As I have said recently, on the national level, and in this region as well, the dominant force of late appears to have been a significant 1  BIS Review 40/2000  upshift in the rate of productivity growth.
Interest rates and dinar savings  Interest rates and FX savings  (lhs, in %, p.a, s-a, RSD bn)  (lhs, in %, p.a, s-a, EUR bn)  12  80  70  10  6  12  5  10  4  8  3  6  2  4  1  2  60 8  50  6  40 30  4  20 2  10  0  0 2013  2014  2015  2016  2017  2018  2019  0  0 2013  Dinar savings (rhs) NBS key policy rate Weighted average rate on term dinar deposits Source: NBS.