The Executive Board of the National Bank of Serbia (NBS) left the key policy rate unchanged at 5.75 percent on 12 March 2026, together with deposit and lending facility rates of 4.5 percent and 7.0 percent, citing the continued decline in year-on-year inflation to 2.4 percent in January and projections that price growth will remain within the 3 ± 1.5 percent target band through end-2026. The benchmark has been steady at 5.75 percent since September 2024 following three 25 bp cuts earlier that year. The unchanged corridor preserves tight monetary conditions, while targeted lending measures for lower-income households aim to support credit without fuelling excess demand. Falling food prices—helped by a government margin cap—have tempered inflationary pressure, although January industrial output dipped due to disruptions at the Pančevo refinery; the NBS still foresees growth strengthening later this year on rising consumption and investment linked to the “Leap into the Future – Serbia Expo 2027” programme. The Board warned that Middle East hostilities, higher crude prices and persistent global protectionism could lift domestic fuel costs and unsettle trade and capital flows. It will maintain a cautious, meeting-by-meeting stance focused on safeguarding financial stability and the growth outlook, with the next rate review set for 9 April.
National Bank of Serbia 2026-03-12
NBS keeps key policy rate unchanged at 5.75%
National Bank of Serbia kept the key policy rate at 5.75 % (deposit 4.5 %, lending 7.0 %) on 12 Mar 2026, citing January inflation’s fall to 2.4 % and forecasts it will remain within the 3 ± 1.5 pp target band through end-2026. The Board, which has held the benchmark since Sept 2024, will continue a meeting-by-meeting stance amid oil and trade risks, with the next review on 9 Apr.