Serbian household savings in domestic commercial banks rose 5.5% y/y to RSD 913bn (EUR 8.2bn) at end-April, cooling from the 8.3% annual increase a month earlier, as short-term foreign currency savings’ growth slowed, central bank data showed.
The end-April savings equalled 24.3% of the 2013 GDP forecast, down from 25.6% of GDP a year earlier, according to IntelliNews calculations. In monthly terms, household savings inched down 1.4% m/m in April after increasing 0.6% a month earlier.
Short-term foreign currency savings have been the main growth engine of household savings annual expansion since end-2012, likely reflecting local dinar currency volatility. Long-term FX savings have been retreating since November 2012, as the dinar has been gaining ground against the euro since September 2012 due to exports revival and government-subsidised lending. The dinar appreciated by around 2.4% ytd following a 9.0% depreciation in 2012 supported by increased non-residents’ demand for government securities. The recent EC recommendation to start EU accession talks with Serbia also helped.
Dinar savings remained in the red in April, shrinking by 5.6% y/y to RSD 19.3bn, as both long and short term savings contracted. They accounted for only 2% of total household savings.
| Serbia's household savinngs, RSD bn | Apr'12 | Apr'13 | Change,y/y,% |
| Dinar savings | 20.4 | 19.3 | -5.6 |
| -- Short term | 18.3 | 18.0 | -1.8 |
| -- Long-term | 2.1 | 1.3 | -38.3 |
| FX savings | 845.4 | 894.2 | 5.8 |
| --Short-term | 631.6 | 726.3 | 15.0 |
| -- Long-term | 213.9 | 168.0 | -21.5 |
| Total household savings | 865.8 | 913.5 | 5.5 |
| Source: NBS |
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