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

Introductory speech by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the presentation of the February Inflation Report, Belgrade, 14 February 2023.

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

Central bank speech  | 
14 February 2023

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

Welcome to the presentation of the February Inflation Report, where we shall present the current macroeconomic developments in the international environment and at home, our latest macroeconomic projections, as well as the measures we have undertaken in the period since the previous Report.

At the very start, I would like to underline several key facts with regard to the current macroeconomic movements and our latest projections:

  • Firstly, due to the weakening of global cost-push pressures, decline in imported inflation and effects of monetary policy measures, for the first time in two years the projected inflation for the current year is at a lower level than in the prior projection, and the projection for 2024 has been lowered to an even greater extent. We now expect inflation to return within the target tolerance band in mid-2024, which is sooner than previously expected.
  • Secondly, unlike the previous inflation projection, where we saw very pronounced risks skewed to the upside, we now judge the risks to be less pronounced and that it is equally likely that inflation in 2023 and 2024 turns out lower than projected.