Key policy rate up 3 pct. points

The National Bank of Serbia (NBS) has raised the key policy rate by three percentage points, from 11.5 to 14.5 percent.

Izvor: B92

Thursday, 13.03.2008.

15:46

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The National Bank of Serbia (NBS) has raised the key policy rate by three percentage points, from 11.5 to 14.5 percent. The NBS Monetary Committee says in a statement that it is also necessary to further increase the degree of monetary restrictiveness in order to keep the base rate of inflation between the target of three and six percent by the end of the year. Key policy rate up 3 pct. points According to the committee, the influence of non-economic and external factors has risen sharply as the macro-economic situation deteriorates, while an increase in risk premiums is causing investor uncertainty, particularly among foreign investors. The NBS states that in addition to a likely rise in inflation, foreign exchange activity is declining, creating additional pressure on the domestic currency. The Monetary Committee has also warned of growing inflatory pressure following the increase in crude oil prices, which are approaching the most pessimistic expectations, but also of the dangers of increasing fiscal expenditure, customary before elections. The next session of the Monetary Committee is due to take place on March 28, 2008.

Key policy rate up 3 pct. points

According to the committee, the influence of non-economic and external factors has risen sharply as the macro-economic situation deteriorates, while an increase in risk premiums is causing investor uncertainty, particularly among foreign investors.

The NBS states that in addition to a likely rise in inflation, foreign exchange activity is declining, creating additional pressure on the domestic currency.

The Monetary Committee has also warned of growing inflatory pressure following the increase in crude oil prices, which are approaching the most pessimistic expectations, but also of the dangers of increasing fiscal expenditure, customary before elections.

The next session of the Monetary Committee is due to take place on March 28, 2008.

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