have been achieved in conditions of significantly higher government capital expenditure, as well as increased outlays for wages and pensions, which contribute to economic growth while causing no major inflationary pressures. general government deficit planned for this year is 0. 5 % of gdp, which is also a medium - term target that will keep the public debt - to - gdp ratio on a downward path. no less importantly, the currency and refinancing risks are also reduced, supported by the last week ’ s successful reissue of the ten - year eurobond in the international financial market. the bond was sold at the lowest rate of return so far – 1. 25 %, which are the terms enjoyed by countries with investment grade rating. the funds raised are intended exclusively for the repayment of the earlier expensive dollar debt, which means that this issue does not increase public debt, while it does cut down interest expenses. chart 8 public debt * chart 7 general government fiscal and primary budget balance ( in rsd bn ) ( in eur bn ) ( in % of gdp ) 66. 2 budget balance primary balance 52. 9 56. 0 70. 0 67. 8 57. 9 53. 7 52. 0 39. 5 - 50 42. 8 30. 9 26. 8 - 100 - 150 - 200 - 250 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 sept. - 300 2010 2011 2012 2013 2014 2015 2016 2017 2018 source : ministry of finance. i – ix source : ministry of finance. * central government. internal dinar debt ( lhs ) internal fx debt ( lhs ) external debt ( lhs ) public debt ( rhs ) by lowering the policy rate, we have provided further support to credit and economic activity. additionally weakened inflationary pressures, reduced internal and external imbalances and the consequently strengthened resilience of our economy to potential negative impacts from the international environment, as well as the favourable macroeconomic outlook, have created room for further monetary policy easing. in november, the key policy rate was again cut by 25 basis points, to 2. 25 %. apart from domestic factors, this decision was also motivated by the monetary policy accommodation of leading central banks, against the background of a slowdown in global trade and economic growth. we expect that the nbs ’ s monetary policy easing will, as so far, lead to a fall in interest rates in the money and credit markets. chart 10 interest rates in the primary market of dinar chart 9 interest

jorgovanka tabakovic : the importance of women and gender equality speech by dr jorgovanka tabakovic, governor of the national bank of serbia, at the conference organized by the official monetary and financial institutions forum, on the occasion of the launch of the global public investor gender balance index, london, 7 march 2018. * * * ladies and gentlemen, esteemed colleagues, 1. know thyself, 2. nothing in excess, 3. make a pledge and mischief is nigh. the inscription on the entrance of apollo ’ s temple in delphi with these three rules is the key to a successful life, if success is measured by satisfaction with oneself, and others ’ satisfaction with us. however, these three commandments are highly illustrative of the woman and her role in society today. what do we want as individuals, what is our accomplishment, what are we ready to sacrifice in achieving the selected objective, and is every sacrifice for the fulfilment of that objective necessary and justified? and do we know how to remain masters of our peace, our happiness, without promising too much because we are offered the chance to participate in the game? as the end of february is near and 8 march draws closer, the titles of high - brow world weeklies and magazines usually resemble one another. as a rule, the gist of these articles is centred around the difficulty of striking a balance between motherhood and career. why is the choice always or, black or white, career or motherhood, as i wish or not at all? balance is the key to success. a career or motherhood? motherhood is not inevitably a family. but family is both an obligation and support. how have we sacrificed family in favour of services? instead of solidarity within our homes, family and generations, we ’ ve got paid services – of childcare, care for our parents, care for the elderly. we now have lonely beings who, in a race for individuality and acknowledgment, have lost a measure and, thus, a clear objective for achievement. not all relationships are based on purchase and sale transactions. not everything can be bought. it is therefore necessary to preserve humanity, self - respect and the respect of others. being a woman is wonderful. being a mother is even more wonderful. i testify this with my experience with three grown - up children – two daughters and a son. they are good and educated people that i am proud of