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 November Inflation Report, Belgrade, 13 November 2024.

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 November Inflation Report where we will present our views of the recent and future macroeconomic developments which dictate our monetary and macroprudential policy decisions.

I would like to begin by underlining what I believe to be the key takeaways from this conference.

Based on data and analyses which we will present to you today, as well as the estimates of all relevant international institutions keeping an eye on Serbia's economic policy, we may conclude unambiguously that the Serbian economy has shown significant resilience to the adverse events in the international environment. This is confirmed by the following:

• Dynamic economic growth, which, in cumulative terms and inclusive of this year, will exceed the pre-pandemic level by more than 18%;
• Established downward trajectory of inflation and its anticipated movement within the bounds of the target tolerance band throughout the projection horizon, i.e. over the next two years;
• Sustainable public finance and fortified external position of the country;
• Record high FX reserves, exceeding all the criteria used for assessing their adequacy.