The National Bank of Serbia kept its benchmark rate at 5.75% in November, along with deposit (4.5%) and credit facility (7%) rates. Inflation has slowed significantly to 2.9% in September and 2.8% in October, aided by government limits on trade margins for certain goods. The Bank expects inflation to remain near the 3% target, supported by systemic laws against unfair trade practices, easing global cost pressures, and a potentially stronger agricultural season, though rising disposable incomes may counter this. GDP growth slowed to 2.0% in Q3, driven by automotive production, exports, and services, with weaker investment and consumer confidence. The Board emphasized caution due to global instability, trade tensions, and geopolitical risks, committing to data-driven, flexible policy to preserve financial stability and support growth.