unbiased interventions in the fx market in either direction, which contributed not only to lower core inflation, but also to preserving confidence in the business and investment environment. a stable exchange rate is the key ingredient to monetary and financial stability in serbia and plays an important role in creating a favourable environment for citizens and businesses. the national bank of serbia remains committed to maintaining high fx reserves as the foundations of the country's resilience to external shocks and to safeguarding the stability of the dinar as the pillar of macroeconomic stability. our activities have ensured the reliability of all six payment systems that we operate, as well as the safety and efficiency of execution of payment transactions in those systems. 1 / 3 bis - central bankers'speeches at this moment, apart from the standard account to account transfer, instant payments are also used for the payment of bills by scanning the nbs ips qr code, payment in physical and internet points of sale and transfer of funds via a mobile phone number. we provided to households and corporates an extremely simple model of paying their monthly bills by scanning the nbs ips qr code via mobile banking applications on the bills issued by providers of utility and other services. we enabled the execution of instant payments on points of sale via different methods ( ips show, ips scan ), thus giving a chance to merchants to offer at their points of sale a new, modern instrument allowing funds disposal within seconds, at lower fees, and to independently prepare solutions tailored to their needs. we gave the opportunity to citizens to simply execute instant payments via mobile banking applications, just by entering the mobile phone number of a registered payee or selecting it from their phonebook, without bothering to remember templates or write down or enter the payee's account number. in other words, rather than just dealing with money in its basic form, a traditional task of institutions such as ours, we are stepping up and modernising the financial future of our country, so that each and every citizen has the opportunity to participate in the digital economy with ease and certainty. i recall the day when first ideas about instant payments were no more than an outline on paper, a dream of faster and safer payment in every situation. that outline has long become the reality of the republic of serbia and a part of our everyday habits. the possibilities of cashless payments that we will consider at this conference reflect our wish and determination to continue to exceed the average speed of positive change in the world, because we

serbia is implementing a responsible and sustainable economic policy. this would help serbia to adjust to changes in the international environment at the lowest cost and to become more resistant to potential external shocks. the nbs is cautious in monetary policy easing, aware of the risks emanating from the international environment – the weakening of global liquidity brought about by the abandonment of unconventional monetary policy measures by central banks of developed countries and the tightening of geopolitical tensions. as negative effects of the above risks on the country ’ s risk premium and foreign trade flows have failed to materialise and the financial market has responded positively to the announced economic policy measures of the new government, the nbs cut the key policy rate to 9. 0 % at the may meeting with the aim of stabilising inflation at a low level. finally, allow me to emphasise that we are obliged to take responsible measures and implement reforms in order to resolve the problems that we face. this is the only way in bis central bankers ’ speeches which we can create a healthy and prosperous economy that we aspire to – an economy characterised by low inflation, a stable financial system and high employment. thank you for your attention. bis central bankers ’ speeches