bn in 2023, more than 60 % of which remains channelled into tradable sectors. we also ensured record high fx reserves of eur 25 bn, while increasing gold reserves to over 40 tonnes or around 10 % of total reserves. relative to 2012, the value of gold reserves increased by four times. ( slide 8 ) we also preserved the relative stability of the dinar exchange rate against the euro, as one of the key pillars of financial stability, the certainty of doing business, and investment and consumer confidence. amid prevailing appreciation pressures, in six out of seven years the nbs turned out a net buyer of foreign exchange. in 2023 alone, we net bought close to eur 4 bn and as of 2017 over eur 9 bn. that is why i am confounded over and over again by concerns raised by some individuals about the overvaluation of the dinar and their advice to allow its depreciation for the sake of greater support to exports. why are such recommendations flawed, in addition to neglecting the fact that we have witnessed pronounced appreciation pressures for a number of years? they are flawed because they disregard the fact that it is the real rather than nominal exchange rate that is determining exports, while potential dinar weakening would reflect on inflation growth. for the sake of reminder, the dinar's depreciation against the euro in 2010 and 2012 significantly amplified the effect of imported on domestic inflation, without any major positive effects on external competitiveness of our economy. let me repeat that competitiveness is bolstered by structural policies, and not by the exchange rate policy! all these results point to at least three obvious conclusions. first, that serbian policymakers worked strategically to build up buffers against shocks. second, that serbian policymakers knew how to respond to numerous shocks by taking appropriate and well - timed measures. and third, these results are the most reliable indicator of policymakers'future responses. ( slide 9 ) esteemed colleagues, the contribution of macroeconomic stability in serbia to our corporate sector's operations is an issue repeatedly discussed in forums of this kind. the data indicate the following : 1. the real operating income of the corporate sector rose by 5 % p. a. on average in the 2013 - 2022 period, reflecting significant expansion of the corporate sector's business activity. 5 / 8 bis - central bankers'speeches 2. the rise in real operating income was a significant factor behind lower unit labour costs, profitability growth and stronger

speaking of the challenges of an uncertain future, i would like to refer to morgan housel, who recently published his book same as ever where he says that instead of wondering what the future will be like in one, two or ten years, we should focus on things that will not change. and what will always be true is that there are no and there can be no shortcuts on the path to growth and development. i believe that the only path to sustainable growth in all conditions is through dedicated work, accountability for the decisions made, and readiness to implement those decisions, no matter how painful they might be. the realisation of the programme " leap into the future – serbia expo 2027 ", which president vui presented, will help us strengthen domestic growth factors and the resilience of our economy, which is why i will say one more time that we have raised our growth projection for 2025 and 2026, with the central value of 4. 5 %. and once again – no matter what we discuss during these three days, it will all be pointless if one part of our people does not have basic means of livelihood. no one has the right to deprive our people of their right to their own currency, or the right to live in peace. each and every person and institution must react in this case! we should bear in mind " government of the people, by the people, for the people "! thank you for your attention. i wish you all a fruitful 31st kopaonik business forum. 8 / 8 bis - central bankers'speeches