The National Bank of Serbia published remarks by Governor Jorgovanka Tabakovic from the Swiss Constituency meeting in Washington, where she presented recent developments in Serbia’s macroeconomic performance and financial stability, emphasising growth, the return of inflation to target and the build-up of external buffers. Tabakovic reported 2024 gross domestic product growth of 3.9%, more than 18% above the pre-pandemic level, and said inflation has been within the National Bank of Serbia’s 3% ± 1.5% target range since May 2024, with an expectation that it will be around the central target value by end-2025. She pointed to a relatively stable dinar exchange rate against the euro, record foreign exchange reserves that are more than double their 2019 level, and higher gold holdings now accounting for about 15% of foreign exchange reserves. She also cited a decline in non-performing loans to below 2.5% and EUR 5.2 billion of foreign direct investment inflows as a record level and the highest in the Western Balkans, alongside Standard & Poor’s early-April assessment of a strong medium-term growth outlook and reserves providing protection against potential shocks.
National Bank of Serbia 2025-04-24
National Bank of Serbia Governor highlights 3.9% 2024 GDP growth, inflation back on target and record reserves at IMF Swiss Constituency meeting
Governor Jorgovanka Tabakovic of the National Bank of Serbia highlighted Serbia's macroeconomic performance at the Swiss Constituency meeting, noting 2024 GDP growth of 3.9% and inflation within the 3% ± 1.5% target range. She reported a stable dinar exchange rate, record foreign exchange reserves, and a decline in non-performing loans to below 2.5%. Foreign direct investment reached EUR 5.2 billion, the highest in the Western Balkans, with Standard & Poor’s affirming a strong growth outlook.