In fact, the level of reserves exceeds the total stock of short-term debt and portfolio flows which, taken together, constitute little less than 75 per cent of the level of reserves. The present level of external reserves is a source of comfort as it provides a measure of insulation against unforeseen external shocks or shocks created by domestic supply shortages.
I should not be the one to speak about the National Bank of Serbia’s performance over these 125 years and its achievements in the 21st century; you are the only valid judges of our work. By preserving stability in prices and ensuring a sound and stable financial system, the National Bank of Serbia is creating conditions for the country’s macroeconomic stability in general.