Monday, 28 December 2020

18th Sitting of the Committee on Finance, State Budget and Control of Public Spending

At the sitting held on 28 December 2020, the members of the Committee on Finance, State Budget and Control of Public Spending reviewed a number of reports submitted by the National Bank of Serbia and the National Bank of Serbia Governor’s Council.


The sitting was attended by the Governor of the National Bank of Serbia Dr Jorgovanka Tabakovic, NBS Vice-Governor Zeljko Jovic and the President of the NBS Governor’s Council Nebojsa Savic.

The Committee members considered the Semi-Annual Monetary Policy Report for the period January - June 2019, National Bank of Serbia 2020 Monetary Policy Programme and the National Bank of Serbia 2020 Financial Plan, submitted by the National Bank of Serbia; National Bank of Serbia 2019 Financial Reports accompanied by the authorized auditor’s report, National Bank of Serbia Governor’s Council Activity Report for the period 1 January - 30 June 2019, National Bank of Serbia Governor’s Council Activity Report for the period 1 July - 31 December 2019 and the National Bank of Serbia Governor’s Council Activity Report for the period 1 January - 30 June 2020, submitted by the National Bank of Serbia Governor’s Council; as well as the 2019 Annual Monetary Policy Report, Annual Report on business transactions and results achieved in 2019 and the Financial System Stability 2019 Annual Report, Semi-Annual Monetary Policy Report for the period January - June 2020 and the National Bank of Serbia 2021 Monetary Policy Programme, submitted by the National Bank of Serbia.

The Governor of the National Bank of Serbia Dr Jorgovanka Tabakovic said that in 2019 the National Bank of Serbia fulfilled its duties as set out by law and added that the year was marked by great successes of our economy, which contributed to stability in all fields. After the Governor explained the results of the NBS's work in 2019 in detail, she stated that the corona virus pandemic and the global crisis caused by the pandemic, which occurred in early 2020, prevented the further growth of our economy this year. Tabakovic went on to ad that with timely measures, the NBS managed to largely amortise the effects of the crisis. She said that price and financial stability were preserved, based on the stability of the exchange rate. As a result, the GDP will be 1% lower compared to the previous year, stated Tabakovic adding that we can already expect recovery in 2021. Jorgovanka Tabakovic emphasised that the long-term results achieved in terms of macroeconomic stability, enabled our country to oppose the global crisis from a much better position and to preserve production capacities and jobs with coordinated measures.

Following a lengthy discussion, the Committee members unanimously accepted all the reports and the National Bank of Serbia 2021 Monetary Policy Programme.

The sitting was chaired by Committee Chairperson Dr Aleksandra Tomic and was attended by the following Committee members and deputy members: Ugljesa Markovic, Zoran Tomic, Ana Carapic, Svetlana Milijic, Dusko Tarbuk, Nikola Jolovic, Veroljub Arsic, Milenka Subic, Olivera Pesic and Sonja Vlahovic.


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