Governor Jorgovanka Tabaković of the National Bank of Serbia has been recognized as one of the top-rated central bank governors in the Global Finance magazine’s 2026 report. She received an ‘A-‘ grade, highlighting her successful management in areas such as inflation control, economic growth targets, currency stability, interest rate management, and political independence. This recognition underscores Serbia’s macroeconomic and financial stability, as confirmed by the National Bank of Serbia (NBS).
The Global Finance report, which evaluates central bank governors from nearly 100 countries, territories, and regions, uses a grading scale from “A+” to “F”. An ‘A’ grade signifies exceptional performance, while an ‘F’ indicates a complete failure. The report praised Tabaković’s leadership, noting that central bank governors face the complex task of balancing persistent inflationary pressures, uncertain economic growth prospects, and rapidly changing economic conditions, all while maintaining market and public confidence.
Serbia’s economic stability is reflected in several key indicators. The country’s year-on-year inflation remains within the targeted corridor of 3±1.5%. Additionally, Serbia’s foreign exchange reserves reached a record €30.5 billion at the end of July, covering seven months of imports of goods and services, which is double the international standard. The share of non-performing loans has decreased to 2.0%, marking the lowest level recorded.
Commenting on the recognition, Joseph Giarraputo, the founder and editor-in-chief of Global Finance, stated that central bank governors who received ‘A’ grades have demonstrated the discipline, independence, and sound judgment necessary to ensure stability while guiding their economies through unpredictable global environments. Tabaković emphasized the importance of stability, especially in challenging circumstances, stating that the recognition is an obligation to continue making responsible decisions in the long-term interest of Serbia’s citizens and economy.
The acknowledgment of Tabaković’s performance comes amidst various global economic challenges. The role of central banks in maintaining economic stability during crises has been a topic of discussion in Serbia and the broader region. The NBS has been instrumental in preserving the relative stability of the Serbian dinar against the euro, which is considered a crucial pillar of overall stability, alongside favorable financing conditions for citizens and businesses.
The Global Finance magazine, established in 1987 and headquartered in New York with offices in London and Milan, publishes the Central Banker Report Cards annually since 1994. The full list of ratings will be available in the October print and digital editions of Global Finance, as well as on their website.
While the report highlights significant achievements, the impact on public perception and investor confidence may not be fully realized until further economic indicators are assessed. Additionally, potential criticisms or differing opinions on the effectiveness of the central bank’s policies are not represented in the current report. Nonetheless, the recognition of Governor Tabaković’s leadership is a testament to Serbia’s efforts in maintaining economic stability in a complex global landscape.
