us adjust the currency in circulation, a key component of reserve money, which is the intermediate target in our monetary policy operations. we are therefore looking forward to the implementation of the agreement we are signing today to facilitate currency repatriation between our two central banks. i am therefore, very pleased that the long months of discussions between the banco de mozambique and the bank of zambia have resulted in the mutual agreement to repatriate both the meticais and kwacha. this achievement should be saluted as citizens of both countries will now be able to pay for goods originating from the other country with the currency of that country, hence eliminating the need for currency conversions by citizens. distinguished ladies and gentlemen, this agreement is also a step towards further strengthening trade and financial cooperation between the two countries. it provides the legal basis for commercial banks, bureaux de change and other financial institutions to freely accept each country ’ s currency and repatriate it through the banking system with full accountability. the agreement will not only enhance trade cooperation but will also increase cooperation between our two central banks. furthermore, the agreement provides a platform for sharing information on the bank notes in use by the two central banks. this information exchange initiative should not only end at central banks, but be extended to all economic entities that will use and benefit from this development, especially our hard working farmers who should be paid genuine currencies when they sell their produce. once again, governor, let me thank you most sincerely for initiating this agreement. indeed, the signing of this agreement is a testament of the cordial relationship that has existed between mozambique and zambia since the days of the liberation struggle. i must add here that, for us, it marks a key milestone towards enhancing regional integration and macroeconomic convergence. as you are aware, governor, this is our main goal as member countries of the southern africa development community. i thank you.

goods and, in turn, the overall import of goods by 9. 9 % y - o - y. at the same time, the inflow of capital in the financial account, largely on account of fdi of over one billion euros since the beginning of the year, covered the current account deficit and brought the fx reserves up. since most of the fdi inflow went to tradable sectors, in the medium term we expect a further rise in exports and a gradual narrowing of external imbalance. with external debt on a downward trajectory, this further strengthens the external position of the country. chart 9 trade in goods in euros chart 10 fdi structure by sector ( s - a, h1 2008 = 100 ) ( in % ) 2005 - 2008 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 exports imports sources : sors and nbs calculation. 2009 - 2012 2013 - 2017 other finance trade construction and real estate manufacturing mining tradeable goods and services * source : nbs. note : preliminary data for 2018. * agriculture, industry, mining, transportation, catering, ict. ladies and gentlemen, dear colleagues, what has previously been said clearly indicates that serbia ’ s economic agenda continues to yield robust results, reflecting favourably on the credit rating and country risk premium. let us remind you : at the end of the last year standard & poor ’ s upgraded the outlook from stable to positive, while fitch affirmed a stable outlook in early may, citing economic policy continuity aimed at further strengthening of macroeconomic indicators and public debt reduction. lower risk premium, measured by embi, which almost reached its historical low in early may, also speaks in favour of the previously mentioned fact, and this is also backed up in practice by investments of foreign investors in securities, as witnessed by this month ’ s successful implementation of seven - year dinar securities auctions. we believe that the good results of our economic programme will also be confirmed by the findings of the current imf mission. the achieved success was facilitated by the adoption of adequate, well - coordinated and timely economic policy measures. integral to that is the monetary policy which, through provision and preservation of price and financial stability, significantly contributed to the sustainable acceleration of economic growth. the fact that the results were achieved amid uncertainties in the international environment only confirms the efficiency of the monetary policy and the measures the nbs takes in order to strengthen the resilience of our economy. in the coming period too, monetary policy will continue