Serbia policy interest rate
National Bank of Serbia key policy rate — the highest/lowest rate the NBS applies in repo sale/purchase operations of securities, set by the Executive Board (Izvršni odbor) at monthly monetary policy meetings under the Law on the National Bank of Serbia and the Decision on the Key Policy Rate of the NBS. Serbia is NOT an EU member and NOT in the eurozone: it keeps the dinar and an independent inflation-targeting monetary policy (target 3% ±1.5pp for Jan 2025–Dec 2027).
| Current value | 5.75 percent |
|---|---|
| In force from | 2024-09-12 |
| Official source | NBS — Executive Board meeting of 12 September 2024: key policy rate cut by 25 bp to 5.75% (third and final cut of the 2024 easing cycle); level reconfirmed on the NBS 'Interest rates' page and unchanged at every Executive Board meeting since, most recently 9 July 2026 ('Key policy rate kept unchanged') |
| Last verified | 2026-07-27 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
5.75% since the 12 Sep 2024 decision — on hold for 22 straight months. NBS's own change table records rate moves against the Executive Board MEETING date (the formal Odluka o visini referentne kamatne stope is then published in Službeni glasnik); 2024-09-12 is that meeting date. The 2024 easing cycle was three 25bp cuts from 6.50%: 13 Jun 2024 → 6.25%, 11 Jul 2024 → 6.00%, 12 Sep 2024 → 5.75%. All twelve 2025 meetings and all seven 2026 meetings to date (12 Jan, 12 Feb, 12 Mar, 9 Apr, 7 May, 11 Jun, 9 Jul) left it unchanged. CORRIDOR (verified on the NBS interest-rates page, 24 Jul 2026): deposit facility 4.50% (key rate −1.25pp), lending/overnight liquidity facility 7.00% (key rate +1.25pp), discount rate = 100% of the key policy rate = 5.75%; reserve requirement remuneration 0.75%. Do NOT confuse the key policy rate with BELIBOR (the interbank offered rate) or with the deposit/lending facility rates — those are the corridor bounds, not the policy rate. Context from the 9 Jul 2026 press release: y-o-y inflation 3.5% in May 2026, inside the 3.0±1.5% tolerance band; core inflation near the upper bound; the NBS expects inflation to slow by September but warns of a temporary overshoot of the upper bound late 2026/early 2027 on global oil and commodity prices, returning inside the band by mid-2027. Next meeting: 13 August 2026. ACCESS NOTE: nbs.rs press releases are served via POST-only form buttons, not plain <a> links — the stable citable pages are the per-year rate tables (/sednica-izvrsnog-odbora/<year>/) and the interest-rates page (/ciljevi-i-funkcije/monetarna-politika/kamatne-stope/). Trailing-slash URLs sometimes 404 on fetch; append index.html.
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-01 | 3.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-03-14 | 3.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-04-12 | 3 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-07-11 | 2.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-08-08 | 2.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-11-07 | 2.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-03-12 | 1.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-04-09 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-06-11 | 1.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-12-10 | 1 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-04-07 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-05-12 | 2 | Bank for International Settlements - Central Bank Policy Rat |
Get it programmatically
curl https://euroref.dev/v1/rs/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/rs/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/rs/policy-rateOther Serbia series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates