At its meeting today, the NBS Executive Board voted to keep the key policy rate at 1.5%.
In making such decision, the Executive Board had in mind the undertaken monetary policy measures aimed at mitigating the economic fallout from the coronavirus (COVID-19), whose effects will be largely manifested with further resumption of economic activity, the NBS says.
The Board was also guided by the fact that the direct support to the private sector, hit most by the crisis, has been ensured through timely and coordinated actions of the Serbian Government and the NBS, i.e. measures to support liquidity of the banking sector, introduction of a moratorium on loan repayment and launching a package of fiscal aid to businesses and households.
The Board emphasizes that the adoption of the monetary and fiscal policy support measures was made possible in an environment of low and stable inflation which, consistent with NBS expectations, slowed to 1.3% y-o-y in March, the press release says.
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