Serbia’s central bank raises benchmark interest rate to 6%

The National Bank of Serbia (NBS) raised its key policy rate by 25 basis points on November 12, 2026, from 5.75% to 6%. It also increased the deposit facility rate to 4.75% and the lending facility rate to 7.25%.

Why the central bank tightened policy

The NBS Executive Board said the decision reflected current and expected inflation as well as risks from Serbia and abroad. It highlighted the danger that persistently high energy prices could feed into production and transport costs, inflation expectations, wages, and the prices of other goods and services.

Annual inflation was 4.1% in September. The NBS expects energy costs, imported inflation and food-price base effects to push inflation temporarily above the upper edge of its 3% ± 1.5 percentage-point target band in 2027. It expects inflation to return to the target band by the end of 2027.

What it may mean for households and businesses

The policy rate influences dinar financing conditions, but it does not automatically change every loan or deposit rate on the decision date. The effect depends on the contract, whether the rate is fixed or variable, the repricing schedule and the bank’s own pricing. Borrowers should check which reference rate their agreement uses and when it can be adjusted.

The central bank also cited a flash estimate showing 4% real GDP growth in the third quarter. It raised its 2026 growth forecast to at least 3.5% and lowered its 2027 projection to 4%. The next rate-setting meeting is scheduled for December 10.

Primary source: National Bank of Serbia, decision dated November 12, 2026.

Serbian original: SRBIJA NEWS.