April 12 (SeeNews) - The National Bank of Serbia (NBS) is seen starting to cut the repo rate later in the second quarter of 2013, lowering it from the current 11.75% towards 9.0% by the end of the year for a 200 base points spread over consumer price index inflation, as the inflation trajectory is on the downside on a multi-month horizon, Zagreb-based Hypo Alpe-Adria-Bank said on Friday.