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Serbia central bank holds rate steady

The National Bank of Serbia maintained its key policy rate at 3.0% as it cited the need for continued caution amid uncertainties in the international commodity and financial markets.

The central bank particularly cited the volatility of global oil prices as well as geopolitical and trade tensions and their impact on economic growth.

"Nevertheless, the Executive Board points out that the resilience of our economy to potential negative effects from the international environment has increased, owing to improved macroeconomic indicators and overall prospects," the bank said.

Serbia's economy expanded 4.9% year over year in the first half, the fastest pace in 10 years and up from the previous estimate of 4.5%. The bank expects full-year growth at about 4%.

Inflation came in at 2.4% year over year in July and is projected to move within the bank's target tolerance band over the next two years.