NBS: Inflation down, dinar stable, gross FX reserves record-high

BELGRADE - In 2023, inflation was put on a sustainable downward path and will end the year at half of what it was at end-2022, the relative stability of the dinar against the euro was maintained while, at over 24.5 bln euros, gross FX reserves are record-high, the National Bank of Serbia (NBS) said on Thursday, recapping the results achieved this year.

"Gold as part of FX reserves was boosted further in 2023 - by more than 1 t, to the record-high level of almost 40 t. In 2023, dinar savings reached and then exceeded the equivalent value of 1 bln euros, posting the most dynamic annual growth so far. FDI inflows are set to exceed the projected figure and remain close to the record level from 2022," the NBS said in a statement.

"Aiming to preserve financial system stability and protect financial services consumers, we adopted measures temporarily capping interest rates...