and, by extension, the health of our population. the transformation to an environmentally sustainable economy is of special importance for emerging markets, particularly if their development greatly depends on sectors more sensitive to climate change ( such as agriculture, forestry and water management ). finally, allow me to reiterate my key messages. first of all, we are aware of the importance of environmental protection and the need for all parties – from individuals to institutions and decision - makers – to act responsibly and in a more environmentally friendly manner. secondly, every activity needs to be carefully measured and well - calibrated in order for benefits to outweigh negative effects. we must not follow trends blindly but should instead take and implement well - reasoned decisions to protect our environment. finally, the development of the domestic economy, which increasingly relies on production and building of capacities and infrastructure, must not be halted. it should be environmentally supported and oriented, but not threatened. because the development of a country and the economic standard of its population is symbiotically linked with a higher environmental and living standard – with increased awareness and efforts to achieve the “ greening ” of the domestic economy. for this reason, let us all work together, each in our own domain, to protect ourselves and others! thank you for your attention! i wish us all a successful conference! 3 / 3 bis central bankers'speeches

move around the target midpoint in the year that follows. the stability of the exchange rate has become a new normal for serbia. before august 2012, stronger volatility was allowed, which led to the strengthening of inflationary pressures, business uncertainty, high exchange rate differences and the increase in 1 / 3 bis - central bankers'speeches non - performing loans, whereas from that time on, one of the basic characteristics of the national bank of serbia and the overall financial system is the relative stability of the exchange rate of the dinar against the euro. record high fx reserves of over eur 25 bn at end - may are an important factor of our country's stronger resilience to any potential shock from the international environment. economic activity stepped up to 4. 7 % y - o - y in q1. we expect economic growth to reach 3. 5 % in 2024 overall, and to accelerate to 4 – 5 % from 2025, supported by investments within the " leap into the future – serbia 2027 " programme, subsiding global inflationary pressures and more favourable financial conditions. owing to the generally good economic situation in the country, a significant number of banks expect loans to the corporate and household sectors to grow by over 5 % this year and next, as reported in the latest bank lending survey. the trust we have built is best confirmed by the growth in savings and their record levels. namely, dinar savings rose from under rsd 18 bn at end - 2012 to over rsd 159 bn now and fx savings from eur 8. 3 bn to eur 14. 9 bn. all data show that we managed to preserve and additionally strengthen the stability of the banking sector despite the numerous challenges and risks which serbia, as a small and open economy, was exposed to in the prior period. this was also recognised by international investors and rating agencies. in april 2024, standard & poor's upgraded serbia's outlook from stable to positive, placing our country at a half a step away from investment grade. the national bank of serbia's unwavering commitment and a proactive approach, along with the constructive cooperation of the banking sector, have created the regulatory prerequisites for the approval of numerous debt repayment facilities to businesses and households, facilitated natural persons'access to bank financing and improved the protection of the interests of financial services consumers. and why do i always say that our successes are shared – because we would not be able to do it without