The Decision on the Countercyclical Buffer Rate for the Republic of Serbia of 8 June 2017, applied as of 30 June 2017, sets the rate at 0%.
At its meeting of 9 September 2021, the NBS Executive Board decided to keep the CCyB rate at 0%, having in mind that the estimated credit-to-GDP ratio is below its long-term trend and that global uncertainty caused by the spread of the coronavirus persists:
- Guide for setting the CCуB rate: 0%;
- Credit-to-GDP ratio: 79.4%;
- Deviation of credit-to-GDP ratio from its long-term trend (credit-to-GDP gap): -1.9 pp.
Explanation: In Q2 2021 the credit-to-GDP ratio was below its long-term trend. The credit-to-GDP gap remained below the 2 pp benchmark that would require the introduction of the countercyclical capital buffer. Setting the CCyB rate above 0% in conditions of persisting global uncertainty caused by the spread of the coronavirus could impact the potential future growth of lending.