The National Bank of Serbia published its latest semi-annual analysis of the profitability of dinar versus foreign-currency savings, covering December 2012 to December 2025, concluding that it was more profitable to save in dinars regardless of deposit maturity. The release also reports continued growth in household savings in the second half of 2025 and into January 2026. In the second half of 2025, dinar savings rose by RSD 10.4 billion (5.3%) to RSD 206.2 billion at end-December, while foreign-currency savings increased by EUR 459.5 million (2.9%) to EUR 16.2 billion. Over 2025 as a whole, dinar savings increased by RSD 15.0 billion (7.8%) and foreign-currency savings by EUR 772.5 million (5.0%); operational data put end-January 2026 savings at close to RSD 208 billion in dinars and EUR 16.3 billion in foreign currency. Dinar savings accounted for close to 10% of total savings in domestic banks at end-2025 versus below 2% at end-2012; over the 13-year period, dinar savings increased eleven and a half times, while foreign-currency savings almost doubled from EUR 8.3 billion to EUR 16.2 billion. In the second half of 2025, the largest increase in dinar savings was in six- to 12-month maturities (RSD 13.3 billion), which also represented 55.8% of total dinar savings, with an average dinar deposit lot of RSD 189,000; foreign-currency growth was driven by six- to 12-month deposits (EUR 439.6 million) and demand savings (EUR 150.8 million), with demand savings making up 65.6% of total foreign-currency savings and an average deposit lot of EUR 4.1 thousand. The higher profitability of dinar savings was attributed to relative exchange-rate stability, higher dinar interest rates, and more favorable taxation of interest on dinar savings; the analysis estimates that rolling a one-year RSD 100,000 deposit from December 2012 to December 2025 would yield over RSD 52,000 (close to EUR 450) more than the euro equivalent, with one-year dinar savings outperforming in 143 of 145 annual subperiods. The central bank said it will continue to monitor and analyse savings developments and maintain its focus on increasing dinarization, with the promotion of dinar savings highlighted as an important element.
National Bank of Serbia 2026-02-09
National Bank of Serbia analysis finds saving in dinars outperformed euro deposits over 2012–2025
The National Bank of Serbia's semi-annual analysis from December 2012 to December 2025 shows dinar savings were consistently more profitable than foreign-currency savings, with significant growth in both categories in 2025. The bank emphasizes continued monitoring and promotion of dinar savings as a key focus, citing factors like exchange-rate stability and favorable taxation as contributors to dinar savings' higher profitability.