The National Bank of Serbia left its key policy rate unchanged at 5.75% at its March 2026 meeting, while also keeping the deposit facility rate at 4.5% and the lending facility rate at 7%. The decision was in line with both current and expected inflation developments, as well as domestic and global factors influencing price dynamics. The central bank expects inflation to remain within its target tolerance band of 3% ± 1.5 percentage points through the end of 2026 and over the medium term. However, policymakers noted that the sharp increase in international crude oil prices is likely to be reflected in higher domestic petroleum product prices. Monetary policy decisions will continue to be made on a meeting-by-meeting basis, taking into account incoming data, the outlook for inflation, as well as an assessment of the effects of previously implemented policy measures.
