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Monetary Policy

Monetary Policy

The National Bank of Serbia is a public institution in charge of safeguarding the value and purchasing power of money.

Monetary and Financial Stability

The core purpose of the National Bank of Serbia is to provide monetary and financial stability.

Monetary stability means a low, stable and predictable inflation and confidence in the currency.

Financial stability means a sound financial system in which banks and other financial organizations function well and responsibly safeguard their clients' money.

In pursuit of both purposes, the National Bank of Serbia implements appropriate monetary policy.

Functions of the National Bank of Serbia

  • The National Bank of Serbia manages money and interest rates so as to accomplish a low, stable and predictable inflation rate, which creates an environment conducive to sustainable economic development and employment growth.
  • By safeguarding the value of the national currency, the NBS contributes to the growth of citizens' living standard.
  • By managing money and loans, the National Bank of Serbia influences the strengthening and maintenance of public confidence in the dinar, facilitating business decision making and forward-looking planning for businessmen and citizens.
  • The National Bank of Serbia maintains financial stability, ensuring safety and efficiency of the payment system, as well as monitoring and supervising the activities of commercial banks and other financial organizations.
  • The National Bank of Serbia is the Government’s banker and it manages the country’s foreign exchange reserves.

Inflation movements in July 2020
12.08.2020. According to SORS data, y-o-y inflation continued to move in line with NBS expectations...
Statistical Bulletin - June 2020
05.08.2020. Statistical Bulletin - June 2020
Results of the June Inflation Expectations Survey
23.07.2020. According to the Ipsos June survey, one-year ahead inflation expectations of the financial sector...
Even more favourable conditions for loans under the Guarantee Scheme – another NBS measure to bolster economic recovery from the crisis and to power growth
20.07.2020. At its extraordinary meeting today, the NBS Executive Board adopted the Decision Amending the Decision on Interest Rates Applied by the National Bank of Serbia in the Implementation of Monetary Policy...
Inflation movements in June 2020
14.07.2020. According to the data of the Statistical Office of the Republic of Serbia...
See More...
Agreement between the National Bank of Serbia and the Government of the Republic of Serbia on Inflation Targeting
Memorandum on Inflation Targeting as Monetary Strategy
National Bank of Serbia’s Memorandum on Inflation Targets until 2022
Related Topics...
BEONIA (Belgrade OverNight Index Average)
Daily Banking Sector Liquidity