credit cycle

Serbia credit growth accelerates in 2026 as households and working capital borrow more

Serbia’s banking sector entered 2026 with domestic lending moving from recovery into expansion, according to the National Bank of Serbia’s first-quarter credit trends report. Total loans to the non-monetary sector rose 16.9% year on year in March, after excluding exchange-rate effects. The report also shows that overall credit growth extended beyond a single borrower group. Household lending remained the largest contributor, increasing 20.9% year on year, while corporate loans rose 12.0%. Total domestic bank placements to the non-monetary sector, including…