March 9 (SeeNews) - Serbia's central bank decided to increase its key repo rate by 25 basis points to 5.75% to counter inflationary pressures, it said on Thursday.
The central bank raised the lending facility rate by 50 basis points, to 7%, whilst the deposit facility has been maintained at 4.5%, it said in a statement.
Inflationary pressures on the global and domestic markets proved to be stronger and more persistent than previously expected, the National Bank of Serbia (NBS) noted, adding that the trend requires further tightening of monetary policy.
The latest data published by the national statistical office showed that Serbia's consumer prices increased by 15.8% year-on-year in January, after rising by 15.1% the month before.
The central bank will hold its next rate-setting meeting on April 6.