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Serbia c-bank cuts key policy rate to 6%

Jul 11, 2024, 2:19:10 PMArticle by Valentina Bajic
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July 11 (SeeNews) - Serbia's central bank (NBS) said on Thursday it has decided to cut its key policy rate by 25 basis points to 6%, after inflation returned to the target band in May and is expected to slow down further.

Serbia c-bank cuts key policy rate to 6%
Author: SeeNews. License: All rights reserved.

"Given a further reduction in global inflationary pressures and the hitherto disinflationary impact of restrictive monetary measures, the Board assessed that conditions are in place to continue to ease monetary policy by trimming the key policy rate," the NBS said in a statement.

The NBS also cut by 25 bps each its deposit facility rate and lending facility rate, to 4.75% and 7.25%, respectively.

Global inflation has continued to ease, although more gradually than previously expected, the central bank noted, adding that the majority of central banks still expect inflation in their countries to return within the target band in the second half of 2024 or the first half of 2025.

"Accordingly, the Executive Board expects a further slowdown in the prices of the goods and services that we import," the statement read.

Serbia's annual inflation eased to 4.5% in May from 5% in April, returning to the targeted range of 1.5% to 4.5%. NBS said it expects inflation will continue to move within the range over the projection period.

In June, Serbia's central bank trimmed its key policy rate by 25 bps, after keeping the rate unchanged since July 2023. It will hold its next rate-setting meeting on August 8.

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