According to the National Bank of Serbia’s press release, the Serbian national currency – the Dinar – gained 0.2 percent in value against the Euro,
NBS’ hard currency purchase on the FX market exceeded sales by 700 million Euro, its gross hard currency reserves reached a record high of 18 billion euros for the first time, while the country’s gold reserves increased by 1.1 tonnes to 38.5 tonnes.
The foreign direct investments totalled more than 4.3 billion euros, while the percentage of NPLs dropped to the lowest ever level – 3 percent.
When it comes to inflation, according to the NBS, from early 2022, the inflation was driven primarily by the growing global prices of food and energy. NBS indicates that about 70 percent of the total inflation in Serbia is imported.
“The inflation in Serbia was 15.1 percent in November and is lower than in countries with a similar monetary policy regime,” the central bank stated.
“Despite challenges unprecedented in the global economy in the past decades, in 2022, the Serbian economy continued to grow and develop, against the backdrop of several intertwined crises. The NBS also played a role in overcoming the challenges, mitigating the economic consequences of the pandemic and the energy crisis, and continuing economic growth and development – all thanks to measures adopted in full coordination with the Serbian Government. We were able to respond thanks to the built buffers and accumulated reserves.
In 2022, Serbia’s FX reserves reached a record high, the relative stability of the dinar exchange rate was not threatened at any point, while our banking sector remained stable and well capitalised. Serbia has a strong track record of solid macroeconomic performance, and all the results achieved even in the most challenging conditions are an important pillar of our defence against any shocks going forward, as well as a guarantee of the preservation of our growth prospects”, NBS Governor Jorgovanka Tabakovic is quoted as saying in the press release.
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