Serbia is projected to achieve a GDP growth rate of 3.8% in 2024, one of the best results in Europe, according to the National Bank of Serbia (NBS). The central bank highlighted that 2024 will mark the fulfillment of one of the country’s key strategic objectives: obtaining an investment-grade credit rating.
“We brought inflation back within the target range (3±1.5%) in May of this year, where it has remained. In 2024, we maintained relative stability of the dinar against the euro: the dinar appreciated by 0.2% against the euro, and the NBS net purchased 2.5 billion euros through interventions on the foreign exchange market (as of December 25),” the NBS announced, detailing its achievements for 2024.
The NBS also noted that 2024 is the seventh year out of the last eight (since 2017) in which it has been a net buyer of foreign currency, with a total of 11.6 billion euros (as of December 25). The NBS pointed out that gross foreign exchange reserves have reached their highest levels ever, amounting to 29 billion euros. “We continued to increase gold reserves in 2024, adding 8.1 tons, bringing the total to a record 48 tons. With the rise in gold prices on the global market, the value of gold reserves reached a new record of 3.9 billion euros, which accounts for about 13% of foreign exchange reserves,” the NBS said.
In 2024, dinar savings saw a record nominal increase of over 49 billion dinars (35%), reaching more than 187 billion dinars. Interest rates on new dinar loans to households have been reduced by over 200 basis points, while interest rates on new dinar loans to businesses decreased by over 50 basis points (as of November).
