Serbian household deposits continued to expand in 2026, reaching RSD 2.14 trillion at the end of July, as savings in both dinars and foreign currencies increased and provided a growing funding base for the domestic banking sector.
Total household savings rose from slightly more than RSD 2 trillion at the end of 2025, representing an increase of approximately 6.8% in seven months. Dinar deposits recorded substantially faster growth over the same period. Savings in local currency increased from RSD 203.4 billion at the end of 2025 to around RSD 239.6 billion in July, an increase of nearly 18%.
Dinar deposits gain share from a low base
The faster expansion of dinar savings reflects several factors that have made local-currency deposits more attractive, including higher dinar interest rates, tax treatment and several years of exchange-rate stability. The increase also provides the National Bank of Serbia (NBS) with evidence that its long-term efforts to encourage greater use of the dinar are producing measurable changes in household saving patterns.
Despite the faster growth of local-currency deposits, however, foreign-currency savings continue to dominate household financial assets. Foreign-currency and foreign-exchange-indexed deposits amounted to approximately RSD 1.90 trillion at the end of July, accounting for almost 89% of total household savings.
Euroisation remains dominant in household finances
The figures show that the increase in dinar deposits has not yet fundamentally changed the currency structure of household savings. Local-currency deposits are expanding rapidly, but from a comparatively small base, while the vast majority of household savings remains linked directly or indirectly to foreign currencies.
The high level of deposits also indicates continued confidence in the domestic banking system, with household savings increasing even as inflation has declined. Rising deposits provide banks with a broad and relatively stable source of funding. At the same time, the predominance of euro-linked savings leaves household finances closely connected to confidence in the dinar-euro exchange rate. A large share of household financial wealth is effectively valued in euros.
Banking system operates across two currency structures
The currency composition of savings also reflects the broader structure of Serbia’s financial system, where bank assets and liabilities frequently operate across different currency regimes. The NBS has been able to manage this environment in part through substantial foreign-exchange reserves and a stable dinar exchange rate.
This has produced a distinct pattern in household finances: dinar savings are increasing at a faster rate, while euros continue to dominate the way households hold and assess their financial security. The July figures show that stronger growth in local-currency deposits has yet to substantially alter the underlying structure of household savings, with foreign-currency and FX-indexed deposits still representing almost nine-tenths of the total.
