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The National bank of Serbia's Executive Board decided to keep the key policy rate unchanged at 11%.
The NBS Executive Board concluded that inflationary pressures have continued to subside on account of not only past monetary policy measures, but also largely due to reduced costs in food production as this year's agricultural season is much more favourable both globally and at home. The Executive Board confirmed once again its expectation that year-on-year inflation will return within the target tolerance band by October and stay within the band thereafter. The NBS's projection also includes the expected administered price growth in the remainder of the year.
The Executive Board positively assessed the continued economic recovery, which started in late 2012, as well as significant narrowing of the external imbalance resulting mainly from a sharper rise in exports of a growing number of industrial and agricultural products.
The Executive Board’s decision to keep the key policy rate on hold was swayed by risks arising from the international environment, relating primarily to the developments in international financial and commodity markets. Furthermore, after the Fed hinted at possible tapering of its quantitative easing program, investor aversion went up in May and June, fuelling depreciation pressures in almost all countries of the region, Serbia included. An additional uncertainty is reflected in global oil price movements.
As assessed by the Executive Board, possible negative effects originating from the international environment could be largely offset over the period to come by consistent implementation of fiscal consolidation measures and structural reforms. This would positively affect Serbia’s investor perception and contribute to the narrowing of internal and external imbalances, lower inflation and sustainable economic growth. National bank of Serbia
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Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά