At its February 2026 meeting, the National Bank of Serbia left its benchmark interest rate unchanged at 5.75%, along with the deposit facility rate at 4.5% and the credit facility rate at 7%. Inflation remained slightly below the central bank’s target band in the final quarter of 2025, easing to 2.7% in December, and is projected to stay within the 3% ± 1.5% target range through the end of 2026 and over the medium term.
The Executive Board expects economic growth to strengthen in both 2026 and 2027, driven by household consumption and higher investment in fixed assets. Net exports are also forecast to contribute positively to growth in 2027, supported in part by Serbia’s role as host of the specialized exhibition “Expo.” At the same time, the central bank emphasized that maintaining a cautious monetary policy stance remains warranted in light of persistent global uncertainties, including trade tensions and geopolitical risks.
