Каматне стопе

11
( % )

3)
1)

14
14 ,
,

2)

4)
4)
5)
4)
4)
4)
4)
6)
8)
7)
10
11
12
13
14
1997.
33.74
34.75
33.74
53.98
53.98
16.87
1997.
1998.
33.74
34.75
33.74
53.98
53.98
16.87
1998.
1999.
26.26
27.05
56.90
56.90
42.02
13.13
1999.
2000.
26.34
27.13
26.34
26.34
42.14
13.17
2000.
2001.
16.43
16.92
58.69
58.69
26.29
6.05
2001.
2002.
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
2002.
2003.
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
2003.
2004.
8.50
34.00
34.00
21.25
25.50
2.97
2.97
2004.
2005.
8.50
22.20
25.20
28.20
34.00
34.00
17.00
25.50
2.98
6.00
2005.
2006.
8.50
14.00
17.00
19.00
21.00
30.00
30.00
26.00
2.50
11.00
2006.
2007.
8.50
10.00
12.50
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
2007.
2008.
8.50
17.75
26.63
12.41
26.63
12.41
20.25
26.63
29.75
33.75
2.50
15.25
2008.
2009.
8.075
9.50
14.25
10.67
14.25
10.67
12.00
14.25
21.50
2.50
7.00
2009.
2010.
11.50
11.50
17.25
11.02
11.02
17.25
11.02
11.02
14.00
17.25
23.50
2.50
9.00
2010.
2011.
9.75
9.75
14.63
11.18
11.18
14.63
11.18
11.18
12.25
14.63
21.75
2.50
7.25
2002.
2011.
2002.
16.43
16.92
58.69
58.69
26.29
6.05
13.85
14.27
66.74
66.74
22.16
6.72
12.43
12.80
58.69
58.69
19.89
6.05
11.00
17.60
22.00
22.00
16.50
22.00
3.85
4.40
11.00
17.60
22.00
22.00
16.50
22.00
3.85
4.40
9.50
15.20
19.00
19.00
14.25
19.00
3.32
3.80
9.50
15.20
19.00
19.00
14.25
19.00
3.32
3.80
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
9.00
14.40
18.00
18.00
14.40
18.00
3.15
3.60
9.00
14.40
18.00
18.00
14.40
18.00
3.15
3.60
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
2003.
2003.
, .
1 8
11

( % )

3)
1)

14
14 ,
,

2)

4)
4)
5)
4)
4)
4)
4)
6)
8)
7)
10
11
12
13
14
2004.
2004.
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
8.50
34.00
34.00
17.00
25.50
2.97
2.97
8.50
34.00
34.00
17.00
25.50
2.97
2.97
8.50
34.00
34.00
17.00
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
34.00
34.00
21.25
25.50
2.97
2.97
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
8.50
19.33
22.33
25.33
34.00
34.00
17.00
25.50
2.98
6.00
8.50
22.20
25.20
28.20
34.00
34.00
17.00
25.50
2.98
6.00
8.50
23.44
26.44
29.44
34.00
34.00
17.00
25.50
2.98
6.00
8.50
23.57
26.57
29.57
34.00
34.00
17.00
25.50
2.98
6.00
8.50
24.89
27.89
30.89
34.00
34.00
17.00
25.50
2.98
6.00
8.50
25.26
28.26
31.26
34.00
34.00
17.00
25.50
2.98
6.00
8.50
24.99
27.99
30.99
34.00
34.00
17.00
25.50
2.98
6.00
8.50
23.86
26.86
29.86
34.00
34.00
17.00
25.50
2.98
6.00
8.50
23.51
26.51
29.51
34.00
34.00
17.00
25.50
2.98
6.00
8.50
21.61
24.61
27.61
34.00
34.00
17.00
25.50
2.98
6.00
8.50
18.00
22.00
24.00
26.00
34.00
34.00
30.00
3.00
14.00
8.50
18.00
22.00
24.00
26.00
34.00
34.00
30.00
3.00
14.00
8.50
16.50
20.50
22.50
24.50
32.50
32.50
28.50
2.50
12.50
8.50
14.00
17.00
19.00
21.00
30.00
30.00
26.00
2.50
11.00
2005.
2005.
2006.
2006.
, .
2 8
11

( % )

3)
1)

14
14 ,
,

2)

4)
4)
5)
4)
4)
4)
4)
6)
8)
7)
10
11
12
13
14
2007.
2007.
8.50
13.00
16.00
18.00
20.00
29.00
29.00
25.00
2.50
10.00
8.50
13.00
16.00
18.00
20.00
29.00
29.00
8.50
10.50
13.00
15.50
17.50
26.50
26.50
8.50
10.50
13.00
15.50
17.50
26.50
26.50
25.00
2.50
10.00
22.50
26.50
2.50
8.00
22.50
26.50
2.50
8.00
8.50
10.00
12.50
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
8.50
9.50
12.00
14.50
16.50
25.50
25.50
21.50
25.50
2.50
7.00
8.50
9.50
12.00
14.50
16.50
25.50
25.50
21.50
25.50
2.50
7.00
8.50
9.75
12.25
14.75
16.75
25.75
8.50
9.75
12.25
14.75
16.75
25.75
25.75
21.75
25.75
2.50
7.25
25.75
21.75
25.75
2.50
7.25
8.50
9.50
12.00
14.50
16.50
25.50
25.50
21.50
25.50
2.50
7.00
8.50
9.50
12.00
14.50
16.50
25.50
25.50
21.50
25.50
2.50
7.00
8.50
10.00
12.50
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
8.50
10.00
12.50
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
8.50
11.50
8.50
14.50
8.50
15.25
14.00
16.50
18.50
27.50
27.50
23.50
27.50
2.50
9.00
17.00
19.50
21.50
30.50
30.50
26.50
30.50
2.50
12.00
17.75
20.25
22.25
31.25
31.25
27.25
31.25
2.50
12.75
8.50
15.75
18.25
20.75
22.75
31.75
31.75
27.75
31.75
2.50
13.25
8.50
15.75
31.75
31.75
18.25
27.75
31.75
2.50
13.25
8.50
15.75
31.75
31.75
18.25
27.75
31.75
2.50
13.25
8.50
15.75
31.75
18.25
27.75
31.75
2.50
13.25
8.50
15.75
23.63
14.92
23.63
14.92
18.25
27.75
31.75
2.50
13.25
8.50
15.75
23.63
13.94
23.63
13.94
18.25
23.63
27.75
31.75
2.50
13.25
8.50
17.75
26.63
13.02
26.63
13.02
20.25
26.63
29.75
33.75
2.50
15.25
8.50
17.75
26.63
12.41
26.63
12.41
20.25
26.63
29.75
33.75
2.50
15.25
8.50
16.50
24.75
11.87
24.75
11.87
19.00
24.75
28.50
32.50
2.50
14.00
8.50
16.50
24.75
11.56
24.75
11.56
19.00
24.75
28.50
32.50
2.50
14.00
8.50
16.50
24.75
11.41
24.75
11.41
19.00
24.75
28.50
32.50
2.50
14.00
8.50
14.00
21.00
11.24
21.00
11.24
16.50
21.00
26.00
30.00
2.50
11.50
8.50
14.00
21.00
11.22
21.00
11.22
16.50
21.00
26.00
30.00
2.50
11.50
8.50
13.00
19.50
10.94
19.50
10.94
15.50
19.50
25.00
29.00
2.50
10.50
8.50
12.00
18.00
10.85
18.00
10.85
14.50
18.00
24.00
2.50
9.50
8.50
12.00
18.00
10.76
18.00
10.76
14.50
18.00
24.00
2.50
9.50
8.50
12.00
18.00
10.74
18.00
10.74
14.50
18.00
24.00
2.50
9.50
8.50
11.00
16.50
10.71
16.50
10.71
13.50
16.50
23.00
2.50
8.50
8.50
10.00
15.00
10.71
15.00
10.71
12.50
15.00
22.00
2.50
7.50
8.075
9.50
14.25
10.67
14.25
10.67
12.00
14.25
21.50
2.50
7.00
2008.
2008.
31.75
2009.
2009.
, .
3 8
11

( % )

3)
1)

14
14 ,
,

2)

4)
4)
5)
4)
4)
4)
4)
6)
8)
7)
10
11
12
13
14
2010.
2010.
8.075
9.50
14.25
10.66
14.25
10.66
12.00
14.25
21.50
2.50
7.00
8.075
9.50
14.25
10.64
8.10
9.00
13.50
10.64
7.65
8.50
12.75
10.69
10.69
14.25
10.64
13.50
10.64
12.75
10.69
10.69
12.00
14.25
21.50
2.50
7.00
11.50
13.50
21.00
2.50
6.50
11.00
12.75
20.50
2.50
6.00
8.00
8.00
12.00
10.73
10.73
12.00
10.73
10.73
10.50
12.00
20.00
2.50
5.50
8.00
8.00
12.00
10.88
10.88
12.00
10.88
10.88
10.50
12.00
20.00
2.50
5.50
8.00
8.00
12.00
10.89
10.89
12.00
10.89
10.89
10.50
12.00
20.00
2.50
5.50
8.50
8.50
9.00
9.00
12.75
10.88
13.50
11.02
10.88
12.75
10.88
10.88
11.00
12.75
20.50
2.50
6.00
11.02
13.50
11.02
11.02
11.50
13.50
21.00
2.50
6.50
9.50
9.50
14.25
11.04
11.04
14.25
11.04
11.04
12.00
14.25
21.50
2.50
7.00
10.50
10.50
15.75
11.02
11.02
15.75
11.02
11.02
13.00
15.75
22.50
2.50
8.00
11.50
11.50
17.25
11.02
11.02
17.25
11.02
11.02
14.00
17.25
23.50
2.50
9.00
12.00
12.00
18.00
11.08
11.08
18.00
11.08
11.08
14.50
18.00
24.00
2.50
9.50
12.00
12.00
12.25
12.25
12.50
12.50
18.00
11.18
11.18
18.00
11.18
11.18
14.50
18.00
24.00
2.50
9.50
18.38
11.34
11.34
18.38
11.34
11.34
14.75
18.38
24.25
2.50
9.75
18.75
11.44
11.44
18.75
11.44
11.44
15.00
18.75
24.50
2.50
10.00
12.50
12.50
18.75
11.52
11.52
18.75
11.52
11.52
15.00
18.75
24.50
2.50
10.00
12.00
12.00
18.00
11.61
11.61
18.00
11.61
11.61
14.50
18.00
24.00
2.50
9.50
11.75
11.75
17.63
11.53
11.53
17.63
11.53
11.53
14.25
17.63
23.75
2.50
9.25
11.75
11.75
17.63
11.54
11.54
17.63
11.54
11.54
14.25
17.63
23.75
2.50
9.25
11.25
11.25
16.88
11.58
11.58
16.88
11.58
11.58
13.75
16.88
23.25
2.50
8.75
10.75
10.75
16.13
11.47
11.47
16.13
11.47
11.47
13.25
16.13
22.75
2.50
8.25
10.00
10.00
15.00
11.42
11.42
15.00
11.42
11.42
12.50
15.00
22.00
2.50
7.50
9.75
9.75
14.63
11.18
11.18
14.63
11.18
11.18
12.25
14.63
21.75
2.50
7.25
9.50
9.50
14.25
11.02
11.02
14.25
11.02
11.02
12.00
14.25
21.50
2.50
7.00
9.50
9.50
14.25
10.83
10.83
14.25
10.83
10.83
12.00
14.25
21.50
2.50
7.00
9.50
9.50
14.25
10.74
10.74
14.25
10.74
10.74
12.00
14.25
21.50
2.50
7.00
9.50
9.50
14.25
10.68
10.68
14.25
10.68
10.68
12.00
13.00
21.50
2.50
7.00
9.50
9.50
14.25
10.65
10.65
14.25
10.65
10.65
12.00
13.00
21.50
2.50
7.00
2011.
2011.
2012.
2012.
1. 2006. , , , (" ",

. 45/2011).
1)
2)
11. 2004. . , 2005. 9. 2005. .
3)
10. 11. 2005. 31. 8. 2006. 3,6 9 .
10. 2002. , , 11. 2002. 17. 2008. , 7. 8., ,

. 18.9-17.10. 2008, .
4)
4)
17. 2010. , (" ", . 12/2010).
w 10. 2005. . 3. 2008. ,

(" ", . 52/2008, 40/2010, 3/2011 i 18/2011).
5)
1. 2006. . 23. 2008. , (" ", . 96/2008), 19. 2012. . 20. 2012. ,
(" ", . 31/2012).
6)
7)
10. 2009. , .
2002. .
: .
8)
, .
4 8
Statistical Bulletin of the National Bank of Serbia
ble 11
NBS Interest Rates

(Annual rate in percentage)
Lending interest rates
Deposit interest rates
On Lombard loans3)
Discount rate
Key policy
rate1)
If the bank repaid the

If the total number of days of
Lombard loan on the
Lombard loan use in the course
Lombard loan use in the
business day following the
of a month is not in excess of
course of a month is in
day of its disbursement and
14 business days, provided
excess of 14 business days,
if the total number of days
that the number of days of
provided that the number of
of using such loans in the uninterrupted use in that period days of uninterrupted use in
course of a month is not in
is not in excess of 5 business
that period is in excess of 5
excess of 7 business days
days
business days
On
Lombard
loans2)
1997
33.74
3
34.75
1998
33.74
1999
26.26
2000
2001
On nonallocated
dinar
required
reserves4)
6
-
7
33.74
34.75
33.74
27.05
26.34
27.13
16.43
16.92
2002
9.50
15.20
2003
9.00
14.40
2004
8.50
2005
8.50
2006
On nonallocated
foreign
currency
required
reserves4)
On nonallocated
leasing
required
reserves4a)
7a
7b
On
incorrectly
calculated
dinar
required
reserves4)
8
53.98
On
incorrectly
calculated
foreign
currency
required
reserves4)
On
incorrectly
calculated
leasing
required
reserves4a)
8a
8b
On the
amount of
daily
liquidity
loans5)
On the
amount of
short-term
liquidity
loans6)
Default
interest
10
-
11
53.98
53.98
56.90
56.90
26.34
26.34
58.69
58.69
19.00
22.20
8.50
14.00
2007
8.50
10.00
2008
8.50
2009
2010
2011
On the
amount of
excess
On the above-zero
liquidity of
difference between the
On the amount
banks with
prescribed and deposited
of average
the NBS
amounts and between the daily balance of
correctly calculated and
allocated dinar
miscalculated amount that
required
a bank is required to
reserves8)
deposit with the NBS7)
12
13
14
16.87
1997
53.98
16.87
1998
42.02
13.13
1999
42.14
13.17
2000
26.29
6.05
2001
19.00
15.20
19.00
3.32
3.80
2002
36.00
36.00
14.40
18.00
3.15
3.15
2003
34.00
34.00
21.25
25.50
2.97
2.97
2004
25.20
28.20
34.00
34.00
17.00
25.50
2.98
6.00
2005
17.00
19.00
21.00
30.00
30.00
26.00
2.50
11.00
2006
12.50
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
2007
17.75
26.63
12.41
20.25
26.63
29.75
33.75
2.50
15.25
2008
8.075
9.50
14.25
10.67
11.50
11.50
17.25
11.02
11.02
9.75
9.75
14.63
11.18
11.18
Jan
16.43
16.92
58.69
Feb
13.85
14.27
Mar
12.43
12.80
Apr
11.00
17.60
May
11.00
17.60
Jun
9.50
15.20
Jul
9.50
15.20
Aug
9.50
Sep
9.50
Oct
26.63
12.41
14.25
10.67
12.00
14.25
21.50
2.50
7.00
2009
17.25
11.02
11.02
14.00
17.25
23.50
2.50
9.00
2010
14.63
11.18
11.18
12.25
14.63
21.75
2.50
7.25
2011
58.69
26.29
6.05
Jan
66.74
66.74
22.16
6.72
Feb
58.69
58.69
19.89
6.05
Mar
22.00
22.00
16.50
22.00
3.85
4.40
Apr
22.00
22.00
16.50
22.00
3.85
4.40
May
19.00
19.00
14.25
19.00
3.32
3.80
Jun
19.00
19.00
14.25
19.00
3.32
3.80
Jul
15.20
19.00
19.00
15.20
19.00
3.32
3.80
Aug
15.20
19.00
19.00
15.20
19.00
3.32
3.80
Sep
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
Oct
Nov
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
Nov
Dec
9.50
15.20
19.00
19.00
15.20
19.00
3.32
3.80
Dec
Jan
9.00
14.40
18.00
18.00
14.40
18.00
3.15
3.60
Jan
Feb
9.00
14.40
18.00
18.00
14.40
18.00
3.15
3.60
Feb
Mar
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
Mar
Apr
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
Apr
May
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.60
May
Jun
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Jun
Jul
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Jul
Aug
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Aug
Sep
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Sep
Oct
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Oct
Nov
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Nov
Dec
9.00
14.40
36.00
36.00
14.40
18.00
3.15
3.15
Dec
2002
2002
2003
2003
Data download and use allowed. Due to technical reasons, NBS makes no warranties as to the accuracy or completeness of the information.
5/8
ble 11
NBS Interest Rates

On Lombard loans3)
Discount rate
Key policy
rate1)
On
Lombard
loans2)

Lombard loan on the
days
business days
4
On nonallocated
dinar
required
reserves4)
On nonallocated
foreign
currency
required
reserves4)
On nonallocated
leasing
required
reserves4a)
On
incorrectly
calculated
dinar
required
reserves4)
On
incorrectly
calculated
foreign
currency
required
reserves4)
On
incorrectly
calculated
leasing
required
reserves4a)
7a
7b
8a
8b
On the
amount of
daily
liquidity
loans5)
On the
amount of
short-term
liquidity
loans6)
Default
interest
10
11
On the
amount of
excess
On the above-zero
liquidity of
On the amount
banks with
of average
the NBS
allocated dinar
required
reserves8)
12
13
14
2004
2004
Jan
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
Jan
Feb
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
Feb
Mar
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
Mar
Apr
8.50
13.60
34.00
34.00
13.60
17.00
2.97
2.97
Apr
May
8.50
34.00
34.00
17.00
25.50
2.97
2.97
May
Jun
8.50
34.00
34.00
17.00
25.50
2.97
2.97
Jun
Jul
8.50
34.00
34.00
17.00
25.50
2.97
2.97
Jul
Aug
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Aug
Sep
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Sep
Oct
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Oct
Nov
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Nov
Dec
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Dec
Jan
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Jan
Feb
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Feb
Mar
8.50
34.00
34.00
21.25
25.50
2.97
2.97
Mar
Apr
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Apr
May
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
May
Jun
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Jun
Jul
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Jul
Aug
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Aug
Sep
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Sep
Oct
8.50
23.38
34.00
34.00
21.25
17.00
25.50
2.98
2.98
Oct
Nov
8.50
19.33
22.33
25.33
34.00
34.00
17.00
25.50
2.98
6.00
Nov
Dec
8.50
22.20
25.20
28.20
34.00
34.00
17.00
25.50
2.98
6.00
Dec
Jan
8.50
23.44
26.44
29.44
34.00
34.00
17.00
25.50
2.98
6.00
Jan
Feb
8.50
23.57
26.57
29.57
34.00
34.00
17.00
25.50
2.98
6.00
Feb
Mar
8.50
24.89
27.89
30.89
34.00
34.00
17.00
25.50
2.98
6.00
Mar
Apr
8.50
25.26
28.26
31.26
34.00
34.00
17.00
25.50
2.98
6.00
Apr
May
8.50
24.99
27.99
30.99
34.00
34.00
17.00
25.50
2.98
6.00
May
Jun
8.50
23.86
26.86
29.86
34.00
34.00
17.00
25.50
2.98
6.00
Jun
Jul
8.50
23.51
26.51
29.51
34.00
34.00
17.00
25.50
2.98
6.00
Jul
Aug
8.50
21.61
24.61
27.61
34.00
34.00
17.00
25.50
2.98
6.00
Aug
Sep
8.50
18.00
22.00
24.00
26.00
34.00
34.00
30.00
3.00
14.00
Sep
Oct
8.50
18.00
22.00
24.00
26.00
34.00
34.00
30.00
3.00
14.00
Oct
Nov
8.50
16.50
20.50
22.50
24.50
32.50
32.50
28.50
2.50
12.50
Nov
Dec
8.50
14.00
17.00
19.00
21.00
30.00
30.00
26.00
2.50
11.00
Dec
2005
2005
2006
2006
6/8
ble 11
NBS Interest Rates

On Lombard loans3)
Discount rate
Key policy
rate1)
On
Lombard
loans2)

Lombard loan on the
days
business days
4
On nonallocated
dinar
required
reserves4)
On nonallocated
foreign
currency
required
reserves4)
On nonallocated
leasing
required
reserves4a)
On
incorrectly
calculated
dinar
required
reserves4)
On
incorrectly
calculated
foreign
currency
required
reserves4)
On
incorrectly
calculated
leasing
required
reserves4a)
7a
7b
8a
8b
On the
amount of
daily
liquidity
loans5)
On the
amount of
short-term
liquidity
loans6)
Default
interest
10
11
On the
amount of
excess
On the above-zero
liquidity of
On the amount
banks with
of average
the NBS
allocated dinar
required
reserves8)
12
13
14
2007
2007
Jan
8.50
13.00
16.00
18.00
20.00
29.00
29.00
25.00
2.50
10.00
Jan
Feb
8.50
13.00
16.00
18.00
20.00
29.00
29.00
Mar
8.50
10.50
13.00
15.50
17.50
26.50
26.50
Apr
8.50
10.50
13.00
15.50
17.50
26.50
26.50
25.00
2.50
10.00
Feb
22.50
26.50
2.50
8.00
Mar
22.50
26.50
2.50
8.00
May
8.50
10.00
12.50
15.00
17.00
26.00
26.00
Apr
22.00
26.00
2.50
7.50
Jun
8.50
9.50
12.00
14.50
16.50
25.50
25.50
May
21.50
25.50
2.50
7.00
Jul
8.50
9.50
12.00
14.50
16.50
25.50
25.50
Jun
21.50
25.50
2.50
7.00
Aug
8.50
9.75
12.25
14.75
16.75
25.75
Jul
25.75
21.75
25.75
2.50
7.25
Sep
8.50
9.75
12.25
14.75
16.75
25.75
Aug
25.75
21.75
25.75
2.50
7.25
Oct
8.50
9.50
12.00
14.50
16.50
25.50
Sep
25.50
21.50
25.50
2.50
7.00
Nov
8.50
9.50
12.00
14.50
16.50
Oct
25.50
25.50
21.50
25.50
2.50
7.00
Dec
8.50
10.00
12.50
15.00
Nov
17.00
26.00
26.00
22.00
26.00
2.50
7.50
Jan
8.50
10.00
12.50
Dec
15.00
17.00
26.00
26.00
22.00
26.00
2.50
7.50
Jan
Feb
8.50
11.50
Mar
8.50
14.50
14.00
16.50
18.50
27.50
27.50
23.50
27.50
2.50
9.00
Feb
17.00
19.50
21.50
30.50
30.50
26.50
30.50
2.50
12.00
Apr
8.50
15.25
Mar
17.75
20.25
22.25
31.25
31.25
27.25
31.25
2.50
12.75
May
8.50
Apr
15.75
18.25
20.75
22.75
31.75
31.75
27.75
31.75
2.50
13.25
Jun
May
8.50
15.75
31.75
31.75
18.25
27.75
31.75
2.50
13.25
Jun
Jul
8.50
15.75
31.75
31.75
18.25
27.75
31.75
2.50
13.25
Jul
Aug
8.50
15.75
31.75
18.25
27.75
31.75
2.50
13.25
Aug
Sep
8.50
15.75
23.63
14.92
23.63
14.92
18.25
27.75
31.75
2.50
13.25
Sep
Oct
8.50
15.75
23.63
13.94
23.63
13.94
18.25
23.63
27.75
31.75
2.50
13.25
Oct
Nov
8.50
17.75
26.63
13.02
26.63
13.02
20.25
26.63
29.75
33.75
2.50
15.25
Nov
Dec
8.50
17.75
26.63
12.41
26.63
12.41
20.25
26.63
29.75
33.75
2.50
15.25
Dec
Jan
8.50
16.50
24.75
11.87
24.75
11.87
19.00
24.75
28.50
32.50
2.50
14.00
Jan
Feb
8.50
16.50
24.75
11.56
24.75
11.56
19.00
24.75
28.50
32.50
2.50
14.00
Feb
Mar
8.50
16.50
24.75
11.41
24.75
11.41
19.00
24.75
28.50
32.50
2.50
14.00
Mar
Apr
8.50
14.00
21.00
11.24
21.00
11.24
16.50
21.00
26.00
30.00
2.50
11.50
Apr
May
8.50
14.00
21.00
11.22
21.00
11.22
16.50
21.00
26.00
30.00
2.50
11.50
May
Jun
8.50
13.00
19.50
10.94
19.50
10.94
15.50
19.50
25.00
29.00
2.50
10.50
Jun
Jul
8.50
12.00
18.00
10.85
18.00
10.85
14.50
18.00
24.00
2.50
9.50
Jul
Aug
8.50
12.00
18.00
10.76
18.00
10.76
14.50
18.00
24.00
2.50
9.50
Aug
Sep
8.50
12.00
18.00
10.74
18.00
10.74
14.50
18.00
24.00
2.50
9.50
Sep
Oct
8.50
11.00
16.50
10.71
16.50
10.71
13.50
16.50
23.00
2.50
8.50
Oct
Nov
8.50
10.00
15.00
10.71
15.00
10.71
12.50
15.00
22.00
2.50
7.50
Nov
Dec
8.075
9.50
14.25
10.67
14.25
10.67
12.00
14.25
21.50
2.50
7.00
Dec
2008
2008
31.75
2009
2009
7/8
ble 11
NBS Interest Rates

On Lombard loans3)
Discount rate
Key policy
rate1)
On
Lombard
loans2)

Lombard loan on the
days
business days
4
On nonallocated
dinar
required
reserves4)
On nonallocated
foreign
currency
required
reserves4)
On nonallocated
leasing
required
reserves4a)
On
incorrectly
calculated
dinar
required
reserves4)
On
incorrectly
calculated
foreign
currency
required
reserves4)
On
incorrectly
calculated
leasing
required
reserves4a)
7a
7b
8a
8b
On the
amount of
daily
liquidity
loans5)
On the
amount of
short-term
liquidity
loans6)
Default
interest
10
11
On the
amount of
excess
On the above-zero
liquidity of
On the amount
banks with
of average
the NBS
allocated dinar
required
reserves8)
12
13
14
2010
2010
Jan
8.075
9.50
14.25
10.66
14.25
10.66
12.00
14.25
21.50
2.50
7.00
Jan
Feb
8.075
9.50
14.25
10.64
Mar
8.10
9.00
13.50
10.64
Apr
7.65
8.50
12.75
10.69
10.69
14.25
10.64
13.50
10.64
12.75
10.69
10.69
12.00
14.25
21.50
2.50
7.00
Feb
11.50
13.50
21.00
2.50
6.50
Mar
11.00
12.75
20.50
2.50
6.00
May
8.00
8.00
12.00
10.73
10.73
12.00
10.73
Apr
10.73
10.50
12.00
20.00
2.50
5.50
Jun
8.00
8.00
12.00
10.88
10.88
12.00
May
10.88
10.88
10.50
12.00
20.00
2.50
5.50
Jul
8.00
8.00
12.00
10.89
10.89
Jun
12.00
10.89
10.89
10.50
12.00
20.00
2.50
5.50
Aug
8.50
8.50
12.75
10.88
Jul
10.88
12.75
10.88
10.88
11.00
12.75
20.50
2.50
6.00
Sep
9.00
9.00
13.50
Aug
11.02
11.02
13.50
11.02
11.02
11.50
13.50
21.00
2.50
6.50
Oct
9.50
9.50
Sep
14.25
11.04
11.04
14.25
11.04
11.04
12.00
14.25
21.50
2.50
7.00
Nov
10.50
10.50
Oct
15.75
11.02
11.02
15.75
11.02
11.02
13.00
15.75
22.50
2.50
8.00
Dec
11.50
11.50
Nov
17.25
11.02
11.02
17.25
11.02
11.02
14.00
17.25
23.50
2.50
9.00
Jan
12.00
12.00
Dec
18.00
11.08
11.08
18.00
11.08
11.08
14.50
18.00
24.00
2.50
9.50
Jan
Feb
12.00
12.00
Mar
12.25
12.25
18.00
11.18
11.18
18.00
11.18
11.18
14.50
18.00
24.00
2.50
9.50
Feb
18.38
11.34
11.34
18.38
11.34
11.34
14.75
18.38
24.25
2.50
9.75
Apr
12.50
Mar
12.50
18.75
11.44
11.44
18.75
11.44
11.44
15.00
18.75
24.50
2.50
10.00
May
Apr
12.50
12.50
18.75
11.52
11.52
18.75
11.52
11.52
15.00
18.75
24.50
2.50
10.00
May
Jun
12.00
12.00
18.00
11.61
11.61
18.00
11.61
11.61
14.50
18.00
24.00
2.50
9.50
Jun
Jul
11.75
11.75
17.63
11.53
11.53
17.63
11.53
11.53
14.25
17.63
23.75
2.50
9.25
Jul
Aug
11.75
11.75
17.63
11.54
11.54
17.63
11.54
11.54
14.25
17.63
23.75
2.50
9.25
Aug
Sep
11.25
11.25
16.88
11.58
11.58
16.88
11.58
11.58
13.75
16.88
23.25
2.50
8.75
Sep
Oct
10.75
10.75
16.13
11.47
11.47
16.13
11.47
11.47
13.25
16.13
22.75
2.50
8.25
Oct
Nov
10.00
10.00
15.00
11.42
11.42
15.00
11.42
11.42
12.50
15.00
22.00
2.50
7.50
Nov
Dec
9.75
9.75
14.63
11.18
11.18
14.63
11.18
11.18
12.25
14.63
21.75
2.50
7.25
Dec
Jan
9.50
9.50
14.25
11.02
11.02
14.25
11.02
11.02
12.00
14.25
21.50
2.50
7.00
Jan
Feb
9.50
9.50
14.25
10.83
10.83
14.25
10.83
10.83
12.00
14.25
21.50
2.50
7.00
Feb
Mar
9.50
9.50
14.25
10.74
10.74
14.25
10.74
10.74
12.00
14.25
21.50
2.50
7.00
Mar
Apr
9.50
9.50
14.25
10.68
10.68
14.25
10.68
10.68
12.00
13.00
21.50
2.50
7.00
Apr
May
9.50
9.50
14.25
10.65
10.65
14.25
10.65
10.65
12.00
13.00
21.50
2.50
7.00
May
2011
2011
2012
2012
1)
As of 1 September 2006, lending and deposit rates of the National Bank of Serbia are set at the level of key policy rate increased/decreased by a certain number of percentage points, as specified by the Decision on interest rates applied by the NBS in the implementation of monetary policy ("RS Official Gazette", nos. 45/2011).
2)
Interest rate on Lombard loan is revoked since 11 May 2004. With the enactment of a new Decision on the conditions and manner of extending short-term loans against a collateral of securities, this interest rate was re-introduced and applied from April to 9 November 2005.
3)
From 10 November 2005 until 31 August 2006, the interest rate on Lombard loans was set at the level of weighted average repo rate increased by 3, 6 or 9 percentage points.
Until 10 April 2002 shown were the interest rates charged on non-allocated and/or incorrectly calculated dinar required reserves, and in the period from 11 April 2002 to 17 September 2008, interest rates shown in columns 7 and 8 were those charged on non-allocated and incorrectly calculated dinar and foreign exchange
required reserves. Beginning from the maintenance period 18 September17 October 2008, interest rates on non-allocated and/or incorrectly calculated dinar/foreign currency required reserves have been shown in separate columns.
4)
4)
A new Decision on Banks' Required Reserves with the National Bank of Serbia in Respect of Foreign Currency Balances Held by Leasing Companies in Special Purpose Accounts with Banks was enacted on 17 April 2010 ("RS Official Gazette", No. 12/2010).
Interest rate on daily liquidity loans was revoked on 10 November 2005 subject to the new Decision on Lombard loans. A new Decision on the conditions and manner of extending daily liquidity credits to banks against a collateral of securities was enacted on 3 June 2008 ("RS Official Gazette", No. 52/2008, 40/2010, 3/2011 and
18/2011).
5)
Emergency loans were abolished on 1 September 2006. As of 23 October 2008, a new Decision on Terms and Conditions of Extending Liquidity Loans to Banks ("RS Official Gazette", No. 96/2008) is in force, until 19 April 2012. As of 20 April 2012, a new Decision on Terms and Conditions of Extending Liquidity Loans to
Banks ("RS Official Gazette", No. 31/2012) is in force.
6)
7)
On 10 June 2009, the Decision on Adjusting Gross Household Lending to Share Capital of Banks was put out of force.
8)
Until April 2002, deposit interest rate was calculated by applying the prescribed interest rates on allocated required reserve funds.
NOTE: In the months that witnessed changes in interest rates, the interest rates applicable at the end of those particular months were used.
8/8

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Statistical Bulletin of the National Bank of Serbia

NBS Interest Rates

Lending interest rates

Deposit interest rates

If the bank repaid the

Statistical Bulletin of the National Bank of Serbia

NBS Interest Rates

Lending interest rates

Deposit interest rates

If the bank repaid the

Statistical Bulletin of the National Bank of Serbia

NBS Interest Rates

Lending interest rates

Deposit interest rates

If the bank repaid the

Statistical Bulletin of the National Bank of Serbia

NBS Interest Rates

Lending interest rates

Deposit interest rates

If the bank repaid the

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