The status, organisation, mandate and functions of the National Bank of Serbia (NBS), as well as its relations with other bodies of the Republic of Serbia and international organisations and institutions are regulated by the Constitution of the Republic of Serbia (RS Official Gazette, No 98/2006) and the NBS Law (RS Official Gazette, Nos 72/2003, 55/2004, 85/2005 – other law, 44/2010, 76/2012 and 106/2012 and 14/2015 – Constitutional Court decision and 44/2018).
The National Bank of Serbia is independent and autonomous in carrying out its tasks laid down by the NBS Law and other laws, and is accountable for its work to the National Assembly of the Republic of Serbia.
The primary objective of the NBS is to achieve and maintain price stability. Without prejudice to its primary objective, the NBS also contributes to maintaining and strengthening of the stability of the financial system.
The bodies of the NBS are the Executive Board, the Governor and the Council of the Governor.
The Executive Board consists of the Governor and Vice-Governors of the National Bank of Serbia.
The Executive Board determines the monetary and foreign exchange policies and performs the activities aimed at maintaining and strengthening the stability of the financial system. The Executive Board determines in particular:
The Executive Board sets the key policy rate and other interest rates applied by the NBS in the implementation of monetary policy.
The Executive Board also issues regulations relating to NBS’s supervisory function, in accordance with laws governing the discharge of this function.
The Executive Board adopts a decision:
The Executive Board adopts regulations and other general and separate acts regulating bank resolution, in accordance with the law governing banks.
The Executive Board takes decisions at meetings by the majority vote of all members. In the event of a tie, the Governor will have the casting vote.
Operations of the National Bank of Serbia are managed by the Governor, who represents and acts on behalf of the NBS.
The Governor manages and organises the operations of the NBS; implements decisions of the Executive Board and the Council; enacts regulations, general and individual acts falling within the scope of authority of the NBS which are not assigned by law to the authority of the Executive Board and the Council; proposes regulations, general and individual acts to be enacted by the Executive Board and the Council, unless stipulated otherwise by law; regulates the NBS’s internal organisation, the classification of jobs and labour relations of employees in the National Bank; appoints and removes managers of NBS organisational units; and performs other tasks laid down by the NBS Law and other laws, in a manner that does not conflict with the primary objectives.
The Council of the Governor consists of five members, including the president, appointed by the National Assembly on the proposal of the National Assembly’s committee in charge of finance. Members of the Council are appointed for a five-year renewable term of office.
The Council of the Governor:
The Council submits a report on its work to the National Assembly whenever deemed necessary, but no less than twice a year.
The Council takes decisions by a majority vote of all members.
The National Bank of Serbia performs its statutory tasks through its main organisational units, Institute for Manufacturing Banknotes and Coins – Topčider and branches of the NBS.