Chart 3 Relative stability of the exchange rate in the past six years 2008 – 6 Aug. 2012 - Sold EUR 5.7 bn - Depreciation 33.1%  Chart 4 Increased level of FX reserves (in EUR bn)  13  6 Aug. 2012 – 6 Aug. 2018 - Bought EUR 1.1 bn - Appreciation 0.5%  12.1  12  130 124 118 112 106 100 94 88 82 76 70 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NBS net interventions, cummulative (RHS); (in EUR bn) EUR/RSD (LHS); (RSD/EUR) Source: NBS.
I hope that by reviewing our objectives and the challenges we all face--virtually all of which reflect the sheer complexity of modern commercial banks--we might gain a better understanding of the future schedule and more support for the process. We need your support.