they pleaded. and yet i still persist, i am still here because i have faith. and all the battles, hidden and public, all the battles with others and myself, are now a triumph of faith in myself and in people who were not consumed by selfishness, faith in people driven by the common good! in the past 12 years serbia has transformed from a country of monetary and fiscal instability and uncertainty into a country whose inflation is comparable to those of advanced countries, and which has a stable currency, a record high level of fx reserves and a stable financial system. 2 / 8 bis - central bankers'speeches exchange rate stability has become a new reality in serbia. we have changed the approach to implementing the exchange rate policy of the dinar against the euro. instead of allowing significant oscillations which boost inflationary pressures and result in business uncertainty, high exchange rate differences in the local economy and a rise in npls, which were the characteristics of the local market before august 2012, one of the main features of the nbs and the overall financial system since then and all the way until today is – the relative stability of the exchange rate. at that time, by pursuing an appropriate monetary policy we reduced inflation by 10 pp in a year – from 12. 2 % at end - 2012 to 2. 2 % at end - 2013. inflation was kept continuously low from end - 2013 until end - 2021 ( around eight years ), when global inflationary pressures escalated. thanks to the achieved and preserved price stability, we had several years of low interest rates on dinar loans ( the key policy rate was lowered from the inherited 11. 75 % in 2012 to 1 % at end - 2020 ), resulting in lower costs of borrowing for households and corporates. since december 2012, the nbs has conducted its main open market operations – reverse repo operations ( repo sale of treasury bills ) through which it mops up excess dinar liquidity on a weekly basis – according to the system of multiple variable rates. this system has allowed the nbs greater flexibility and efficiency in monetary policy implementation over 12 years. as a result of multiple global crises, inflation has been imported into serbia over the past few years in the wake of the pandemic and several global conflicts, and its different nature called for a different response of the government and the nbs – a continuous, but gradual response. in cooperation with other government institutions, the nbs did everything in its power to protect households '

banking. for those who do not know, since the formation of the public oversight board, which is in charge of overseeing audit firms in serbia, the nbs has made a key contribution to the development of this type of supervision through its participation, first as a member of the board, and later by chairing it, bringing its experience as a supervisor of financial institutions. what is particularly important for our meeting today is the fact that communication has become one of the important instruments of the nbs monetary policy, in the form of truthful, timely and transparent dissemination of information to the broader and expert public. such manner of communication also significantly contributed to the anchoring of inflation expectations, and thus to the easing of inflationary pressures. one of the most important channels of communication between the nbs and the public is its website, which contains numerous services and daily information important for the economy and citizens in the fields of all the numerous competences of the nbs. the section " it's good to know " was added to the nbs website, where comprehensive responses to the media are published, which has significantly improved the accurate and complete transmission of information. in addition, as one of the producers of official statistics, the nbs significantly contributes to the further development of the work of the professional public and the improvement of standards through the publication of professional reports and analyses. this is part of what we have worked on together – the nbs, banks, insurance companies in serbia... you will speak on the panels about the balance sheet amounts, other indicators, such as capital adequacy, and you can also obtain information on our website. i felt the need to present these results as the ones we achieved together because i really feel uncomfortable when in front of foreign guests i need to encapsulate in one sentence that " the banking sector in serbia is highly liquid, capitalised and stable ". behind that one sentence there is so much effort, so much daily work, and i can say without modesty that the nbs is not encouraged by others to lead development in the field of financial services, but it does so on its own, and in many segments ahead of the ecb practice. but i must say that our commercial banks, all twenty of them, are keeping up with our joint efforts to make the life of citizens in serbia easier, better, more certain and as safe as possible. and to conclude with that opening sentence – he who does good is expected to do even