The National Bank of Serbia published its latest semiannual analysis of dinar and foreign currency savings, finding that dinar deposits were more profitable than euro deposits over both short- and long-term horizons from June 2012 to June 2026. Operational data show that dinar savings exceeded a record RSD 244 billion by mid-August, up RSD 37.9 billion, or 18.4%, since the start of 2026. Foreign currency savings also reached a record EUR 17 billion, while the dinar share of total household savings exceeded 10% for the first time in the first half of 2026. A RSD 100,000 one-year deposit rolled over for 13 years would have generated more than RSD 62,600, or about EUR 533, above the return on an equivalent euro deposit. Dinar savings also outperformed euro savings in 155 of 157 observed one-year periods, more than 92% of three-month periods and all observed two-year periods. The central bank attributed the advantage primarily to relative stability in the dinar-euro exchange rate, higher interest rates on dinar deposits and the tax exemption for interest income from dinar savings.
2026-08-27National Bank of Serbia
National Bank of Serbia reports record household savings and sustained profitability advantage for dinar deposits
The National Bank of Serbia found that dinar savings outperformed euro savings across short- and long-term horizons from June 2012 to June 2026. Dinar savings reached a record RSD 244 billion by mid-August, while foreign currency savings rose to EUR 17 billion and the dinar share of total household savings exceeded 10% for the first time.