026 accelerated to 3.6 percent year-on-year, up from 3.2 percent in the first quarter. This growth was primarily driven by increased private consumption in the service sector, alongside recoveries in manufacturing, mining, and construction.