We have been tightening monetary conditions continually but gradually since October last year, taking into account the fact that inflation in Serbia is mostly determined by costpush pressures from the international environment, which are entirely or for the most part beyond the influence of the NBS’s monetary policy measures.
Since April this year, we raised the key policy rate by 350 basis points to 4.5%. Interest rates on deposit and lending facilities were increased likewise to 3.5% and 5.5%, respectively.