NBS: Dinar Savings Earned 533 Euros More Over 14 Years
NBS analysis: dinar savings outperformed euro savings in 155 of 157 periods tracked, as household dinar deposits topped two billion euros for the first time.
Household dinar savings in Serbia passed 244 billion dinars (the equivalent of more than two billion euros) by mid-August 2026, according to data from the National Bank of Serbia. That marks growth of 37.9 billion dinars, or 18.4%, since the start of the year, and the first time dinar savings have crossed the two billion euro mark.
Alongside the figures, the NBS published its own analysis comparing how dinar savings stack up against euro savings, covering the period from June 2012 to June 2026. The central bank’s analysis lays out a concrete example: someone who locked in a one year dinar deposit of 100,000 dinars in June 2012, then kept renewing that deposit every year for the next 13 years, ended up in June 2026 with 62,600 dinars more, or roughly 533 euros more, than if they had kept the same money in euros the whole time.
The NBS analysis covers 157 consecutive one year periods, and in 155 of them, a one year dinar deposit outperformed the euro equivalent. For three month deposits, dinars came out ahead in 92% of periods, while for two year deposits, dinar savings beat euro savings in every single period measured, without exception.
Why the dinar pays off better than the euro
According to the NBS, three factors work in favor of dinar savings: the relative stability of the dinar’s exchange rate against the euro, higher interest rates on dinar deposits compared to foreign currency ones, and tax treatment. Interest earned on dinar savings is not taxed, while interest on foreign currency savings is, and the central bank says that is the main reason for the gap in returns.
Professor Zoran Grubisic of the Belgrade Banking Academy, commenting on the NBS data for Kurir, says the growth in domestic currency savings supports the dinarization of the financial system.
“More and more people are realizing that it pays off better to save in dinars given the more favorable interest rates, and that’s good news. It also contributes to dinarization,” Grubisic says.
He adds that greater reliance on the dinar also reduces currency risk. “That has always been the motive of the National Bank of Serbia, in every arrangement, both borrowing and saving, to tie ourselves as closely as possible to our own currency and thereby reduce currency risk. The euro is not our currency, so this is good news,” Grubisic says.
Thirteen times more dinars in savings accounts
Since June 2012, dinar savings have grown thirteenfold, while foreign currency savings over the same period only doubled. Foreign currency savings currently stand at 17 billion euros, and in the first half of 2026 alone they grew by 735.5 million euros, or 4.6%. The average dinar savings account held over 205,000 dinars at the end of June 2026, while the average foreign currency account held over 4,000 euros.
The share of dinar savings in total household savings passed 10% for the first time during the first half of 2026. By comparison, that share stood below 2% in June 2012, meaning the structure of household savings has fundamentally shifted toward the domestic currency over the past 14 years.
Grubisic adds that this also reflects a habit among Serbian citizens of choosing products that feel safe. “We’re a bank centric market, and by mentality, we’re used to saving. That’s not unique to us, it’s also true of continental Europe. Savings dominate in both France and Germany too,” he explains.
The National Bank of Serbia says it will keep promoting savings in the domestic currency going forward, as part of its broader strategy of dinarizing the financial system, while continuing to monitor trends in household savings.
