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Fitch confirmed Serbia’s credit rating

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Credit rating agency Fitch confirmed Serbia’s credit rating at the BB+ level, which is one step away from investment rating, with stable prospects for its further increase, the National Bank of Serbia (NBS) announced today.

“The agency also projects that the foreign exchange reserves, which are at a record level, will continue to grow and that in the next two years they will remain at a level that covers more than five months of imports of goods and services, which is above the average of countries of the same rating,” it is stated in announcement.

Gross foreign exchange reserves of the National Bank of Serbia at the end of July 2023 amounted to 23.1 billion euros, which is the highest level of gross foreign exchange reserves at the end of the month since the data has been monitored in this way, since 2000.

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The report states that the peak of inflation has passed and that it is realistic to expect its return to single-digit levels by the end of the year, which will be contributed to by the adequate reactions of the National Bank of Serbia.

The slowdown in inflation in Serbia in July to 12.5 percent year-on-year is largely the result of the slowdown in the growth of processed food and energy prices, as well as prices within the base inflation (consumer price index excluding food, energy, alcohol and cigarette).

NBS estimates that Serbia’s external position will improve significantly throughout the year, as a result of increased exports and lower imports of energy products.

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