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 December 2021, the Executive Board decided to keep the countercyclical buffer rate at 0%, having in mind that the estimated real credit-to-GDP ratio is below its long-term trend and that the global uncertainty caused by the spread of new coronavirus strains persists:
- Guide for setting the CCyB rate: 0%
- Credit-to-GDP ratio: 80.3%
- Deviation of credit-to-GDP ratio from its long-term trend (credit-to-GDP gap): -1.5 pp
Explanation: The estimated credit-to-GDP ratio in Q3 2021 is still mildly below its long-term trend. The credit-to-GDP gap remains 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 new coronavirus strains could affect the potential future growth of lending.