The result of such an approach by the National Bank of Serbia was relative stability of the exchange rate and the EUR 85 million inflow to foreign exchange reserves on account of interventions in the foreign exchange market since the start of 2015.
I should also note that this recent pickup in productivity has coincided with a rebound in business investment, and that this increase in capital spending has been evident in both the equipment and intellectual property categories; it is not just an “oil patch” story.