distinguished journalists, media representatives, i am very honored with your presence today to mark together the completion of a successful year for the central bank of the republic of kosovo and the financial system of kosovo. the cbk, through its activities, has continued to provide a stable financial system and support the country's economic development. part of our success is also communication with the media which play an important role in informing the public about developments in the country's economic system. transparency with the public and communication with the media is of particular importance, and during this year we have greatly advanced cooperation in this field. we consider that this year we have had effective communication with the media providing the necessary information and clarifications at all times. * * * now, let me present to you a summary of the most important developments in the financial system and economy of the country during 2019, of course with the most recent data available. * * * according to preliminary assestments, economic growth for year 2019, is expected to be around 4. 2 %, an increase largely supported by the growth of investment and improvement in net exports. a similar pace of economic growth, according to the cbk forecasts, is expected in the next year. the average annual inflation rate until november 2019 has increased by 2. 8 %, compared to the 0. 9 % rate in the same period last year. the increase in inflation rate this year is mainly a result of rising food prices. * * * banking sector continued this year as well with high credit growth, improving conditions for private sector access to credit, and increased financial sustainability. at the end of october 2019, banking sector loans reached 2. 98 billion euros. annual credit growth remains high at an annual rate of 10 %. deposits continue to be the main source of financing for faqe 1 nga 5 the banking sector, the amount of which amounted to euro 3. 75 billion during this period, which represents a very high annual growth of 16 %. this high deposit growth, among other things, reflects the high public confidence in the banking sector. interest rates on loans continued downward trend, decreasing to 6. 5 % from 6. 6 % as they were in the same period last year, thus, reflecting continued improvement in market conditions, and facilitating access to bank financing. financial health indicators continued to show a high level of sustainability of this sector in all aspects. it should be particularly emphasized very good quality of the loan portfolio with a rate of nonper

is our duty to ensure that the banks under our supervision address these risks adequately and proactively. 2 / 3 bis - central bankers'speeches as part of cbk's commitment to advancing this issue, we have already applied to join the financial system greening network, which is a network of 83 central banks and prestigious financial supervisory authorities that aims to accelerate growth of green finance and develop recommendations on the role of central banks on climate change. we hope to soon become part of this prestigious network of central banks and financial supervisory authorities. also, in cooperation with the world bank, we are drawing up a strategy where the recommendations and supervisory requirements for the management of risks related to climate change will be defined. in conclusion, during this delicate period, it is very important that the banking sector continues to support the economy through its lending. special attention should also be paid to the monitoring of financial risks, adequate provisioning and transparency and responsible behaviour towards customers. the central bank of the republic of kosovo remains committed to ensuring financial stability and supporting the country's economy with all available instruments. congratulating you once again for holding today's conference, i wish you good luck in the future. thank you! 3 / 3 bis - central bankers'speeches