amando m tetangco, jr : team bsp – gearing up for an even better year in 2010 speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the bangko sentral ng pilipinas flag - raising ceremony, manila, 4 january 2010. * * * ladies and gentlemen of the bangko sentral ng pilipinas, magandang umaga at masayang bagong taon sa ating lahat! on behalf of the members of the monetary board, i stand before you today to lead the start of our first working day at the bangko sentral ng pilipinas in 2010. now, i want to ask all of you : are we ready to do the best we can as central bankers in 2010!? i am very happy to hear that! like you, i also believe that the men and women of the bangko sentral ng pilipinas are prepared to meet the challenges that will come our way in 2010. i say this because we have statistics and the data to back me up. fellow central bankers. i want to say this for the record. given one of the most difficult years for central banks across the globe, we did quite well in terms of the three pillars of central banking : a stable price environment marked by low and stable inflation ; a safe and sound banking system that has kept credit flowing to productive sectors ; and a secure and reliable payments and settlement system that has minimized systemic risks and enhanced confidence in our financial system. in turn, manageable inflation has given us ample leeway to maintain low interest rates that support continued economic growth. we also implemented liquidity - enhancing measures to help relieve possible stresses in the financial system coming from the global downturn. at the domestic front, we helped ease the destructive effects of typhoons “ pepeng ” and “ ondoy ” with a special rediscounting facility and a set of temporary regulatory relief measures for affected banks and bank borrowers. in addition, our external position remains favorable with a surplus in our balance of payments and record high gross international reserves. and the peso is firm and stable. in other words, responsible, timely, and disciplined monetary and financial policies helped keep our economic engines rolling and growing amidst global turbulence. ladies and gentlemen of the bangko sentral ng pilipinas. lahat tayo, all of us contributed to

national bank of serbia introductory speech at the presentation of the inflation report – august 2021 dr jorgovanka tabakovic, governor belgrade, 18 august 2021 ladies and gentlemen, esteemed members of the press, dear colleagues, allow me to bid you welcome to the live presentation of the august inflation report after more than a year, with a sincere wish that in the coming period we continue to hold press conferences in this manner. apart from monetary policy decisions and our estimates about inflation movements, one of the spotlight topics in the world, i believe that the fact that we have revised our most important macroeconomic projections will be of special interest and importance to you. i am sure that you all know very well that when the national bank of serbia revises its projections and communicates that to the public, such revisions are always based on serious and detailed analyses and firm arguments. this is the reason why we stand before you today, in a good mood and ready to answer any questions you may have. though the risks emanating from the international environment still persist, the serbian economy continues to grow, even faster than initially expected. such movements were largely supported by a comprehensive package of measures adopted already at the start of the pandemic. i have emphasized that publicly several times before and i will do so again – timely and well - calibrated measures of monetary and fiscal policies minimised the economic consequences of the pandemic, accelerating the recovery of our economy. we reacted timely and adequately, and that way, at the time of greatest uncertainty, we prevented the spillover of the pandemic - induced crisis on the fall in business and consumer confidence. at the same time, we managed to preserve the labour market and production capacities of the economy. illustrative of this is the fact that we ended the year 2020 with one of the best economic results in europe, and this year we expect to maintain the leading economic performance. chart 1 revisions of serbia's gdp growth projections for 2021 and the medium term ( in % ) ( y - o - y rates, in % ) chart 2 gdp growth projection 6. 5 6. 0 4. 5 4. 0 - 4 - 8 old projection source : nbs. medium term new projection ii iii iv i ii iii iv i ii iii iv i ii iii iv i ii source : nbs. the pre - crisis gdp level was exceeded already in q1 – one quarter earlier compared to the initial estimates, and the recovery extended in q