Serbia's Central Bank Holds Key Interest Rate

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Friday, the National Bank of Serbia kept its key policy rate unchanged at 12% for the second month.

The last change in the interest rate was in July, when the central bank cut its key interest rate to its current level from 13%.

The next monetary policy committee meeting is scheduled to take place on September 23, the central bank said in a statement.

Recently, the International Monetary Fund said the decline in Serbia's economy seems to be moderating and the risks to the growth outlook are now more balanced.

The country's output is expected to stabilize in the second half of the year, consistent with the IMF's expectations of a 4% drop for this year. However, the economy is forecast to grow 1.5% next year. Inflation remains within the target range and the current account deficit also has been decreasing rapidly.

The IMF mission to Serbia is of the view that the country should continue to focus on monetary policy.

Friday, the National Bank of Serbia kept its key policy rate unchanged at 12% for the second month. The last change in the interest rate was in July, when the central bank cut its key interest rate to its current level from 13%. (Market News Provided by RTTNews)