ministry of finance

Serbia’s Foreign-Currency Debt Share Rises as Euro Borrowing Expands

Serbia’s public debt remains below many European benchmarks, but the structure of government liabilities shifted further toward foreign-currency exposure during 2026 as dinar-denominated borrowing declined and euro-linked financing increased. During the first quarter of 2026, the share of public debt denominated in dinars dropped by 1.4 percentage points to 21.1%, continuing the reversal of a local-currency borrowing strategy introduced in 2012. The change was driven by two largely balanced movements. Dinar liabilities decreased by RSD65 billion, mainly because government securities…