The Decision on the Countercyclical Buffer Rate for the Republic of Serbia of 8 June 2017, applied as of 30 June 2017, sets the rate at 0%.
At its meeting of 7 September 2023, the NBS Executive Board decided to keep the countercyclical capital buffer (CCyB) rate for the Republic of Serbia at 0%, having in mind that:
- the reference guide for the CCyB rate is 0%;
- the credit-to-GDP ratio is 86.7%;
- the deviation of credit-to-GDP ratio from its long-term trend (credit-to-GDP gap) is 0.6 pp.
Explanation: The credit-to-GDP ratio was above its long-term trend in Q2 2023. The credit-to-GDP gap was also below the 2 pp bound needed for the introduction of the countercyclical capital buffer. By keeping the CCyB rate at 0%, the NBS continues to support financing conditions for corporates and households in an environment of tightened global financial conditions.