The National Bank of Serbia hosted the presentation of the International Monetary Fund’s Regional Economic Outlook for Europe, which centres on sluggish economic growth and the reforms needed to raise productivity and support long-term stability. The outlook was presented by Stefan Duninger, Assistant Director in the IMF’s Europe Department, and moderated by Lev Ratnovski, the IMF’s Permanent Representative in Serbia. Governor Jorgovanka Tabaković opened the event by emphasising the importance of building reserves and strengthening economic resilience, citing Serbia’s post-pandemic performance, increased commodity exports supported by diversification and export-oriented investment, and an improved labour market. She pointed to record foreign exchange reserves, a relatively stable dinar exchange rate against the euro, and higher gold holdings that now account for about 20% of foreign exchange reserves, alongside a stable and highly capitalised banking sector and non-performing loans at a historical minimum. Tabaković also recalled the IMF team’s assessment after the second review under the Policy Coordination Instrument, which noted Serbia’s fiscal and external buffers, resilient banking sector, moderate public debt, and an adequate monetary policy stance supporting macroeconomic stability.
National Bank of Serbia 2025-11-06
National Bank of Serbia hosts IMF Regional Economic Outlook for Europe briefing focused on sluggish growth and reserve buffers
The National Bank of Serbia hosted the IMF's Regional Economic Outlook for Europe, highlighting sluggish growth and necessary reforms for productivity and stability. Governor Jorgovanka Tabaković emphasized Serbia's economic resilience, citing record foreign exchange reserves, a stable dinar, and a robust banking sector. The IMF's assessment noted Serbia's fiscal and external buffers, moderate public debt, and supportive monetary policy.