to the corporate sector, which resulted in accelerated growth in overall lending to the non - monetary sector to 6. 6 % in september, up from 6. 3 % in june. also, as the effects of the second moratorium waned off, y - o - y lending growth rate is expected to accelerate as of october. that the quality of bank assets has been preserved is best shown by the high capital adequacy, as well as the share of npls in total loans, which is below the pre - crisis level and measured 3. 55 % in september. when faced with the many challenges arising from the international environment, which we also anticipate in the coming period, it is crucial that serbia ’ s external and fiscal positions are much better than in previous crises, which is attributable to the responsible economic policy pursued in the previous period. at present, despite the pandemic, serbia is much better prepared for the challenges we are faced with in the international commodity and financial markets, including the monetary policy normalisation of leading central banks. a significant improvement in the current account of the balance of payments and the country ’ s fiscal position achieved in the prior years was not jeopardised even during the pandemic. the current account deficit in the nine months of this year was around 23 % lower than in the corresponding period last year, and equalled 3. 5 % of gdp. at the same time, the export of goods rose 30. 2 % y - o - y, and import by 24. 5 %. export growth would have been even higher had there not been disruptions in global value chains, which affect activity in our key export markets, notably in germany. we expect the share of the current account deficit in gdp to amount to around 4 % this year, and to between 4 % and 5 % in the medium term, with the full coverage by net inflows from fdi. also, we underline that we raised the projection of this year ’ s fdi to around eur 3. 4 bn. data for the first ten months suggest that the fdi inflow exceeded last year ’ s entire inflow and that it has already amounted to more than eur 3 bn since the start of the year. it is equally important that more than 60 % of these investments is channelled to tradable sectors, which contributes to growth in export capacities of the domestic economy and is the reason why, inter alia,

by a total of 9 pp, with a view to unlocking the credit potential of banks. lower costs of borrowing and the funds released as a result of reduced fx required reserves, together with a pick - up in economic activity, supported the recovery in lending activity in the second half of 2015, and we all know that lending is an important prerequisite for a sound financial system. there is no particular need to underscore that in euroised economies such as ours the relative stability of the exchange rate and increased use of the national currency are the cornerstone of financial stability. the implementation of the dinarisation strategy therefore remains one of our priorities. it is exactly in the area of macroeconomic stability, which represents the first and most important pillar of the strategy, that we have achieved significant results. household dinar savings are now around 3 times higher than at end - 2012. more than two - thirds of new household loans in 2015 were in dinars, while the figure is even higher this year ( over 70 % ). we are pleased to see that the results of the national bank of serbia – low inflation, relative stability of the exchange rate and the sharp fall in interest rates in the dinar market – have kickstarted the process of dinarisation. the committment and effectiveness of the national bank of serbia in maintaining financial stability is reflected also in easing the pressures from strong international turbulences and averting them from our financial market. you will allow me once again to step out of the time frame covered by the report presented today and to touch upon the present. this is a way to bis central bankers ’ speeches show that time has not stopped and that we are discussing and monitoring stability all the time, without limiting ourselves to the span of one year. after persistent pressures in the foreign exchange market late last year and in the first half of 2016, it took another huge shock, such as brexit, to clearly demonstrate to everyone the importance of the national bank of serbia, its commitment, role and contribution to stability. the national bank of serbia, with the huge support of the president of the government of the republic of serbia, took a proactive, efficient and impartial approach. the quality of our presence in the market improved, our interventions became more efficient, our communication with all market participants enhanced, as did our coordination with the government. international portfolio investors confident in the central bank and the government, that is confident in financial and political stability, show they are prepared to