The National Bank of Serbia presented its 2025 reports to Parliament, highlighting average inflation of 3.8%, a relatively stable dinar exchange rate and continued banking-sector resilience despite geopolitical, energy-market and domestic uncertainty. The key policy rate remained at 5.75%, while lending to households and corporates grew 15.4% and the nonperforming loan ratio fell to a record-low 2.1% at year-end. The central bank net sold EUR 580 million in the foreign exchange market during 2025, the first annual net sale since 2020. Gross foreign exchange reserves stood at EUR 29 billion at year-end, covering 6.7 months of imports, while gold reserves reached 52.5 tonnes. Other developments included interest rate caps on household lending products, establishment of the Bank Resolution Fund, RSD 169 million in consumer financial benefits and more than 109 million instant payments worth almost RSD 1.4 trillion. The governor also provided an update on 2026, reporting that annual inflation slowed to 2.7% in June and credit growth accelerated to about 17%. The National Bank of Serbia projects real GDP growth of 3% in 2026 and 4.5% in 2027, while gold holdings increased to 54.6 tonnes by June.
National Bank of Serbia2026-07-16
National Bank of Serbia reviews 2025 stability outcomes, with 3.8% inflation and a record-low 2.1% NPL ratio
The National Bank of Serbia reported average inflation of 3.8% in 2025, record-low nonperforming loans of 2.1% and gross foreign exchange reserves of EUR 29 billion. The key policy rate remained at 5.75%, while lending grew 15.4%. Annual inflation slowed further to 2.7% in June 2026.