Savings in Serbia have been on a steady rise since 2012, with a notable surge in local currency savings. However, experts at the recent conference “Do savings in banks have an alternative?” emphasized the importance of diversifying financing options and educating both citizens and businesses to utilize them effectively. This would enable companies to access development funds and provide investors with better opportunities to allocate their capital.
The conference, held on November 4, was organized by the Deposit Insurance Agency, the Association of Serbian Banks and the Serbian Chamber of Commerce. It featured speakers from the Ministry of Finance, the Securities Commission, commercial banks, and insurance companies, who discussed the current state of savings and investment options in the country.
Mihailo Vesović, Director of the Sector for Strategic Analysis at the Serbian Chamber of Commerce, stressed that savings reflect the stability, trust, and future economic prospects of a country. “The stability of any economy is mirrored in its savings and investments. It is crucial that we educate the population and businesses on the importance of saving and improve financial literacy and responsibility among market participants,” said Vesović.
Dr. Ljubica Pantelić, President of the Board of Directors of the Deposit Insurance Agency, highlighted a long-term growth trend in insured deposits, which have been increasing by an average of 10% annually. “Last year, insured deposits grew by 3.6 billion euros, a billion euros more than in the previous year,” Pantelić noted, emphasizing the trust citizens and businesses place in the banking system. She also pointed out that 99% of citizens’ accounts are covered by the deposit insurance system.
Nikola Vuletić, President of the Association of Serbian Banks and Executive Board President at Unikredit Bank, remarked that Serbia is celebrating the 100th anniversary of World Savings Day with several milestones. “Standard & Poor’s recently upgraded Serbia’s credit rating, placing us among the countries with an investment-grade rating for the first time. This is a testament to the strength of our banking sector, which is characterized by a high capital adequacy ratio, robust liquidity, and historically low non-performing loans,” Vuletić said. He also mentioned that Serbian household savings now account for 19% of the GDP, with a significant rise in savings in dinars, which currently represent 30% of total savings—a trend bolstered by a stable exchange rate.
Vuletić further noted that in the first nine months of this year, household savings increased by 117.3 billion dinars (roughly 1 billion euros), continuing a positive trend for the banking sector and the broader economy.
Marina Papadakis, General Secretary of the Association of Banks, highlighted the organization’s active role in promoting savings, both for individual prosperity and the overall economic growth of the country. The association has also launched numerous financial education projects aimed at different demographic groups, including the youngest, and has received several international and national awards for its efforts.
The conference underscored that while Serbia’s savings rate is growing, there is a need to foster a deeper understanding of alternative financial instruments, empowering citizens and businesses to explore diverse options that can drive future economic growth.
