26.10.2024.
NBS Governor Jorgovanka Tabaković attended the invitation-only governors dinner in Washington, organised by the largest US bank, JP Morgan Chase. The dinner was hosted by President and Chief Operating Officer of JP Morgan Chase, Mr Daniel Pinto, and his associates, above all Bruce Kasman, Chief Economist and Head of Economic Research, who welcomed the central bank governors of emerging economies.
At the closed meeting, world current affairs and topics of importance for present and future economic flows were discussed.“Being invited and participating in such a narrow circle of select governors and exceptional economists and experts in world finance is an honour and a privilege not only for the National Bank of Serbia, but for the entire Republic of Serbia, whose results and potentials are globally recognised and respected”, stressed Governor Tabaković.
The Governor talked about the remarkable cooperation that the NBS has with JP Morgan Chase, as well as the rarely objective and unbiased approach that the analysts of this institution have in reporting on economic trends in various markets, including the Serbian one. She particularly emphasised the longstanding cooperation of the representatives of this bank with Serbian institutions, which in mid-2021 resulted in the inclusion of Serbian government bonds in JP Morgan indices, which led to the expansion of the investor base, more favourable financing and was one of the first steps towards Serbia’s investment grade rating. Serbia was cited by the host as a bright example of developing countries that other less developed countries should follow.
“I am proud that Serbia has reached such a level of economic and market development, as well as reputation in the international investment community, that it is part of a group of countries now known to almost all world-renowned investors that can share its experience with other countries.”
In the current environment of uncertainty and turbulence, special attention is paid to geopolitical and geostrategic topics intertwined with global financial flows. “The only way to adequately respond to existing challenges is to conduct responsible economic policies and to build buffers systematically. Thanks to such an approach in the period before and during the multidimensional crisis, Serbia came out stronger and more resilient than it was at the beginning of the crisis. The result of all this is the country’s investment grade rating”, said the Governor.
Against the background of pronounced challenges, initiatives that lead to international cooperation are of paramount importance, and experience shows that active monitoring, thorough knowledge of risks and timely action are the best way to prevent negative shocks from the global environment.
“We agreed that it is not enough to only supervise large and systemically important entities, but also smaller ones that could create distrust in the system through potentially ‘adventurous’ activities and entry into the zone of innovative, but insufficiently known ideas, and that this is something no economy can afford”, concluded Governor Tabaković.
Finally, it was emphasised at the meeting that the preservation of stability, which has no alternative, should remain a priority for all of us, as well as a proactive approach by building buffers for potential future global uncertainties.
Governor’s Office
