National Bank of Serbia

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, citing concerns over inflation and external risks. Although year-on-year inflation remains below the target midpoint, a moderate increase is anticipated due to rising global oil prices and other external factors.

• The key policy rate, deposit facility, and lending facility rates are all kept unchanged at 5.75%, 4.5%, and 7.0%, respectively.
• Year-on-year inflation was 2.8% in March, but a moderate increase is expected due to rising global oil prices and the expiration of a decree affecting trade margins.
• Current global developments, particularly geopolitical tensions, could negatively impact Serbia's economic outlook and inflation trajectory.
• Real GDP growth for Q1 was reported at 3% year-on-year, with positive contributions expected from consumption and investments.

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