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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.

Impact of Cold Weather on Inflation in 2017
2017-04-13 14:00:16.0 The past several months have seen the expected recovery of y-o-y inflation in all European countries, including Serbia...
Inflation Movements in March 2017
2017-04-12 15:22:24.0 According to the Serbian Statistical Office, consumer price growth equalled 0.2% in March 2017...
Key Policy Rate Kept on Hold
2017-04-11 12:01:42.0 At its meeting today, the NBS Executive Board decided to keep the key policy rate at 4.0%...
Report on Dinarisation of the Serbian Financial System
2017-03-29 10:05:48.0 Report on Dinarisation of the Serbian Financial System - December 2016
Results of Inflation Expectations Survey for February
2017-03-24 15:34:49.0 According to the February survey results, financial and corporate sectors expectations are stable and anchored within the target band both one and two years ahead...
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 2018 (Consolidated version)
Related Topics...
BEONIA (Belgrade OverNight Index Average)
Daily Banking Sector Liquidity