130 GODINA NARODNE BANKE SRBIJE

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1 138 Bankarstvo pregledni naučni članak dr Milan Šojić Direktorat za ekonomska istraživanja i statistiku, Narodna banka Srbije milan.sojic@nbs.rs mr Branko Hinić Direktorat za ekonomska istraživanja i statistiku, Narodna banka Srbije hinic@nbs.rs Rezime UDK (497.11)"1884/2014" 130 GODINA NARODNE BANKE SRBIJE Narodna banka Srbije, kao jedna od najznačajnijih državnih institucija u Republici Srbiji, ove godine slavi veliki jubilej, 130 godina od početka rada. Osnovana je kao 16 centralna banka u svetu domaćim akcijskim kapitalom. Otpočela je sa radom 2. jula godine, na osnovu Zakona o Privilegovanoj Narodnoj banci Kraljevine Srbije, koji je donet 6. januara godine, a objavljen je 19. januara iste godine u "Novinama Srpskim". Pre toga, novčani sistem je u Srbiji uređen Zakonom o kovanju srebrnog novca, koji je donet godine i kojim je dinar bio jedino zakonsko sredstvo plaćanja. Zakonom o Privilegovanoj Narodnoj banci Kraljevine Srbije iz godine, njena uloga je definisana na sledeći način: "U cilju da se jeftinim kapitalima i dobro uređenim kreditom, trgovina i radinost u Kraljevini Srbiji unapredi, Kraljevska se Vlada ovlašćuje da na osnovima koji su ovim zakonom propisani, ustanovi Narodnu banku." Početna kamatna stopa Narodne banke za eskontovanje menica je bila niska i stabilna i iznosila je 5,5%, a za zajmove na zaloge (lombardna stopa) 6,5% godišnje. Te stope su sve do godine bile relativno stabilne i najčešće su varirale u rasponu 5,5-8% na godišnjem nivou. Za vreme Prvog svetskog rata, Narodna banka je evakuisana u Marsej, a za vreme Drugog svetskog rata je imala predstavništvo u Londonu. U proteklih 130 godina, Narodnom bankom je rukovodilo 28 guvernera, a prvi guverner je bio Aleksa Spasić, pri čemu su tri guvernera birana u dva mandata. Narodna banka je više puta promenila svoj naziv, u skladu sa promenama naziva države i državnog uređenja i poslovala je u različitim ekonomskim, društvenim i međunarodnim prilikama, uključujući ratne događaje, trgovinske, ekonomske i finansijske sankcije, hiperinflaciju i različite unutrašnje i međunarodne političke prilike. Danas je Narodna banka Srbije organizovana kao savremena centralna banka, shodno ciljevima i principima koji se primenjuju u evropskim i vanevropskim zemljama. Njena zakonska uloga je vođenje monetarne i devizne politike u cilju održavanja niske i stabilne inflacije, a zatim i očuvanje finansijske stabilnosti u Republici Srbiji. Rad primljen: Odobren za štampu: Ključne reči: Narodna banka, Srbija, Jugoslavija, jubilej, 130. godišnjica, Zakon o Privilegovanoj Narodnoj banci Kraljevine Srbije, 28 guvernera, monetarna politika, devizna politika, niska inflacija, finansijska stabilnost JEL: E58, G2, N23, N24

2 Bankarstvo UDC (497.11)"1884/2014" Summary 130 YEARS OF THE NATIONAL BANK OF SERBIA The National Bank of Serbia, one of the most important state institutions of the Republic of Serbia, celebrates its grand jubilee this year years since its establishment. As the 16 th central bank in the world, it was funded by equity capital from domestic sources. The Bank started its operations on 2 July 1884 pursuant to the Law on the Privileged National Bank of the Kingdom of Serbia, adopted on 6 January 1883 and published in "Novine Srpske" on 19 January of the same year. Prior to the adoption of this Law, the Serbian monetary system was regulated by the Law on Minting Silver Coins, enacted in 1873, which set up the dinar as the sole legal tender in Serbia. The role of the Bank was defined by the Law on the Privileged National Bank of the Kingdom of Serbia, enacted in 1883, and was as follows: "In order to improve trade and crafts in the Kingdom of Serbia using cheap capital and well-designed credit, the Royal Government is empowered to establish the National Bank in accordance with the legal provisions of this Law." The initial discount rate of the National Bank was low and stable at 5.5% and the Lombard rate amounted to 6.5%. In the years up to 1941 these rates were relatively stable and usually varied between 5.5-8% at the annual level. During World War I, the National Bank was evacuated to Marseilles, while holding a representative office in London during World War II. During the 130 years of its operation, the National Bank has been run by 28 governors, the first of which was Aleksa Spasić, and three of which served two terms in office. The National Bank changed its name several times to reflect the change in the name of the state and its organization, and operated in different economic, social and international environments, including times of war, trade, economic and financial sanctions, hyperinflation and different internal and international political circumstances. Nowadays the National Bank of Serbia is organized as a modern central bank pursuant to the objectives and principles applied in Europe and beyond. Its legal mandate is the implementation of monetary and foreign exchange policies with the objective of maintaining low and stable inflation and preserving financial stability in the Republic of Serbia. Keywords: National Bank, Serbia, Yugoslavia, jubilee, 130 th anniversary, Law on the Privileged National Bank of the Kingdom of Serbia, 28 governors, monetary policy, foreign exchange policy, low inflation, financial stability. JEL: E58, G2, N23, N24 scientific review article Milan Šojić, PhD Direktorat za ekonomska istraživanja i statistiku, Narodna banka Srbije milan.sojic@nbs.rs Branko Hinić, MSc Direktorat za ekonomska istraživanja i statistiku, Narodna banka Srbije hinic@nbs.rs Paper received: Approved for publishing:

3 140 Bankarstvo Narodna banka, koja spada u red najznačajnijih državnih institucija u Srbiji, ove godine slavi veliki jubilej, 130 godina od početka rada. Privilegovana Narodna banka Kraljevine Srbije je zvanično otpočela sa radom 2. jula godine. Inače, Zakon o Narodnoj banci je, ukazom kralja Milana Obrenovića, donet 6. januara 1883, a objavljen je u "Novinama Srpskim" 19. januara godine. U vreme formiranja najznačajnijih nacionalnih institucija u Srbiji, novčani sistem je karakterisalo šarenilo raznih valuta i odsustvo nacionalnog novca. U upotrebi su bile najmanje 43 vrste novca drugih zemalja, od čega 10 vrsta zlatnog novca, 28 srebrnog i 5 vrsta bakarnog novca. Prva pisana informacija o potrebi osnivanja Narodne banke je objavljena godine u "Novinama Srbskim", u članku "Današnja novčana kriza". Prvi kovani novac u oslobođenoj Srbiji emitovan je godine, sa likom vladara Mihaila Obrenovića. Novčani sistem je u Srbiji uređen Zakonom o kovanju srebrnog novca, koji je donet godine. Ovim zakonom je uređeno da dinar bude jedino zakonsko sredstvo plaćanja. Novi srebrni srpski dinar je kovan prema pravilima Latinske novčane unije, finoće srebra 835/1000. Kovan je u apoenima od 2, 1 i pola dinara, težine 10, 5 i 2,5 grama, a pušten je u opticaj godine u ukupnom iznosu od 6 miliona srebrnih dinara. Inače, prvi pomen "srpskih dinara" nalazi se u dokumentima sa kraja godine, u vreme vladavine Stefana Prvovenčanog ( ), a kralj Radoslav ( ) se smatra prvim srpskim vladarom koji je kovao novac. Kovanje novca su nastavili skoro svi srpski vladari srpske srednjovekovne države, uključujući kralja i cara Dušana ( ), u kovnicama koje su se nalazile u blizini rudnika srebra: Brskovo, Rudnik, Novo Brdo, Srebrnica, Trepča i drugi. Prvi zlatni novac u Srbiji iskovan je godine u nominalnoj vrednosti od 20 dinara. Povodom proglašenja Kraljevine Srbije 6. marta 1882, kovan je zlatni novac od 10 i 20 dinara. Prva novčanica u Srbiji izdata je povodom početka rada Privilegovane Narodne banke Kraljevine Srbije 2. jula godine, u apoenu od 100 dinara, plativa u zlatu, izrađene po klišeu od 100 franaka Narodne banke Belgije. Posebno ističemo da je, prema istraživanjima koja smo obavili, Privilegovana Narodna banka Srbije osnovana kao 16. centralna banka u svetu. Privilegovana Narodna banka

4 Bankarstvo The National Bank of Serbia, one of the most important state institutions of the Republic of Serbia, celebrates its grand jubilee this year years since its establishment. The Privileged National Bank of the Kingdom of Serbia officially started its operations on 2 July The Law on the National Bank, according to the decree of the King Milan Obrenovic, was adopted on 6 January 1883 and published in "Novine Srpske" on 19 January At the times when the most significant national institutions in Serbia were formed, the monetary system was characterized by a medley of currencies and the lack of national money. At least 43 currencies of other countries were in usage, 10 of which were types of gold coins, 28 of which were silver coins, and 5 of which were copper coins. The first written piece of information on the necessity of establishing the National Bank was published in 1854 in "Novine Srbske", in the article titled Today s Monetary Crisis. The first minted coins in the liberated Serbia were issued in 1868, bearing the image of the ruler Mihailo Obrenovic. The Serbian monetary system was regulated by the Law on Minting Silver Coins, enacted in This Law set up the dinar as the sole legal tender in Serbia. The new Serbian silver coin was minted in line with the rules of the Latin Monetary Union, being of 835/1000 silver fineness. It was minted in 2-, 1-, and 0.5-dinar denominations, weighing 10, 5, and 2.5 grams, and was released into circulation in 1875, in the total amount of 6 million silver dinars. The first mention of the Serbian dinar dates back to the documents from the late 1214, during the reign of Stefan the First-Crowned ( ), and King Radoslav ( ) is considered the first Serbian ruler to have minted coins. Almost all Serbian rulers of the medieval Serbian state, including Emperor Dušan ( ), minted coins in the mints located close to the silver mines of Brskovo, Rudnik, Novo Brdo, Srebrnica, Trepča and others. The first gold coins in Serbia were minted in 1879 in the nominal value of 20 dinars. On the occasion of declaring the Kingdom of Serbia, Objava o konstituisanju Privilegovane Narodne Banke Kraljevine Srbije 12. marta godine u Beogradsko-trgovačkom sudu Kraljevine Srbije Declaration of constituting the Privileged National Bank of the Kingdom of Serbia, on 12 March 1884, at the Belgrade Commercial Court of the Kingdom of Serbia

5 142 Bankarstvo Kraljevine Srbije je organizovana po ugledu na Belgijsku narodnu banku, članicu Pariske monetarne konvencije, koja je u to vreme važila za jednu od najbolje organizovanih i uređenih centralnih banaka u Evropi. Znatnu početnu pomoć u organizaciji Narodne banke pružila je belgijska vlada i centralna banka, upućivanjem Šarla Bošmana u našu novoosnovanu centralnu banku. Naša Narodna banka je osnovana kao privilegovana privatna akcionarska ustanova, pri čemu se poslovanje Banke odvijalo pod kontrolom države. Na Majskoj konferenciji godine, povodom osnivanja Narodne banke, učestvovalo je oko 150 najuglednijih preduzetnika i trgovaca. Ta konferencija je dala veoma dobre rezultate i odlučeno je da se Narodna banka osnuje domaćim kapitalom. Zakonom o Narodnoj banci je bilo predviđeno da osnivački kapital iznosi 20 miliona dinara i to putem akcija, pojedinačne vrednosti od 500 dinara, s tim da Banka može početi sa radom kada bude upisano akcija u vrednosti od 10 miliona dinara. Upis akcija je bio uspešan, a na osnivačkoj skupštini Narodne banke godine učestvovao je akcionar. Zakonom je bilo predviđeno da 5 akcija daje 1 glas, 15 akcija 2 glasa, 35 akcija 4 glasa, 50 akcija 5 glasova, 75 akcija 6 glasova i 100 akcija 7 glasova, a svakih 20 akcija iznad 100 akcija, još po 1 glas. Predviđeno je da na glavnom zboru akcionara mogu učestvovati oni akcionari koji imaju najmanje 5 akcija i da niko pojedinačno ne može imati više od 30 glasova pri odlučivanju na zboru akcionara. Upravni odbor banke je mogao da ima 6 do najviše 12 članova. Pri izboru guvernera Narodne banke, Upravni odbor je predlagao tri istaknute osobe koji su državljani Srbije i koji su proveli najmanje 7 godina u Srbiji. Od ta tri kandidata, kralj je vršio konačan izbor i kraljevskim ukazom potvrđivao izbor guvernera. U prvom članu zakona po kome je osnovana, uloga Privilegovane Narodne banke je definisana na sledeći način: "U cilju da se jeftinim kapitalima i dobro uređenim kreditom, trgovina i radinost u Kraljevini Srbiji unapredi, Kraljevska se Vlada ovlašćuje da na osnovima koji su ovim zakonom propisani, ustanovi Narodnu banku." Predviđeno je osam osnovnih funkcija Narodne banke i to: (1) eskontovanje i kupovina menica, (2) kupovina i prodaja zlata i srebra, (3) davanje zajmova za zalogu zlata i državnih obveznica, (4) primanje novca i drugih vrednosti u depozit na čuvanje, (5) posredovanje za ostvarivanje zajmova za potrebe države i preduzeća, (6) isplate i uplate za državne i privatne korisnike, (7) davanje zajmova na bazi poljoprivrednih proizvoda i (8) primanje štednih uloga. Zakonom je izričito bilo predviđeno visoko pokriće novčane emisije u tzv. "zvečećem novcu" u visini od najmanje 40% u zlatu, a pri tome, zlato može biti zamenjeno srebrom najviše do jedne četvrtine. U cilju podsticanja privredne aktivnosti, početna kamatna stopa Narodne banke za eskontovanje menica je bila niska i stabilna i iznosila je 5,5%, a za zajmove na zaloge (lombardna stopa) 6,5% godišnje. Kasnije, sve do početka godine, te stope su bile relativno stabilne i najčešće su varirale u rasponu 6-8% na godišnjem nivou. Inače, do osnivanja i početka rada Narodne banke, kamate su u Srbiji bile visoke i prelazile su nivo od 12% godišnje, a kretale su se i do 50% godišnje. Na narednom grafikonu su prikazana kretanja kamatne stope Narodne banke od osnivanja do Drugog svetskog rata, na

6 Bankarstvo on 6 March 1882, gold coins worth 10 and 20 dinars were minted. The first banknote in Serbia was issued to mark the commencement of operations of the Privileged National Bank of the Kingdom of Serbia on 2 July 1884, denominated in 100 dinars, payable in gold, modeled after the 100-frank banknote of the National Bank of Belgium. We hereby particularly highlight that, according to our research, the Privileged National Bank of the Kingdom of Serbia was established as the 16 th central bank in the world. The Privileged National Bank of the Kingdom of Serbia was organized according to the model of the National Bank of Belgium, member of the Paris Monetary Convention, which was, at the time, deemed to be one of the best organized and regulated central banks in Europe. Considerable assistance in the initial stages of the National Bank s organization was provided by the Belgian government and its central bank, which sent Charles Boschmans to our newly-established central bank. Our National Bank was established as a privileged, private shareholding institution, the Bank s operations being subject to the state control. The 1883 May Conference, marking the establishment of the National Bank, was attended by about 150 most reputable entrepreneurs and tradesmen. The Conference yielded extraordinary results, and it was decided for the National Bank to be founded by means of domestic capital. Pursuant to the Law on the National Bank, Aleksa Spasić, prvi guverner Aleksa Spasic, first governor it was prescribed for equity capital to amount to 20 million dinars, by means of 40,000 shares, their individual value amounting to 500 dinars, noting that the Bank may commence its operations once it has 20,000 underwritten shares worth 10 million dinars. The underwriting of shares was successful, with 1,371 shareholders taking part in the founding assembly session of the National Bank in The Law prescribed that 5 shares granted 1 vote, 15 shared 2 votes, 35 shares 4 votes, 50 shares 5 votes, 75 shares 6 votes, and 100 shares 7 votes, and each 20 shared above 100 shares, another vote. It was decided that the main assembly of shareholders can be attended only by those shareholders having at least 5 shares, and that none of them individually can have more than 30 votes in the voting process at the shareholders assembly. The Bank s Board of Directors was allowed to have from 6 to maximum 12 members. When appointing the Governor of the National Bank, the Board of Directors would propose three prominent persons who were citizens of Serbia, and had spent at least 7 years in Serbia. Out of these three candidates, the King would make the final choice, confirming the appointment of the Governor by means of his royal decree. The first article of the Law, pursuant to which it was established, defines the role of the Privileged National Bank of the Kingdom of Serbia in the following way: "In order to improve trade and crafts in the Kingdom of Serbia using cheap capital and well-designed credit, the Royal Government is empowered to establish the National Bank in accordance with the legal provisions of this Law." The National Bank was supposed to perform

7 144 Bankarstvo osnovu čega se uočava relativna stabilnost kamatnih stopa. Devizni kursevi dinara su, i pored povremenih oscilacija, bili relativno stabilni do Prvog svetskog rata, a nešto nestabilniji između dva svetska rata. Od svog osnivanja, Narodna banka je, sa manjim izuzecima, uspešno poslovala. Osnovna dividenda na uložene akcije je, prema zakonu iznosila 6%, a nakon podmirenja svih drugih zakonom predviđenih obaveza, kao što su izdavanja u rezervni fond i sl., mogla se raspodeliti akcionarima i dodatna dividenda. Projekat zgrade Narodne banke, za osnovni i dograđeni deo, izradio je Konstantin Jovanović, poznati bečki arhitekta srpskog porekla. Za ovo vrlo uspešno arhitektonsko delo, autor projekta, arhitekta Jovanović, je godine dobio Orden svetog Save III reda. Narodnom bankom je, u proteklih 130 godina, rukovodilo 28 guvernera, pri čemu su tri guvernera birana u dva mandata. Prvi guverner Narodne banke je bio Aleksa Spasić. U široj javnosti su posebno isticani guverneri iz ranijeg perioda: industrijalac Đorđe Vajfert i Dragoslav Avramović, koji je kao tvorac Programa monetarne rekonstrukcije odigrao vrlo važnu ulogu u eliminisanju hiperinflacije u januaru godine. Danas je Narodna banka Srbije moderno organizovana centralna banka, pod rukovodstvom guvernera dr Jorgovanke Tabaković. Njen položaj, organizacija, ovlašćenja i funkcije, kao i odnos prema organima Republike Srbije i međunarodnim organizacijama i institucijama, uređeni su Ustavom Republike Srbije i Zakonom o Narodnoj banci Srbije. Sada su organi Narodne banke Srbije: Izvršni odbor, guverner i Savet guvernera. Narodna banka Srbije je sada definisana kao samostalna i nezavisna u obavljanju svojih funkcija, a za svoj rad je odgovorna Narodnoj skupštini Republike Srbije. Sada, kao i u drugim evropskim centralnim bankama i Evropskoj centralnoj banci, zakonom definisan osnovni cilj Narodne banke Srbije jeste postizanje i očuvanje cenovne stabilnosti, ne

8 Bankarstvo eight basic functions, as follows: 1) discounting and purchasing of draft bills; 2) purchasing and selling of gold and silver; 3) granting loans against the pledge in gold and state bonds; 4) safekeeping money and other valuables; 5) intermediating in the process of granting loans to the benefit of the state and enterprises; 6) payins and pay-outs for state and private clients; 7) granting loans backed by agricultural products; and 8) receiving savings deposits. The Law strictly prescribed a high coverage of monetary issuance in the so-called clinking money, in the amount of at least 40% in gold, with a possibility for gold to be replaced by silver up to no more than one fourth. With a view to boosting economic activity, the initial discount rate of the National Bank was low and stable at 5.5% and the Lombard rate amounted to 6.5% annually. In later years, until early 1920, these rates were relatively stable and usually varied between 6-8% at the annual level. Until the establishment of the National Bank and the commencement of its operations, interest rates in Serbia were high, exceeding 12% per annum, and sometimes even reaching up to 50% per annum. The following graph illustrates the trends of the National Bank s interest rates since its establishment in 1884 until the outbreak of the World War II, indicating the relative stability of interest rates. The dinar FX rates, despite occasional fluctuations, remained relatively stable until the World War I, and somewhat less stable in between two world wars. Graph 1. Discount rates of the National Bank of Serbia (in % per annum) Silver Gold Source: NBS Graph 2. Dinar FX rate in Belgrade dinar (gold coin) - left axis 100 Austro-Hungarian forints/100 Austrian crowns since right axis

9 146 Bankarstvo dovodeći u pitanje ostvarivanje tog osnovnog cilja, Narodna banka Srbije doprinosi očuvanju i jačanju stabilnosti finansijskog sistema i realizovanju ostalih ciljeva makroekonomske politike. U ostvarivanju zakonski definisanih ciljeva, Narodna banka obavlja koordinaciju sa Vladom Republike Srbije na fiskalnom planu i drugim područjima makroekonomske politike. Kod nas je sada u primeni monetarni režim ciljanja inflacije (inflaciono targetiranje), a devizni kurs dinara je u režimu rukovođenog fluktuiranja. Na osnovu mera koje je preduzela Narodna banka, u saradnji sa Vladom, u poslednjem kvartalu i u proteklom periodu godine, postignuta je niska inflacija i po tom kriterijumu znatno smo se približili nizu zemalja Evrozone i EU-28. Narodna banka sada ima 27 glavnih organizacionih delova, među kojima su sektori za: monetarne operacije, devizne poslove, finansijsku stabilnost, kontrolu poslovanja banaka, nadzor nad obavljanjem delatnosti osiguranja, poslove sa gotovinom, međunarodnu saradnju, platni sistem, informacione tehnologije, ljudski resursi, Direkcija za zakonodavnopravne poslove, interna revizija, Zavod za izradu novčanica i kovanog novca, Direktorat za ekonomska istraživanja i statistiku i dr. Narodna banka ima 5 filijala u Beogradu, Novom Sadu, Kragujevcu, Nišu i Užicu. U skladu sa promenama naziva države i njenog uređenja, Narodna banka je više puta promenila svoj naziv. U svojoj dugoj istoriji, Narodna banka je poslovala u različitim ekonomskim, društvenim i međunarodnim prilikama, uključujući ratne događaje, trgovinske, ekonomske i finansijske sankcije, hiperinflaciju (u do 24. januara godine) i različite unutrašnje i međunarodne političke prilike. Privilegovana Narodna banka Srbije je na početku Prvog svetskog rata, 13. juna godine, evakuisana iz Beograda, preko Soluna u Francusku u Marsej, gde je bila sve do završetka rata, kada je ponovo vraćena u Beograd 16. februara Pri tome je gotovo u potpunosti očuvana imovina NBS, a posebno zlato i srebro, kao podloga za nacionalnu valutu - dinar. Nakon Prvog svetskog rata, na osnovu Zakona o Narodnoj banci, 26. januara godine, osnovana je Narodna banka Kraljevine Srba, Hrvata i Slovenaca, koja je predstavljala kontinuitet Privilegovane Narodne banke Kraljevine Srbije. Zgrada Narodne banke Srbije, Allgemeine Bauzeitung, 1891 Building of the National Bank of Serbia, Allgemeine Bauzeitung, 1891

10 Bankarstvo Annual average in dinars Graph 3. Dinar FX rate British pound - left axis 100 French francs - left axis 1 German mark - right axis 1 American dollar - right axis Since its establishment, with smaller exceptions, the National Bank has been operating rather successfully. The basic dividend on invested shares, according to the law, amounted to 6%, and upon settling all other legally prescribed obligations, such as allocations for the reserve fund, etc., it was also possible to distribute an extra dividend to the shareholders. The blueprints for the National Bank s building, both for its main and additionally built section, were designed by Konstantin Jovanovic, the famous architect of Serbian origin from Vienna. For this exquisite work of architecture, in 1890, the author of the project, the above-mentioned architect Jovanovic, was awarded St Sava s Medal of the 3 rd Order. In the past 130 years the National Bank has been has been run by 28 governors, the three of which served two terms in office. The first governor of the National Bank was Aleksa Spasic. The governors from the previous periods, particularly highlighted to the general public include: the industrialist Djordje Vajfert, and Dragoslav Avramovic, who created the Monetary Reconstruction Program, and thereby played an extremely important role in eliminating hyperinflation in January Today, the National Bank of Serbia is a modernly organized central bank, run by the Governor Dr Jorgovanka Tabakovic. Its position, organization, authorities and functions, along with its relationship with the bodies of the Republic of Serbia and international organizations and institutions, are regulated by the Constitution of the Republic of Serbia, and the Law on the National Bank of Serbia. At present, the bodies of the National Bank of Serbia are: Executive Board, Governor, and Council of Governors. The National Bank of Serbia has been defined as independent in performing its functions, and for its work it is responsible to the National Assembly of the Republic of Serbia. Just like in other central banks in Europe, and in the Source: NBS Šalter sala u dograđenom delu zgrade Narodne banke Srbije Cashiers' hall in the additionally built section of the National Bank of Serbia's building Zgrada Narodne banke Srbije je dograđena između i godine The building of the National Bank of Serbia was expanded between 1922 and 1925

11 148 Bankarstvo Jedan od većih problema u novoosnovanoj Kraljevini SHS je bila zamena austrougarskih kruna za dinare. U prisajedinjenim krajevima novoformirane države, bila je velika količina austougarskih kruna, koja je procenjena čak na oko 8-10 milijardi kruna, te se država zadužila da bi otkupila deo tih kruna. Obavljenom zamenom austrougarskih kruna, povećana je količina novca u opticaju u Kraljevini SHS, što je dovelo do povećanja inflacije. Tek je od godine dinar faktički stabilizovan, a inflacija redukovana. Stabilizacija dinara je trajala sve do kada je uvedena i zakonska (de jure) stabilizacija dinara, donošenjem novog Zakona o Narodnoj banci Kraljevine Jugoslavije i Zakona o novcu. Zakonska stabilizacija dinara je kratko trajala (101 dan), kako bi se sprečio odliv zlatnih rezervi. Narodna banka je, naročito nakon Prvog svetskog rata, redovno pratila privredne prilike u zemlji i svetu i već tada je raspolagala brojnim najznačajnijim podacima o privredi Kraljevine SHS, kasnije Kraljevine Jugoslavije, kao i kretanjima na međunarodnim berzama i u privredama najznačajnijih zemalja Evrope, Amerike i drugih zemalja, pogotovo u vreme Velike ekonomske depresije godine i nakon toga. Do godine, Narodna banka je bila prevashodno kreditna ustanova, a od tada je njena prvenstvena uloga bila monetarna politika, a zatim i kreditna politika. Za vreme Drugog svetskog rata (od aprila do oktobra 1944), Narodna banka je obavljala poslove iz svog predstavništva u Londonu. Posle Drugog svetskog rata, Narodna banka je nacionalizovana. Počev od 15. januara godine, izmenjen je naziv naše centralne banke u Narodnu banku Federativne Narodne Republike Jugoslavije, a zatim u Narodnu banku Jugoslavije. Zakonom koji je stupio na snagu 19. jula godine naša centralna banka funkcioniše pod nazivom Narodna banka Srbije. Foto Bojana Nešić

12 Bankarstvo European Central Bank, the law defines the main objective of the National Bank of Serbia to be the achievement and maintenance of stability of prices, and, without jeopardizing the fulfillment of this main objective, the National Bank of Serbia contributes to the maintenance and strengthening of stability of the financial system, and realization of other goals of macroeconomic policy. In the process of achieving the legally prescribed objectives, the National Bank of Serbia coordinates its activities with the Government of the Republic of Serbia, in the fiscal area, and in other fields of macroeconomic policy. Currently, we have been implementing the regime of inflation targeting, and the dinar FX rate has been in the managed float regime. Based on the measures undertaken by the National Bank, in cooperation with the Government, in the last quarter of 2013 and in 2014 so far, we have reached low inflation, according to which criterion we have come considerably closer to a series of euro area and EU-28 countries. At the moment the National Bank has 27 main organizational units, including the sectors for: monetary operations, foreign exchange operations, financial stability, bank supervision, insurance supervision, cash flow operations, international cooperation, payment system, information technologies, human resources, internal audit, Legal Department, Institute for Manufacturing Banknotes and Coins, Directorate for Economic Research and Statistics, etc. The National Bank has 5 branches, in Belgrade, Novi Sad, Kragujevac, Nis and Uzice. The National Bank changed its name several times to reflect the change in the name of the state and its organization. Throughout its long history, the National Bank operated in different economic, social and international environments, including times of war, trade, economic and financial sanctions, hyperinflation (in 1993, until 24 January 1994), and different internal and international political circumstances. At the beginning of the World War I, on 13 June 1914, the Privileged National Bank of the Kingdom of Serbia was evacuated from Belgrade, via Thessaloniki, to Marseille, France, where it remained until the war was over, when Foto Bojana Nešić

13 150 Bankarstvo Literatura / References 1. Dugalić Veroljub, Andrej Mitrović, Dragan Gnjatović, Gordana Hofman, Ile Kovačević (2004), Narodna banka , Jugoslovenski pregled; Beograd, godine 2. Dugalić Veroljub (2004): Narodna banka , Jugoslovenski pregled, Beograd, Gnjatović, Dragana. (2006), The Introduction of Limping Gold Standard in the Principality of Serbia, in: Monetary and Fiscal Policies in South-Eastern Europe: Historical and Comparative Perspectives (Conference proceedings of the 1st meeting of the South-Eastern European Monetary History Network), ed. R. Avramov and S. Pamuk, Sofia: Balgarska Banka Narodna, pp Hinic Branko, Milan Šojic, Ljiljana Djurdjevic (2009), Monetary Conditions in the Kingdom of Serbia , in Economic and Financial Stability in SE Europe in a Historical and Comparative Perspective (Conference proceedings of the 4th meeting of the South-Eastern European Monetary History Network), Belgrade: National Bank of Serbia, March 2009, pp Hinić Branko, Milan Šojić, Ljiljana Đurđević (2010), Monetary Policy in the Kingdom of Yugoslavia during the Great Depression ( ), in Monetary Policy during Economic Crises: a Comparative and Historical Perspective, The Fifth Annual South-Eastern European Monetary History Network (SEEMHN), Conference, Istanbul, 16 April Internet sajt Narodne banke Srbije - www. nbs.rs 7. Jovan Hadži-Pešić (1995), Novac Srbije , Beograd, godine 8. Jovan Hadži-Pešić (1995), Novac Kraljevine Jugoslavije , Beograd, godine 9. Kosier, LJ. (1924): Narodna Banka Kraljevine Srba, Hrvata i Slovenaca , Hrvatski štamparski zavod, Zagreb, Miodrag Ugričić (2000), Novac u Jugoslaviji za vreme Drugog svetskog rata, izdavač: Jugoslovenski pregled, Beograd, godine 11. Narodna banka Kraljevine Srba, Hrvata i Slovenaca, Godišnji izveštaj, različita izdanja 12. Narodna banka Kraljevine Jugoslavije, Godišnji izveštaj, različita izdanja 13. Narodna banka Srbije, Godišnji izveštaj, različita izdanja 14. Privilegovana Narodna banka Kraljevine Srbije (1885), Godišnji izveštaj za 1884, 29 marta 1885, Beograd 15. Privilegovana Narodna banka Kraljevine Srbije (1909), Privilegovana Narodna banka Kraljevine Srbije , Beograd, Štamparija Davidović 16. Radovanovic, Bojan. (1998), Osnivanje i početak rada Privilegovane narodne banke Kraljevine Srbije 110 godina Narodne banke, , Beograd, Narodna banka Jugoslavije 17. Republički zavod za statistiku Srbije (2008), Dva veka razvoja Srbije - Statistička revija, Beograd, Savezni zavod za statistiku, Jugoslavija , Statistički godišnjak, Beograd, Šojić Milan and Ljiljana Djurdjevic (2006), National Bank of Serbia Establishment and Beginning of Operation, in: Monetary and Fiscal Policies in South- Eastern Europe: Historical and Comparative Perspectives (Conference proceedings of the 1st meeting of the South-Eastern European Monetary History Network), ed. R. Avramov and S. Pamuk, Sofia: Balgarska Banka Narodna, pp Šojić Milan and Ljiljana Djurdjevic (2007), Dinar Exchange Rate in the Kingdom of Serbia , in The Experience of Exchange Rate Regimes in South-eastern Europe in a Historical and Comparative Perspective (Conference proceedings of the 2nd meeting of the South-Eastern European Monetary History Network), ed. P. Mooslechner and E. Gnan, Vienna: Oesterreichische Nationalbank, pp The League of Nations, Statistical Yearbook, various issues Zakon o Narodnoj banci Srbije 1883, Novine Serpske, 19 januar 1883, Beograd 23. Zavod za izradu novčanica Topčider (1935), Narodna banka , Beograd

14 Bankarstvo it returned to Belgrade, on 16 February In this period the National Bank s assets were almost completely preserved, especially gold and silver, as the foundation for the national currency - the dinar. Following the World War I, on 26 January 1920, pursuant to the Law on the National Bank, the National Bank of the Kingdom of Serbs, Croats and Slovenes was established, as the legal successor of the Privileged National Bank of the Kingdom of Serbia. One of the major challenges in the newly founded Kingdom of Serbs, Croats and Slovenes was the exchange of Austro-Hungarian crowns for dinars. The amount of crowns circulating at the time in the territories which were integrated into the Kingdom was estimated at around 8-10 billion. To help resolve the problem, the government took out a loan to purchase a portion of that amount. The performed conversion of Austro- Hungarian crowns increased the amount of money in circulation in the Kingdom of SCS, which resulted in an inflationary surge. It was not until 1923 that the dinar was first stabilized and inflation reduced. The dinar remained stable until 1931, when the stabilization was effected de jure by the enactment of the new Law on the National Bank of the Kingdom of Yugoslavia and the Law on Money. This legal stabilization of the dinar lasted only briefly (101 days), in order to prevent an outflow of reserves in gold. The National Bank, particularly after the World War I, regularly monitored the economic developments in the country and worldwide, and already back then had substantial data on its disposal, concerning the economy of the Kingdom of SCS, later the Kingdom of Yugoslavia, along with the trends at international stock exchanges and in major economies in Europe, the USA and other countries, especially during the Great Economic Depression in , and afterwards. Until 1931, the Kovnica novca u Topčideru The mint in Topcider National Bank was primarily a credit institution, and from that point onwards its primary role has been monetary policy, accompanied by credit policy. During the World War II (April 1941-October 1944), the National Bank conducted its operations from its representative office in London. After the World War II, the National Bank was nationalized. As of 15 January 1946, the central bank s name changed into the National Bank of the Federal People s Republic of Yugoslavia, and then in 1963 into the National Bank of Yugoslavia. Pursuant to the Law which came into effect as of 19 July 2003, our central bank has been operating under the name of the National Bank of Serbia.