塞尔维亚BELEX15指数 (BELEX15) 加自选

塞尔维亚国家银行（NBS）在2025年7月的会议上将基准利率稳定在5.75%，这表明在全球不确定性中保持谨慎，包括主要经济体的保护主义措施和中东冲突影响能源价格的地缘政治风险加剧。尽管5月份整体通胀率同比放缓至3.8%，但由于能源价格上涨和影响食品供应的恶劣天气条件，预计通胀率将暂时回升，通胀率可能在4.5%的目标容忍区间上限附近。经济活动在制造业投资、出口扩张、服务改善和信贷强劲扩张的支持下稳步增长。此外，随着欧洲央行保持宽松立场，美联储变得更加谨慎，国家统计局选择保持利率以维护金融稳定，并在不断变化的数据和风险中保持灵活性。

The National Bank of Serbia (NBS) held its benchmark interest rate steady at 5.75% during its July 2025 meeting, signaling caution amid global uncertainties, including protectionist measures by major economies and heightened geopolitical risks from the Middle East conflict affecting energy prices. Although year-on-year headline inflation slowed to 3.8% in May, a temporary pickup is expected due to rising energy prices and adverse weather conditions affecting food supply, with inflation likely trending around the upper bound of the target tolerance band at 4.5%. Economic activity shows steady growth supported by manufacturing investments, export expansion, improved services, and robust credit expansion. Additionally, with the ECB maintaining an accommodative stance and the Fed turning more cautious, the NBS opted to hold rates to preserve financial stability and stay flexible amid evolving data and risks.