BIS central bankers’ speeches  3  rates adjusted for inflation – and improving financial conditions more broadly. But the federal funds rate and other nominal interest rates cannot go much below zero, since holding cash is always an alternative to investing in securities.
As you probably know, the National Bank of Serbia has emphasized repeatedly for a number of years already that the preserved relative stability of the exchange rate plays an important role not only in the achievement of the central bank’s objectives, but also in creating favourable business and investment confidence and attracting investment to Serbia.