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Vindicating our and the market’s expectations, the National Bank of Serbia (NBS) stayed put on its monetary policy at its scheduled meeting on March 17th, maintaining the key benchmark rate at the current record low level of 4.25%. Yesterday’s decision follows a largely unexpected 25bps cut delivered in February, the first since October 2015, which came in the wake of 750bps of monetary easing since May 2013. Serbia’s accommodative monetary policy stance is in line with that adopted over recent months by the majority of Central Banks in the CESEE region. In contrast, the National Bank of Romania (NBR) appears to be on a divergent path.