The National Bank of Serbia reviewed the country’s macroeconomic and financial position with Mateusz Szczurek, director of the International Monetary Fund’s European Department, during the IMF and World Bank Group Annual Meetings. The central bank expects average inflation of 3.2% in 2026 and inflation to remain within its target band in 2027, while projecting economic growth of 4.5% in 2027 after growth of 3.5% in the first half of 2026. The National Bank of Serbia also highlighted foreign exchange reserves covering about seven months of goods and services imports, with gold accounting for around 22%, and unemployment at a historical low of 7.2%. Banking sector capital adequacy exceeds 20%, liquidity is almost twice the regulatory minimum, credit growth stands at 15.9% and nonperforming loans are below 2%. The financial system is operationally connected to the Single Euro Payments Area through 18 of 19 banks, while long-term dinar government bonds have been available to global investors through Euroclear Bank since Sept. 1. Szczurek pointed to Serbia’s positive reputation within the IMF and among investors, following three completed reviews of its current IMF program, with a fourth review underway.
National Bank of Serbia reviews macroeconomic outlook with IMF, projects 3.2% inflation in 2026 and 4.5% growth in 2027
The National Bank of Serbia reviewed Serbia’s economic outlook with the IMF, projecting average inflation of 3.2% in 2026 and growth of 4.5% in 2027. It reported capital adequacy above 20%, nonperforming loans below 2% and foreign exchange reserves covering about seven months of imports. The IMF noted Serbia’s positive reputation after three completed program reviews, with a fourth underway.