The National Bank of Serbia published a review of monetary policy, financial stability, consumer protection and payment system developments since 2012. Inflation stood at 2.7% in June 2026, within the 3% target and 1.5 percentage point tolerance band, while the policy rate was 5.75%. Gross foreign exchange reserves reached EUR 30.5 billion at end-July, including record gold holdings of 54.8 tonnes, and dinar savings rose to RSD 242.5 billion. The review reports that nonperforming loans declined from about 20% of banking sector loans to 2%, while interest rates on new dinar loans to households and businesses were respectively 12.1 and 9.3 percentage points below May 2013 levels. Consumer protection measures have returned or saved more than RSD 8.5 billion for individuals, alongside an estimated EUR 52 million reduction in loan repayments from exchange rate protections and annual benefits of about EUR 5 million from proportionate fee reductions for early repayment. Payment reforms include Serbia’s integration into the Single Euro Payments Area, with 18 of the country’s 19 banks executing euro payments under SEPA standards since May 2026. The central bank’s payment and DinaCard systems processed 443 million payments in 2025, including 109.3 million instant payments.
National Bank of Serbia2026-08-06
National Bank of Serbia reviews 14 years of reforms, reports EUR 30.5 billion in foreign exchange reserves
The National Bank of Serbia reviewed 14 years of reforms, reporting inflation of 2.7% in June 2026 and gross foreign exchange reserves of EUR 30.5 billion at end-July. Nonperforming loans have fallen to 2%, while consumer protection measures have returned or saved individuals more than RSD 8.5 billion. Eighteen of Serbia’s 19 banks have executed euro payments under SEPA standards since May 2026.