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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.

Results of Inflation Expectations Survey for April
2018-06-13 13:57:09.0 According to the April survey, short-term and medium-term inflation expectations of the financial and corporate sectors continued to move within the target band (3±1.5%)...
 
Inflation Movements in May
2018-06-13 10:11:03.0 According to Statistical Office data, monthly inflation equalled 0.6% in May...
 
Key Policy Rate Kept on Hold
2018-06-07 12:00:18.0 At today’s meeting, the NBS Executive Board voted to keep the key policy rate on hold, at 3.0%.
 
Economic and Foreign Trade Activity
2018-06-01 10:56:16.0 According to Statistical Office data, real y-o-y GDP growth amounted to 4.6% in Q1...
 
Speech by Governor Jorgovanka Tabaković at the Presentation of the Inflation Report – May 2018
2018-05-17 11:03:35.0 Speech by Governor Jorgovanka Tabaković at the Presentation of the Inflation Report – May 2018
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Regulations
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 2020
 
Related Topics...
BEONIA (Belgrade OverNight Index Average)
Daily Banking Sector Liquidity