Despite uncertainties, household savings in Serbia continued to rise in 2025. By the end of June, dinar-denominated savings increased by 4.5 billion dinars (2.4%) to 195.7 billion dinars, while foreign currency savings grew by €313 million (2.0%). By late July, dinar savings surpassed 200 billion dinars, and foreign currency savings neared €16 billion—record highs. The share of dinar savings in total deposits approached 10%, up from under 2% in 2012. Analysis from 2012–2025 indicates that saving in the domestic currency was consistently more profitable than in euros, regardless of term.
Credit activity
Domestic lending also saw strong growth. In June 2025, total domestic loans to the non-monetary sector rose 10.8% year-on-year. Household lending accelerated to 14.0%, while corporate lending grew 7.1%. Most corporate loans were directed toward liquidity and working capital, with trading, manufacturing, construction, and real estate sectors leading demand. Large enterprises accounted for roughly 55% of new lending, reducing the share of loans to micro, small, and medium enterprises to 60.3%. Household loans increased by 5.5% in Q2 2025, the highest quarterly growth since 2008, driven by lower interest rates, relaxed credit standards, bank promotions, and rising wages.
Profitability of dinar savings
Higher interest rates on dinar deposits, favorable tax treatment, and financial stability contributed to dinar savings being more profitable than euro savings over the past 13 years. For example, a 100,000 dinar deposit from June 2012, rolled over until June 2025, would earn nearly 58,000 dinars (~€500) more than the equivalent in euros. Short-term dinar deposits (3–6 months) were profitable in 92% of sub-periods; two-year terms were always more profitable than euro deposits. Dinar savings have increased more than elevenfold over 13 years.
Financial stability and inflation
Serbia maintained relative stability of the dinar against the euro despite early-year depreciation pressures. NBS interventions in June and July 2025 increased foreign reserves, which reached €28.3 billion gross (€24.1 billion net) by the end of July. Average inflation in H1 2025 was 4.3%, close to the NBS target of 3 ±1.5%. Core inflation (excluding food, energy, alcohol, and tobacco) fell from 5.3% in December 2024 to 4.7% in June. Non-performing loans fell to a record low of 2.3% in June 2025, down from 22.4% in August 2015.
