Serbia Tasso Di Interesse

The National Bank of Serbia (NBS) held its benchmark interest rate steady at 5.75% during its July 2025 meeting, signaling caution amid global uncertainties, including protectionist measures by major economies and heightened geopolitical risks from the Middle East conflict affecting energy prices. Although year-on-year headline inflation slowed to 3.8% in May, a temporary pickup is expected due to rising energy prices and adverse weather conditions affecting food supply, with inflation likely trending around the upper bound of the target tolerance band at 4.5%. Economic activity shows steady growth supported by manufacturing investments, export expansion, improved services, and robust credit expansion. Additionally, with the ECB maintaining an accommodative stance and the Fed turning more cautious, the NBS opted to hold rates to preserve financial stability and stay flexible amid evolving data and risks.