When the real exchange rate rises, or in other words when the nominal exchange rate rises by more than the difference between our inflation rate and that of our trading partners, exporters are put under real pressure. And vice versa. Now have a look at Graph 1.
Confidence in the financial system has also been preserved, as confirmed by the continued rise in total deposits in banks, which in late 2022 exceeded the 2019 figure by over 40%. The NPL share in total loans was reduced to a record low of 3% at end-2022.