The National Bank of Serbia (NBS) states that gold in foreign exchange reserves has increased by over a ton, reaching nearly 40 tons. Dinar savings have exceeded the equivalent of one billion euros, and the influx of foreign direct investments is expected to surpass the projected level, reaching around the record level recorded last year.
To preserve the stability of the financial system and protect financial service users, a measure was adopted temporarily limiting interest rates on housing loans. The NBS reports a tangible effect of 3.1 billion dinars for financial service users based on supervisory activities.
Despite the unfavorable impact of international factors, credit rating agencies have maintained Serbia’s credit rating with stable outlooks. The ratings from Standard & Poor’s and Fitch agencies are one step away from an investment-grade rating.
“We have completed another year filled with numerous challenges. The most important task was the fight against inflation, which presented a challenge globally. We succeeded in establishing a strong downward trajectory for inflation and halving it. We achieved this through gradual and well-measured tightening of monetary policy, ensuring not to compromise financial stability and ensuring the continuation of GDP growth,” stated NBS Governor Jorgovanka Tabaković.
She added that by maintaining the stability of the dinar exchange rate, the spillover of rising import prices to domestic prices has been limited, contributing to overall macroeconomic stability.
According to her, the stability of the domestic currency has been a protective sign of the NBS for over a decade, and in the future, all efforts of the central bank will be directed towards preserving stability. Measures within the NBS’s jurisdiction aim to contribute to easier business conditions for the economy, an even greater number of jobs, and an improved quality of life for citizens.
Sign up for business updates & specials
