need for re - typing data in the payment order. we have also enabled instant payments at merchant pos, both physical and online. several online traders have enabled instant payments in their web shops ( including stores selling technical devices but also, to my great pleasure, local publishing houses and bookstores ). financial service consumers in the republic of serbia are among the first in europe to be able to conclude distance financial contracts, with full transparency, security and protection of their rights. it is now possible to open a payment account, apply for a payment card or loan without going to a bank. in 2020, we had 71. 5 thousand distance contracts, which is roughly 62 % more than in 2019, with over 6, 000 of these contracts concluded using video - identification of the consumer. and yet, let me add another thing. innovations make life easier. innovations save time, our most valuable resource. but technologies should be in the service of people, and not the other way round. they are a means to an end, and not an end in themselves. technology alone is not able to solve major economic challenges : it cannot set priorities or make decisions on spending or investment. i believe you will agree that knowledge and human capital are among the key drivers of development and change in the 21st century. dear friends, timely measures taken as soon as the covid - 19 crisis broke out prevented a spiral of negative events triggered by psychological effects and panic reactions of market participants from happening. and we were able to respond vigorously because in the prior period we have made serbia stronger and reinvented serbia ’ s image in the world. 3 / 4 bis central bankers'speeches it is our view that the successful mass vaccination, owed to the efforts of president vucic, will help preserve the health of our citizens and contribute to an even faster recovery of our economy. we can and must be proud of the fact that in this most important respect – because human lives are at stake, serbia has demonstrated full solidarity. as so far, the nbs will at all times be there for our citizens and businesses, so that we can last long and prosperously. once again, congratulations on the successfully organised conference! i wish you all the best in your future work! 4 / 4 bis central bankers'speeches

radovan jelasic : provision of credits to small and medium sized enterprises in serbia speech by mr radovan jelasic, governor of the national bank of serbia, at the roundtable organized by “ ekonomist ” magazine on provision of credits to small and medium sized enterprises in serbia, held at the national bank of serbia, belgrade, 13 june 2007. * * * ladies and gentlemen, allow me to welcome you on behalf of the national bank of serbia on the occasion of conference on medium and small size enterprise crediting in serbia. i would like to discuss two related subjects – stability of prices, i. e. inflation, and the role of the nbs in providing credits to finance small and medium sized enterprises. stability of prices and business environment represent one of the key conditions for the success of economy as a whole and particularly so for the success of small and medium - sized enterprises. in contrast to large enterprises that have “ connections ”, access to insider information and are more than aware of their economic and political power, medium and small sized enterprises are usually treated as an ornament, more as a social than economic category – and that serves them no purpose. as for stability in prices, it is currently at the level most people do not remember ever having seen before because, back than, they were either not yet born or were not really very much interested in such matters at all. inflation today, after 44 years to the day, matches the level recorded in 1963. in may this year, year - on - year, the rate of headline inflation equalled 4. 4 % and core inflation reached 3. o %. at the same time, our economy has been growing at the rate of around 7 % ( first quarter 2007 over the same period a year earlier ) and displaying a greater abundance and variety of cheap credits than seen in serbia in a long time, the exchange rate for the dinar has been floating freely for over three months now without any interventions from the nbs, and our foreign exchange reserves have grown in excess of us $ 12. 2 billion. stability seems to have brought about a number of unexpected effects of “ operating in a normal business environment ”, which almost whole of our economy has kind of grown unaccustomed to in the course of these last 44 years, such as the facts that : • market implies competition, glorifies success and puts a persistent pressure on increase in productivity. one can no longer get by with phrases like :