|Countercyclical capital buffer
(Section 435 of the Decision on Capital Adequacy)
The Decision on the Countercyclical Buffer Rate for the Republic of Serbia of 8 June 2017 sets the rate equal to 0%, in effect as of 30 June 2017.
At its meeting of 10 September 2020, the NBS Executive Board decided to keep the CCyB rate at 0%, in order to mitigate potential negative effects of the pandemic on the conditions of financing of corporates and households, keeping in mind the following:
Explanation: Though rising, the estimated credit-to-GDP gap remains below its long-term trend. Having in mind that the estimated share of real credit in real GDP is below its long-term trend, i.e. that the credit-to-GDP gap is below the 2 pp benchmark , as well as heightened global uncertainty caused by the coronavirus, setting a CCyB rate at a level higher than 0% could have a negative impact on credit activity.
- Guide for setting the CCyB rate: 0%.
- Credit-to-GDP ratio: 82.8%
- Deviation of credit-to-GDP ratio from its long-term trend (credit-to-GDP gap): -0.7 pp