rhs ) * as at 31 / 07 / 2017. 6. 5 5. 9 source : nbs. confidence in the dinar is also returning slowly, as evidenced by the rising degree of dinarisation. macroeconomic stabilisation, significantly lower dinar loan rates and measures promoting saving and borrowing in dinars provided a contribution to the increase in the degree of dinarisation. consequently, the share of dinar loans of households rose from 35 % at end - 2012 to almost 50 %, where it now stands, while at the same time the share of dinar deposits in total deposits also rose from less than 20 % to around 30 %. as of last year, banks introduced dinar housing loans approved at interest rates below 5 % and for the period of up to 30 years. last year, a top - rated international financial organisation issued the first dinar securities and the proceeds were used for dinar lending. bearing in mind how deep the roots of euroisation go, we are aware that dinarisation will be a gradual process, but the important thing is that it has begun and that it will remain one of our strategic priorities. chart 9 dinar share in total bank deposits of corporates and chart 10 share of dinar in total bank receivables from households corporate and household sectors ( in % ) ( in % ) household sector, stock ( lhs ) household sector corporate sector, stock ( rhs ) 1 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 7 9111 3 5 source : nbs. corporate sector total dinar receivables i ii iii iv i ii iii iv i ii iii iv i ii iii iv i ii iii iv i ii iii iv i ii iii iv i ii source : nbs. the business and investment environment is more stable. over the past five years, the nbs managed to achieve and maintain price and financial stability, thereby meeting its statutory objectives and contributing to the creation of a more encouraging business environment, a fall in the risk premium to its lowest level and improvement in the country ’ s credit rating, progress on the doing business list and prospects for the coming period. the practical chart 12 financial result of the corporate sector ( in rsd bn ) chart 11 current account deficit and fdi ( in % of gdp ) cad exchange rate losses fdi, net interest expenses financial result of the corporate

government and local government authorities will remove the disparities in the pricing of services under their remit. * * * since january 2012, the executive board of the national bank has not revised the key policy rate which currently stands at 9. 5 %. however, given the inflation projection, a decision was made in april to reduce the reserve requirement ratio from 30 % to 29 % on liabilities with the maturity of up to two years, and from 25 % to 22 % for the maturity over two years. at the same time, the dinar portion allocated against foreign exchange reserve requirements was raised by 5 percentage points for all maturities. the aim of this measure was to contribute to moderate stabilisation of inflation movements and developments in the foreign exchange market, to slightly reduce the costs of bank funding and stimulate banks to use long - term sources of funding. all of the above is likely to have a positive impact on financial stability. the future path of the key policy rate will depend primarily on the pace and intensity of fiscal consolidation to be undertaken by the future government. price and financial stability can be delivered at a lower degree of monetary restrictiveness provided fiscal consolidation and structural reforms are more intensive and effective. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches