National Bank of Serbia annual report reviews policy changes

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The National Bank of Serbia published its annual monetary policy report for 2011 on July 11, in which it reviewed policy responses to inflationary pressures from food and disinflationary pressures from global uncertainty, which led to a policy switch in June.

The report said "unexpectedly robust growth" in food prices had caused inflation to overshoot the targeted 6% upper threshold for the sixth consecutive month in March. Based on these pressures, the central bank raised interest rates by 100

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