jorgovanka tabakovi : instant payments, global inspiration speech by dr jorgovanka tabakovi, governor of the national bank of serbia, at the opening of the conference " instant payments, global iinspiration ", organised by the national bank of serbia, belgrade, 6 march 2024. * * * ladies and gentlemen, on the brink of a new era, we have gathered at the conference themed " instant payments, global inspiration " to jointly embrace the future of innovative types of payments that is approaching us at a fast pace. as the governor of the national bank of serbia, i have not only the honour and privilege, but also a deeply personal responsibility to open this gathering, which is a reflection of our shared commitment to creating a more inclusive, accessible and efficient economic environment. critical for the development of the economy, as well as of the payment ecosystem, are stable and predictable business conditions, echoed by the movement of macroeconomic indicators. despite the challenges posed by global uncertainty, the national bank of serbia carefully weighed its decisions and gradually tightened its monetary policy stance in the fight against inflation, using all instruments on hand, and has thus contributed to the preservation of the country's overall macroeconomic stability. regardless of the multidimensional crisis – the pandemic, the energy crisis and the situation in ukraine, even in conditions when many developed countries are struggling with recession, we have managed to maintain economic growth and record employment gains. since peaking in march last year, inflation has been on a steady downward path and we expect it to continue down going forward. the fall in inflation was largely aided by monetary policy with a measured but well - timed increase in interest rates, which also had a favourable effect on the stabilisation of inflation expectations. early last year, when double - digit inflation rates were recorded, i pointed out repeatedly that at the end of 2023 it will be at a twice lower level – and that has come true. the strong fall in inflation continued this year as well. in january, y - o - y inflation declined further, to 6. 4 %, fully in line with our nowcast model. our estimate is that inflation slowed down further in february, to around 5. 5 % y - o - y. we continue to keep a close eye on domestic and international factors, ready to take additional measures if necessary. for more than a decade, the national bank of serbia has maintained the stability of the exchange rate through well - timed and

have proved we can do it. and as we do it, we also signpost the way and serve as an example for many countries around the world. the national bank of serbia receives compliments from institutions such as the european central bank, international monetary fund, world bank, while many countries from different continents asked to learn from us and we generously provided our help. in light of seneca's wise words : " if one does not know to which port one is sailing, no wind is favourable, " i am thinking about the journey undertaken by the nbs. this quote reflects the very essence of our efforts : to have a clear vision and goal ahead of us. it is precisely this clarity of direction that has enabled us to turn each challenge into an opportunity and each effort into a step towards success. it took time, patience and unremitting commitment to achieve what we have today – a serbia which is on the map of global leaders in innovation. in the digital world where borders are disappearing faster than ever it is our responsibility to serbian citizens to make clever use of the technological development. to integrate new opportunities and raise the standard of security and reliability in financial exchange. innovation is what differentiates a leader from a follower. all of us here today have the opportunity to change things and introduce new products and services, but responsibility goes hand in hand with this. by trimming interbank fees, we directly reduced the costs for merchants, facilitating their decision to accept payment card payments. in addition to the nbs ips system, i 2 / 3 bis - central bankers'speeches must also mention our dinacard and numerous activities to develop the national card system. it is an important pillar of independence of the national payment system. in a sound way, it contributes to the profitability of accepting card payments, wider availability of payment services, all of which has a direct positive impact on further economic development and the reduction of the grey economy in serbia. as the central bank, we feel a connection with each individual whose life we can make better. and i also believe that we share with you a vision where payment services are not a privilege, but the right of each man. for centuries we have lived in a region where we are often at a crossroads, where our decisions and actions take place in a more or less dramatic context or circumstances. and this is not likely to change. but our doubts and hesitations today will always be the greatest impediment to our achievements tomorrow. for this