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, 19 November 2025.
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 give you a summary of our views of the current macroeconomic movements, new macroeconomic projections and monetary policy decisions made in the period since the previous Report.
Before I move on to the specific numbers and projections, allow me to briefly reflect on the developments in the international environment that have left their mark on the period since our last meeting in August. Here I primarily mean the growing protectionism and trade policies of leading world economies, which have been the major source of global uncertainty for almost a year, as well as the still pronounced geopolitical tensions that have repercussions on Serbia too.