Jorgovanka Tabaković: Overview of recent monetary and macroeconomic trends in Serbia

Speech by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the presentation of the Inflation Report - August 2018, Belgrade, 15 August 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, esteemed members of the press, dear colleagues,

Welcome to the presentation of the August Inflation Report. As always, we will give you an overview of monetary and macroeconomic trends for the period since the previous Report and set out our expectations for the period ahead. Given that on 6 August I rounded off my first term of office as the governor, allow me, before I give the floor to my colleagues, to briefly dwell on some of the results achieved over the last six years, since results are the right and only measure of success.

As you have witnessed yourself, in the past six years Serbia has been transformed into a stable and promising economy - an economy with low and predictable inflation, balanced fiscal account, reduced external imbalances, a downward trajectory of public and external debt, growing investment and recovered labour market. Today we live in a country with a significantly lower risk premium, an upgraded credit rating and a better position on the international competitiveness lists. Progress is also reflected in lower interest rates and, by all means, in the preserved value of the dinar and opened possibilities for raising our income, all of which boosts investment, exports and production.