Appreciation pressures followed in July, aided by increased interest of foreign investors who wished to invest in dinar government securities, and these pressures lasted into the following months (until November 2016).
Appreciation pressures were fuelled by a significant recovery of domestic macroeconomic indicators, positive IMF reviews of the implementation of the stand-by arrangement and greater investor confidence in Serbia, which was confirmed by the improvement in credit rating by Fitch (on 17 June 2016 the rating was raised from B+(p) to BB(s)).