The National Bank of Serbia (NBS) published a World Savings Day update on household saving trends and its regular profitability analysis, reporting that dinar and foreign-currency savings were on track to reach record levels in 2025. The analysis again concluded that saving in dinars has been more profitable than saving in euros over September 2012 to September 2025. Household dinar savings increased by RSD 14.5 billion (7.6%) in 2025 to about RSD 206 billion by end-October and are more than eleven times higher than in 2012 (up RSD 187.0 billion), lifting the dinar share of total savings in domestic banks to about 10% from below 2% in September 2012. Growth in 2025 was concentrated in demand and shorter-term deposits, while maturities beyond one year declined. Foreign-currency savings doubled from EUR 7.9 billion in September 2012 to EUR 15.9 billion in September 2025, with EUR 492.1 million of growth in the first nine months of 2025 driven largely by demand savings; the deposit dinarization indicator for the economy and households rose to 46.3% in September 2025 from 18.8% in September 2012. The note also cited year-on-year inflation of 2.9% in September 2025 within the NBS target range of 3% ± 1.5%, net foreign exchange purchases of EUR 430 million in the first nine months of 2025, and reserves of EUR 29.1 billion at end-September. NBS attributed the relative outperformance of dinar savings to higher dinar deposit rates, the non-taxation of interest income on dinar savings (versus a 15% tax on foreign-currency interest), and macroeconomic and financial stability. A saver rolling a one-year RSD 100,000 dinar deposit from September 2012 would have earned over RSD 60,000 more by September 2025 than saving the euro equivalent, with one-year dinar deposits outperforming euros in 99% of the observed annual sub-periods. NBS said it will continue efforts to further dinarize the financial system and to monitor and analyse savings, with an emphasis on encouraging domestic-currency saving.
National Bank of Serbia 2025-10-30
National Bank of Serbia reports dinar savings at about RSD 206bn and reiterates dinar deposits outperformed euro savings since 2012
The National Bank of Serbia reported record household savings in dinars and foreign currencies for 2025, with dinar savings more profitable than euros from September 2012 to September 2025. Dinar savings increased by RSD 14.5 billion in 2025, while foreign-currency savings doubled since 2012. The bank attributed the dinar's outperformance to higher deposit rates, non-taxation of interest income, and economic stability, and plans to continue promoting domestic-currency savings.