15/10/2026

NBS delegation in Bangkok with Mateusz Szczurek: Serbia resilient to global shocks, its results recognised by international institutions as well

During the Annual Meetings of the IMF and the World Bank Group in Bangkok, the NBS delegation met with Mateusz Szczurek, Director of the IMF’s European Department.

This was the first meeting with Mr Szczurek since he took up the post.

In the meeting, the NBS delegation presented Serbia’s macroeconomic results:

  • inflation within the target band, with average inflation expected to measure 3.2% this year and to remain within the target band in 2027 as well;
  • anchored inflation expectations, as the best proof of confidence in the NBS’s policies;
  • a relatively stable dinar, and FX reserves covering around seven months’ worth of imports of goods and services, with the share of gold at around 22%;
  • economic growth of 3.5% in H1, among the highest in Europe;
  • economic growth outlook of 4.5% in 2027, when Serbia will once again be among the fastest growing economies in Europe;
  • the historically low unemployment rate of 7.2%;
  • the narrowing of the current account deficit by 12% in the first seven months, with goods exports rising by 9.3%;
  • record-high export coverage of imports, of close to 95%;
  • banking sector capital adequacy of over 20% and liquidity almost double the regulatory minimum;
  • robust credit growth of 15.9%, with NPLs at a historical low of below 2%;
  • record-high dinar savings, making up more than 11% of total savings for the first time;
  • a financial system operationally included in the SEPA scheme, with 18 out of 19 banks;
  • long-term dinar government bonds available to global investors through Euroclear Bank from 1 September.

The three successful reviews of the programme with the IMF confirm that the policies pursued have been appropriate, while the fourth review is proceeding in the same spirit – openly and with results.

Mr Szczurek stressed that Serbia enjoys an exceptionally positive reputation both within the IMF and among investors. The third advisory, non-financial instrument that Serbia has concluded with the Fund, alongside the three successfully completed reviews of the current programme, confirms that sound economic policies are being pursued. “Serbia has undergone an exceptional economic transformation, thanks to its strong commitment to pursuing its own economic policies and continuously implementing reforms. The IMF is proud to have supported Serbia on this path, during which the resilience of the economy and its safeguards have been strengthened.”

Serbia currently enjoys macroeconomic stability, clear growth prospects, strong reserves and openness to long-term cooperation based on partnership, it was concluded in the meeting.

Governor's Office