27.11.2025.
The total weighted average interest rate on newly approved dinar loans to the corporate sector increased in October compared to September by 0.4 pp, amounting to 6.7%, as a result of the higher interest rate on working capital loans (by 0.4 pp, to 6.6%), i.e. it returned to the August 2025 level. Relative to June 2024, when the NBS monetary policy easing began, the interest rate on new dinar loans to the corporate sector declined by 1.4 pp.
The total weighted average interest rate on newly approved euro and euro-indexed loans to the corporate sector was unchanged relative to September, reaching 4.7%. Relative to June 2024, the interest rate on new euro and euro-indexed loans to the corporate sector fell by 2.0 pp.
The weighted average interest rate on new dinar corporate deposits rose by 0.05 pp to 4.3% relative to September, while the interest rate on FX corporate deposits was unchanged at 2.1%. The share of euro and euro-indexed deposits in total FX corporate deposits in September amounted to around 97%.
The total weighted average interest rate on newly approved dinar loans to households went down by 0.3 pp from the previous month, to 8.5% in October, reflecting a decrease in the interest rate on cash loans (by 0.4 pp to 8.5%) as a result of the application of the NBS measures as of 15 September, which include more favourable dinar cash loans for citizens with incomes up to RSD 100,000. Compared to June 2024, the interest rate on new dinar loans to households declined by 3.2 pp.
The total weighted average interest rate on newly approved euro and euro-indexed loans to households edged up by 0.1 pp relative to the previous month, reaching 4.7% in October, reflecting the increased share of other uncategorised loans with a rate (5.9% in October) above the average for euro-indexed loans. The interest rate on housing loans remained unchanged at 4.4%. Compared to June 2024, the interest rate on new euro and euro-indexed loans to households was lower by 1.5 pp.
The interest rate on housing loans was below the 5% cap determined by the Law on the Protection of Financial Service Consumers. Other interest rates on bank loans to natural persons in dinars and euros were also within the bounds prescribed by this Law.
The total weighted average interest rate on households’ new dinar deposits stayed the same as in September, at 4.4%, while that on FX deposits inched up to 2.8% (up by 0.06 pp). The share of euro and euro-indexed deposits in total FX household deposits amounted to around 92% in September.
Notes:
Interest rates on new business are weighted average interest rates on all new loans and deposits in the reporting month. According to the ECB methodology, which is applied by the NBS, new business comprises all new loan or deposit agreements concluded between banks and clients during the reporting month, except loans for debt rescheduling at interest rates significantly below the market ones. New business are all financial arrangements whose terms are agreed for the first time during the month and all existing contracts renegotiated with active client participation.
Economic Research and Statistics Department
