, from its inception in 1873 to date. dear colleagues, our currency in circulation includes nine banknotes and five coins of different denominations. what we all doubtless need is that our money be valuable. we work hard to preserve the value of our dinar both in real terms and in relation to other currencies. over the past decade, dinar's stability against the euro has become a normalcy. we use all the instruments at hand, including the flexibility of our monetary framework, in order to curb inflation and ensure that our dinar, in real terms, i. e. measured by the purchasing power, remains stable. nonetheless, the stability of our currency should not be taken for granted nor is it an easy task. i take pride in the fact that, over a number of years already, serbian citizens and businesses are no longer forced to read the exchange rate list every single day. due to the interplay of multiple global challenges in the past years, a large number of around 180 local currencies across the world have become a source of instability and crises for the local economies, rather than a plus factor. the weakening of currencies of numerous emerging economies over the past three years has accelerated consumer price growth. in these countries, the import component of inflation has been accompanied with the materialisation of the fx risk. in more extreme examples, depreciation has led to three - digit y - o - y inflation rates, pushing the economy to the brink of a currency crisis. as a result, some of these countries are thinking about the dollarisation of their financial systems. that is why the relative stability of the exchange rate in serbia – though being our reality ( i do not say " our new reality " as it has lasted for more than a decade ) – should not be taken lightly. what i can promise is that the nbs will remain committed to preserving stability and the hard - earned trust of the domestic and international public – even more so as we have, despite everything, proudly entered the second consecutive decade of relative stability of our dinar, whose 150th anniversary we are marking today. finally, by wishing that we all be healthy, gather only on nice occasions, and support each other at all times, i declare the exhibition open. i now invite you to watch a film about edomilj mijatovi and then see the exhibition. 3 / 3 bis - central bankers'speeches

consecutive year, the current account deficit was fully covered by net fdi inflows. in 2022, fdi inflows to serbia again exceeded our november expectations, and in conditions of elevated global uncertainty they measured eur 4. 4 bn ( or 7. 1 % of gdp ), which is the new highest level of annual inflow on record. – the nbs fx reserves are also at an all - time high, measuring eur 20. 9 billion in january and guaranteeing the stability of our economy, as indicated by the fact that they have exceeded the benchmark values of all reserve adequacy metrics. – a confirmation of our economy ’ s stability and its favourable growth prospects going forward, as well as of the full coordination of monetary and fiscal policies, are investors ’ high demand for our securities in the international financial market last month and the achieved financing conditions, especially if compared with countries that have already been rated investment grade. in the remainder of the conference, we will present macroeconomic movements in greater detail and our latest projections. * * * as for international developments, the period since we last met in november was marked by somewhat more favourable global growth prospects and signs that inflation is gradually retreating from its multidecade highs. against the backdrop of the energy crisis and tighter financial conditions, optimism emerged as the prices of gas and other energy fell in the eu, and china backtracked on the zero - tolerance strategy to the coronavirus. there is no doubt that global economic growth will decelerate this year, notably over the tightening of central banks ’ monetary policies and the prolonged conflict in ukraine. still, estimates indicate that the second half of the year will see a recovery, propped by the accelerated economic growth in china, gradual balancing of the energy market in europe, abated global uncertainties and further resolution of bottlenecks in international supply chains. 2 оf 10 chart 2 global supply chain pressures and overseas container transport prices chart 1 global inflation projection for 2023 and 2024 ( in % ) ( index, show n in standard deviations ) ( in usd ) 12, 000 9. 9 global price of contrainer transport, lhs 10, 000 gspi, rhs 8. 8 8. 1 7. 3 8, 000 6, 000 4, 000 2, 000 6. 6 5. 5 4. 3 4. 6 2. 6 global inflation advanced economies source : imf. emerging economies - 1 source : federal reserve bank