The Governor of the National Bank of Serbia (NBS) Jorgovanka Tabaković said today that everything that has been done in previous years, from the achieved and preserved price stability and relative exchange rate stability, anchored inflation expectations and a strong financial system to the highest foreign exchange reserves speaks in favor of strengthening the country. .
She said at the annual online assembly of the Bank for International Settlements (BIS) that, despite the crisis, it enabled Serbia to fight the economic effects of the pandemic from a much better starting position.
“Since the beginning of the pandemic, the NBS has been among the first to react to support citizens, the economy and the state to overcome this crisis financially, which has ensured the smooth functioning of all financial flows,” Tabakovic said in a statement.
She added that the NBS was among the first regulators in the region and Europe to introduce a moratorium on repayment of liabilities, and the share of problem loans in total loans was further reduced to 3.7 percent.
Gross foreign exchange reserves, as it is stated, despite the crisis at the end of May, were about 780 million euros more than at the end of 2019.
“All together, it enabled Serbia to exceed the pre-crisis level of gross domestic product (GDP) in the first quarter of this year, with favorable financing conditions and preserved stability in all segments of the financial market,” Tabakovic said.
During the financial 2020/2021. The BIS reportedly supported the further development of financial technologies and banking services, adding that the pandemic had further accelerated the transition to digital payments and that central banks were working to improve existing payment systems in achieving key public policy goals.
It adds that progress in the implementation of the Innovation Strategy until 2025 (Innovation BIS 2025) was considered, with a retained focus on investing in next-generation technology to build a digital work environment that is resilient and ready for future challenges
“More than two and a half years ago, the NBS provided citizens with one of the most modern payment methods – the IPS NBS system. In the middle of the second quarter of 2021, a record was broken in the daily number of payments made in the IPS NBS system, when more than 206.5 thousand payments “, stated Tabaković.
She pointed out that the number of electronic and mobile banking users (individuals and legal entities and entrepreneurs) increased in the first quarter of 2021 compared to the same period last year, the number of mobile banking users increased by 28.9 percent and increased by 14.4 percent. is the number of electronic banking users.
The common conclusion of the annual BIS Assembly was that, with intensive cooperation between central banks and governments, the negative effect of the economic shock on the economy and financial system due to the pandemic was significantly reduced.