Assistance of NBS in the battle against COVID-19: Interest rate decreased

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Photo: Beta/Miloš Miškov

The National Bank of Serbia has decreased the reference interest rate to the level 1.75 percent, to support the Government’s activities in reducing the effects of coronavirus. The Governor of NBS, Jorgovanka Tabakovic has stated at an extraordinary conference that this institution wants to support Government’s overall activities in the implementation of economic policy, to reduce the spillover effect caused by the coronavirus, thus an emergency session of the Executive Board was held, on which it was decided to reduce the benchmark interest rate by 50 base points, to the level of 1.75 percent. Besides that, the interest rate on deposit allowances was reduced to 0.75 percent, while the rate on credit allowances was reduced to the level of 2.75 percent. Tabakovic has added that foreign exchange reserves of over 13 and a half billion euros represent a guarantee that it is possible to respond to potential shocks and, if necessary, additional liquidity will be secured.

Source: N1

Photo: Beta/Miloš Miškov