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About the NBS

Council of the Governor


NEBOJŠA SAVIĆ, president of the Council
Sitting of the National Assembly of the Republic of Serbia of 13 November 2012.
5-year term in office.

Nebojša Savić was born in 1951 in Belgrade. He finished grammar school in Belgrade, and graduated from the Belgrade Faculty of Economics (1974), where he earned his MSc (1976) and PhD (1981) degrees. Since 2003, he has taught the courses ’monetary economics’, ’microeconomics’ and ’strategy of competitiveness’ as a full-time professor at FEFA – the Faculty of Economics, Finance and Administration in Belgrade. He was a dean of FEFA from 2003 to 2009. Since 2007, he has been a MOC affiliated professor, the Institute for Strategy and Competitiveness, Harvard Business School, Harvard University.

He participated in specialised programmes at the US National Bureau of Economic Research (NBER) and Harvard Business School, Harvard University.

He has considerable experience in economic policy management, macroeconomic and stabilisation policies, transition to the market economy, structural adjustment, enterprise restructuring and building institutions of the market economy. 

Prof. Savić was a member of the Board of Directors of Alfa banka Serbia (2006–2012), member and president of the Board of Directors of Komercijalna banka (2003–2005), and member and president of the Supervisory Board of Komercijalna banka (1998–2003).

He served as director of economic research at the Economics Institute in Belgrade and editor-in-chief of the Economic Barometer. As a member of the economic team led by governor Dragoslav Avramović, he took part in the monetary reform and introduction of the new dinar (1993–1995). He was a member of the National Competitiveness Council of the Serbian Government from 2008 to 2012.

He has authored a number of books and over fifty papers in domestic and foreign publications. He was president of the Yugoslav Economic Association and is now a member of the Presidency of the Serbian Economists Association. He has participated at World Congresses of the International Economic Association.

STOJAN STAMENKOVIĆ, member of the Council
Second term in office, 5 years – Sitting of the National Assembly of the Republic of Serbia of 27 December 2016
(First term in office, 4 years – from 13 November 2012 to 13 November 2016).

Stojan Stamenković was born in 1934 in Požarevac, Serbia. He graduated from the Belgrade Faculty of Natural Sciences and Mathematics – Department of Mathematics in 1964. He began his career as an analyst in the Economic Department of the former Federal Government.

His specialist fields since 1971 include macroeconomic analysis and macroeconomic projections.

From 1982 to 1986, he served as Chief Economist in the Cabinet of Prime Minister of the Federal Government. From 1983 to 1984, he was deputy chief of the Yugoslav delegation for negotiations with the IMF. In the 1987–1989 period, he held the post of director of the Foreign Trade Institute.

He returned to the Federal Government in 1989 and was engaged in developing economic reforms (the stabilisation programme). In 1991, after the process of disintegration of the former SFRY started, he participated in the Hague Conference on Yugoslavia aimed at rearranging the balance of power in the federal state.  

After the constitution of the Federal Republic of Yugoslavia (1992), he worked in the Federal Government as the federal adviser for economic developments and politics. After the dissolution (1993) of the Federal Government, he was relieved of his duties and went into early retirement. 

Since 1992, he has cooperated with the Institute of Economic Sciences in Belgrade. On proposal of the Institute’s director, he launched the magazine “Monthly Analyses and Prognoses” (MAP) within the research project on macroeconomic policies. He was the coordinator, editor and co-author of this magazine until the end of 2003. From January 2004 until the end of 2010, he headed a new research project and the monthly magazine “Macroeconomic Analyses and Trends” (MAT) of the Economic Institute. Since early 2011, he has been the coordinator of the project and author of the section “Assessment of Economic Activity” and the chapter “Current Issues in Economic Policy”.

On invitation of the National Bank of Yugoslavia, he took part in developing Yugoslavia’s balance of payments projections for 2001. He was a member of the team negotiating with the IMF (January and March 2001) on a stand-by arrangement. He also took part in negotiations with the IMF (February and March 2002) on a three-year extended arrangement, as well as in all subsequent negotiations on the review of this arrangement until its conclusion in 2006. As an expert, he was also engaged in negotiations and reviews of stand-by arrangements, from 2009 to 2012.

He has published a number of analyses, studies, books and papers, the most prominent being: “The Macroeconomic Analysis of the Yugoslav Economy” (S. Stamenković et al; a study, 2000); “Economic Drama of Yugoslavia” (T. Popović, S. Stamenković; a study, 1994 and 2000); “Macroeconomic Stabilisation – Alternative Approach” (S. Stamenković et al, 1994); “Financial Position of the Economy and Banks” (a coordinator; 1985); “Factors of Inflation in Yugoslavia – A Quantitative Analysis” (a study; 1973); “A Few Notes on Methods of Studying the Pace of Industrial Production” (S. Stamenković, ‘Statistical Review’, 1/1966).

He is a regular member of the Scientific Society of Economists. Since 2012, he has been a member of the Academy of Economic Sciences.

He is married and has two children.

MILADIN KOVAČEVIĆ, member of the Council
Second term in office, 5 years – Sitting of the National Assembly of the Republic of Serbia of 20 November 2015
(First term in office, 3 years – from 13 November 2012 to 13 November 2015).

Miladin Kovačević was born in Gacko (BiH) in 1952. He graduated from the Faculty of Natural Sciences and Mathematics, Department for Mathematics, General Division and Mathematical Structures in 1976. Mr Kovačević earned his MSc degree from the Faculty of Economics in Zagreb in 1978 and defended his PhD thesis in 1984, at the Faculty of Economics in Belgrade.

Miladin Kovačević worked at the Statistics Institute of the Federal Statistical Office (FSO) of the former Yugoslavia from 1977 to 1986. As the deputy director of the FSO, from 1986 to 1991, he was in charge of the population census exercise (1991). In 1993 he was appointed director of the Institute for National Accounts, Standards, Registers and Statistical Analysis (in the former Statistics Institute) at the FSO. As the Institute's director in late 1993 and early 1994, Mr Kovačević entered the field of macroeconomic accounts and was engaged in preparation of economic policy and the accompanying monetary reconstruction and economic stabilisation programme of the former federal government. 

Miladin Kovačević is the main co-author of the textbook "Sample Theory and Planning of Experiments" which was published and adopted at undergraduate studies at the Faculty of Economics in Belgrade in 1991. In 1995 he was elected associate professor for the course Sample Theory and Planning of Experiments at the Faculty of Economics. In 2001, he was nominated by the faculty and appointed science advisor at the Ministry of Science of the Republic of Serbia. He was also engaged at the PhD Committee of the Faculty of Economics in Zagreb (1991).

Mr Kovačević's cooperation with the Economics Institute and Institute of Economic Sciences in Belgrade started in 1994. He was engaged in macroeconomic analyses and methodology, research of economic trends and policies (as a member of the editorial board, analyst and author of work papers in the monthly journal "Macroeconomic Analyses and Trends"– MAT of the Economics Institute). His main research focus in the last few years has been on structural reforms in the public sector.  

In 2003 he was appointed and still is the deputy general manager of the Statistical Office of the Republic of Serbia, in charge of harmonising and improving the statistical system. Since 2001 he has been engaged in cooperation with the IMF Office and missions. Mr Kovačević served one term in office (since May 2004) as a member of the Council of the Governor of the National Bank of Serbia. He is a member of the International Statistical Institute (ISI) and the Scientific Society of Economists of Serbia (NDE).  

NIKOLA MARTINOVIĆ, member of the Council
Second term in office, 5 years – Sitting of the National Assembly of the Republic of Serbia of 8 December 2014
(First term in office, 2 years – from 13 November 2012 to 13 November 2014)

Nikola Martinović was born on 3 December 1947, in Feketić, Mali Iđoš. He obtained his Master’s degree from the Faculty of Economics in Subotica, the title of his thesis being “Тransformation of the Serbian Tax System and Introduction of VAT”. From 1985 to 1990 he was at the head of the company Solid in Subotica, and for the next two years, until 1992, served as Assistant Minister in the Ministry of Interior of the Republic of Serbia. From 1992 to 2000 he worked as Assistant General Manager of NIS in charge of finance, and as General Manager of NAP from 1996 to 2000. In 2005, he was appointed special adviser to the General Manager of NIS and performed this duty until November 2014.

He was on the NIS Board of Directors from 2004 to 2008, and was re-appointed to the same position in February 2009.

IVAN NIKOLIĆ, member of the Council
Second term in office, 5 years – Sitting of the National Assembly of the Republic of Serbia of 16 December 2013
(First term in office, 1 year – from 13 November 2012 to 13 November 2013)

Ivan Nikolić is a professorial fellow at the Economics Institute in Belgrade and a secretary and co-author of monthly newsletter “Macroeconomic Analyses and Trends – MAT”. His field of expertise is macroeconomic movements in Serbia and its surroundings.
Born on 13 June 1975 in Belgrade, he graduated from the Belgrade Faculty of Economics, where he also obtained his MSc and PhD degrees. In addition, he attended the IMF’s course Financial Programming and Policies (2001) and continued his professional development in the USA (2006) and China (2011).

Mr Nikolić began his professional career in 2002 as a junior research assistant at the Institute of Economic Sciences and in 2004 moved to a position at the Economics Institute in Belgrade.

In his career to date he has been engaged in the drafting of a number of domestic and international studies and projects, and he is the author of a large number of scientific and research papers. The results of his research studies were published in the most relevant domestic journals in this remit. During the course of the academic year of 2006/2007 he held a Public Finance course at the Faculty of Banking, Insurance and Finance.

His most notable projects are: Serbian Post-Crisis Economic Growth and Development Model 2011–2020 (USAID, 2010); Development Strategy of the Republic of Srpska (EI Banja Luka, 2010); Developing an Early Warning System for Predicting Currency and Financial Crises in Serbia (NBS, 2008); Possible Ways for Restructuring Industry in Serbia (UNCTAD, 2007); National Economic Development Strategy 2006–2012 (Economics Institute, 2006); Serbian National Strategy for the Accession of Serbia-Montenegro to the European Union (Economics Institute, 2005); Analytical-informative Foundations for the Talks of Serbia-Montenegro with EFTA (Ministry for International Economic Relations, 2004); Competitiveness of the Serbian Economy (Jefferson Institute and the NBS, 2003).

He is married and a father of two.