Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 2/26/2018
Today there are 31 commercial banks in Serbia, down from 88 in early 2000, most of which are authorized for international banking operations (see National Bank of Serbia).  The banking sector has undergone considerable restructuring.

The Law on Banks provides the regulatory framework for the banking sector.  The law determines the conditions and manner for establishing a bank, supervision and control of bank transactions, as well as the discontinuation of a bank.  Supervisory authority clearly is vested in the National Bank to oversee the banking sector.  The law requires that a buyer of more than five percent of a bank’s capital seek approval from the National Bank and sets the required initial capital for a bank at USD 11 million.  The law stipulates that a two-member executive board should manage banks.  It also introduces more responsibilities for auditors and calls for setting up a risk management unit within every bank.

The National Bank formulates monetary policy, manages foreign exchange transactions, and supervises banks, insurance companies, and voluntary pension funds.  NBS pursues a strict monetary policy with the dual objectives of controlling inflation and stabilizing the exchange rate.  NBS is independent from the government but reports to the Parliament.  In 2012, the ruling coalition appointed Jorgovanka Tabakovic as the National Bank Governor.

Foreign banks interested in opening a representative office in Serbia may do so provided they meet the conditions of reciprocity.  This includes reciprocity for the purpose of market research in banking and financing, or for the purpose of advertising, promotion, and representation.  A representative office does not have the status of a legal entity and may not engage in banking operations.  The entity that establishes the office guarantees all the obligations of the representative office.  NBS grants representative offices of foreign banks permission to operate and maintains the Register of Representative Offices of Foreign Banks.  There are six representative offices operating in Serbia.

In 2013, Serbia amended the Law on the Export Credit and Insurance Agency (AOFI), transforming AOFI into a business finance and recovery agency.  The objects of AOFI are export credit insurance and financing business for Serbian export-oriented companies.

AOFI aims to create strategic improvement of business operation conditions for export economy and overall promotion of the structure of exports of the Republic of Serbia. For this reason, AOFI acts jointly with development, financial and other institutions in the country, but also with relevant foreign companies and institutions.
Original capital of AOFI is 25 million EUR.

AOFI operates under the principles of solvency, security and profitability consistently implementing measures for preservation of the real value of capital and measures for the protection against business risks.

Principal goal of the AOFI is to provide incentive and to promote export by applying the following business policy principles:
  • Preservation of the real value of capital
  • High quality evaluation of the creditworthiness of the Client so that placement and collection safety could be maintained
  • Providing export incentive by permanent promotion and development of AOFI’s operations in the area of receivables insurance
  • Protection of shareholders’ interest
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.


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Serbia Market Access Banks