##cive to faster economic growth. this year we expect gdp growth to step up to around 3 % and then further up to 3. 5 % the following year, supported by continued favourable movements in the labour market. reduction in interest expenses and negative exchange rate differences – factor of the economy ’ s success based on data of the business registers agency, in 2016 the financial result of our economy improved by over rsd 360 bln compared to 2014. 1 in the same period, as a result of monetary policy easing by the national bank of serbia, a reduction in the country risk premium ( resulting from more favourable macroeconomic performances of our economy ) and monetary accommodation by the the difference between the net loss of rsd 131. 8 bln in 2014 and net gain of rsd 229. 3 bln in 2016. net gain of rsd 67. 2 bln was achieved in 2015. european central bank, interest expenses declined from rsd 145 bln in 2014 to rsd 99. 3 bln in 2016. this means that the corporate sector paid to creditors rsd 45. 8 bln less in 2016 than in 2014. at the same time, owing to the stability of the dinar, which is the result of successful implementation of macroeconomic policies, and thus the national bank of serbia ’ s policy as well, negative exchange rate differences fell by rsd 157. 6 bln – from rsd 246. 3 bln in 2014 to rsd 88. 8 bln in 2016. in total, in respect of both these factors, the income statement of the corporate sector improved by rsd 203. 4 bln in 2016 relative to 2014. given that the corporate sector has interest - bearing receivables, calculating positive exchange rate differences on fx receivables, the effect of savings in these two items on the profitability of the corporate sector equals rsd 148. 4 bln in this period. this makes us satisfied not only because of the volume of savings, but primarily because of the fact that this opens room for the corporate sector to engage in its regular business activities and to plan its development in more predictable circumstances. of course, we are satisfied also because this confirms the soundness of the national bank of serbia ’ s policy and gives us an incentive to continue with its implementation. ladies and gentlemen, dear colleagues, serbia ’ s improved macroeconomic outlook and the results achieved in terms of the narrowing in internal imbalances and implementation of structural reforms have for quite

studies. in our institution, they become part of the team. we, at the national bank, teach young people to remain human. to keep their personality and always know the difference between submissiveness and respect for the hierarchy. they are taught to accept orders, to carry them out, to be superior, to be subordinate, but also that no authority comes without responsibility. that being loyal to a profession, vocation, institution, individual is as important as having knowledge, that there is a hippocratic oath for each profession, known as professional ethics. that it is initiative and hard work that will make us valued and appreciated by our co - workers, and that no one is irreplaceable. the national bank of serbia has become a pillar of economic stability, our ideas have been successfully implemented and defended many times, and that is why we wish to share our knowledge and experience with our young colleagues. but the doors of our institution remain open for all ideas which create new possibilities, for new objectives that shift horizons. it is only in this way that we will be ready to tackle new challenges. the national bank of serbia continues to organize summer practice for students of the final year of first - and second - degree studies, and by signing this memorandum today, on this day of spirituality and education when we are celebrating saint sava, the enlightener of the serbian people, we are ensuring the continuity and quality of this practice and cooperation, while taking it to a higher level. one could say that the signing of the memorandum on this particular day is just a coincidence, but i say that this is a blessing and a destiny that we are shaping for ourselves. bis central bankers ’ speeches thank you for your attention. i now give the floor to professor boricic. bis central bankers ’ speeches