slightly or not at all. the nbs cannot reduce the global price of oil or other energy products, nor can it impact the prices of all those agricultural products that are traded in commodity exchanges. what the nbs can and does do is to prevent that the effects of these elevated prices spill over, via inflation expectations, onto the prices of other products and services to a large degree. it is also important to point out that the president and the government of the republic of serbia have ensured that our country pays one of the lowest gas prices and that electricity hike for the corporate sector, while relatively high, is still one of the lowest in europe. the prices of basic foodstuffs were also capped and some of the market segments responded favourably to commodity reserve interventions. the government ’ s decision to cap petroleum product prices will also exert an important effect on market developments. on our part, by preserving the stability of the exchange rate of the dinar against the euro, we managed to ensure that the spillover of growing import prices of energy and food to other prices is not additionally heightened by the effects of dinar depreciation, as was the case in prior episodes of the high growth of these prices. for the sake of comparison, during the previous crisis and the price shock in the period from 2010 to 2012, the adverse effect of the price hike in the international environment on serbian prices was tripled, as a consequence of the strong depreciation of the dinar against the euro. let me simplify : two thirds of the problems with imported inflation we had struggled with from 2010 to 2012 originated from the dinar ’ s depreciation against the euro, and only one third from the price rise in the international environment. we have not allowed that to happen this time and, thanks to that, we still keep core inflation under control, and indicators of business and investment confidence at high levels. chart 11 contribution of individual components to y - o - y rate of import price growth ( in pp ) growth rate of import prices in rsd rowth rate of import prices in eur - 3 - 6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 import prices of other products 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 import prices of services import prices of oil import prices of food source : destatis, fao, bloomberg, eurostat, sors and nbs calculation. in the coming period we will continue to carefully monitor and assess factors in the

the most vulnerable. in particular, microinsurance can protect the hard - earned gains of our microentrepreneurs. for this reason, starting in 2011, the prizes of cma winners include microinsurance. indeed, challenging times call for stronger partnerships. and to show our support and solidarity to our microentrepreneurs, we conducted here at the bangko sentral last week a three - day event which we called microfinance partnerships during challenging times. fellow advocates of microfinance, let us continue to enhance and strengthen our partnerships in support of our microentrepreneurs who have improved the lives of their families and generated employment for millions of filipinos. it is also noteworthy that our microentrepreneurs are also known for their generosity in helping other would - be entrepreneurs. they would readily share their stories and mentor others. last month for instance, the bangko sentral ’ s financial education lectures for 1, 700 teachers and principals of the department of education in kabankalan, negros occidental was made more memorable and inspiring by the sharing of local microentrepreneurs from negros. indeed, our microentrepreneurs have developed a culture of sharing. in words and in deeds, they inspire others who aspire to better their lives through microfinance. across our country, our microentrepreneurs prove that humble beginnings can lead to success beyond their dreams and sometimes even beyond our borders. once again, congratulations to our cma winners this year. mabuhay ang microfinance! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches