structure of the npl reduction was also favourable, because the greatest decreases were recorded in sectors most severely hit by the crisis ( construction, manufacturing and trade ). chart 11 fall in borrowing costs encouraged lending activity chart 12 npl share fell to its lowest level ( at constant exchange rate as at 30 sept. 2014, y - o - y rates, in % ) ( gross principle, in rsd bn ) ( in % ) 11. 1 ( 14. 3 * ) 21. 4 21. 5 21. 6 19. 0 18. 6 7. 6 ( 14. 1 * ) 15. 7 16. 9 17. 0 5. 5 ( 14. 5 * ) - 5 11. 3 9. 8 7. 8 - 10 - 15 1 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 7101 4 2010 2011 2012 2013 2014 2015 2016 2017 2018 source : nbs. total enterprises * total * households * excluding the effect of npl write - off and sale since early 2016. enterprises households * 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 june other sectors corporate sector household sector source : nbs. npl share in total loans ( rhs ) by reducing interest expenses and exchange rate losses we significantly contributed to profitability of the corporate sector. profitability of the serbian corporate sector increased significantly in the last three years, thanks to its higher competitiveness, and also owing to the reduction of interest expenses and exchange rate losses. in 2017, corporate interest expenses were 37 % lower than in 2014 ( down by rsd 54 billion ), in the face of the rising stock of corporate loans. thanks to the relative stability of the exchange rate, corporate exchange rate losses went down by 60 % ( or by rsd 148 billion ). the end - result is higher profit, which corporates used in the right manner – to increase investment and expand their business. a stable and predictable business ambience is conducive to strengthening investment, foreign trade and economic activity. positive effects of macroeconomic stability are also evidenced by the increasing exports of our products and services, which feeds back positively to the foreign exchange market and stabilises its movements, and by extension, inflation movements as well. since 2016 we have exported more than half of our production, and in the second quarter this year goods and services exports reached 54. 4 % of gross domestic product ( for the sake of comparison, in 2012 their share

legislator do? offer a chance, but the chance should be used. a person should believe that the chance is not only a dead letter, a quota. evidence is needed that the chance is real. but these are only successful examples. examples at all levels. because society is led by the best, but society also needs the average ones whom we must promote. let us not forget that official state policies also play a role in the division of responsibilities of both parents. it is not only that state policies aim to equalise the cost of labour for men and women. they can affect, often indirectly, the companies ’ decisions on who to promote more or more frequently. in serbia, the state guarantees a year of paid maternity leave for the first and second child. the leave can be used either by the mother or the father. for the third and fourth child, this period is two years. unfortunately, sometimes policies that seem neutral at first sight in fact widen the gap between men and women. for instance, some universities introduce the possibility for men to go on maternity leave. some men use such leave to write books and carry out research, and not to look after the baby. in this way, they ensure advantage over other colleagues. i do not wish to generalise, i ’ m just giving examples. what is the situation in serbia? from a legal perspective, citizens of serbia enjoy gender equality guaranteed by the constitution. through generations, a lot has been done to raise social awareness about the fact that there are no special women ’ s rights, but the obligation of society and each individual to consistently respect the basic human rights. in serbia, women make up 56 % of students who enrol in universities, and as much as 58 % of those who graduate. women take a lead in phd studies as well, whereby they have an educational advantage over men in serbia. 2 / 3 bis central bankers'speeches women in government institutions in the government of the republic of serbia, the situation today is much more favourable. women take five places – including the president of the government and four ministerial positions. the number of women in government institutions is increasing as well. one third of the total number of mps in the serbian assembly are women, which is almost five times more than ten years ago. in serbia ’ s financial sector as the central bank governor, i can say that i am proud that women in serbia are dominant in the financial sector. women in serbian banking make up the majority of employees, though they are