Statute of the National Bank of Serbia

RS Official Gazette, No 47/2025

Based on Article 23, paragraph 1, item 1) of the Law on the National Bank of Serbia (RS Official Gazette, Nos 72/2003, 55/2004, 85/2005 - other law, 44/2010, 76/2012, 106/2012, 14/2015, 40/2015 - CC decision, 44/2018 and 19/2025), at the proposal of the Executive Board of the National Bank of Serbia, the Council of the Governor of the National Bank of Serbia hereby adopts

STATUTE

OF THE NATIONAL BANK OF SERBIA

1. GENERAL PROVISIONS Legal status

Article 1

The National Bank of Serbia shall be the central bank of the Republic of Serbia, performing the functions and tasks set forth by the Law on the National Bank of Serbia (hereinafter: the Law) and other law. The National Bank of Serbia shall be a legal entity founded by the Republic of Serbia by law and shall not be entered in the register of legal entities. The liabilities of the National Bank of Serbia shall be guaranteed by the Republic of Serbia. Bodies

Article 2 Bodies of the National Bank of Serbia shall be:

1. the Executive Board of the National Bank of Serbia (hereinafter: the
   Executive Board);

2. the Governor of the National Bank of Serbia (hereinafter: the Governor);

3. the Council of the Governor of the National Bank of Serbia (hereinafter:
   the Council of the Governor).

The scope of activity and mutual relations of the bodies of the National Bank

of Serbia shall be determined by the Law.

Within its remit laid down by the Law, the Council of the Governor may

submit initiatives and proposals to the Executive Board, and/or give recommendations and opinions. Seat

Article 3 The seat of the National Bank of Serbia shall be in Belgrade, 12 Kralja Petra

Street. Name in international business correspondence

Article 4 In international business correspondence, the National Bank of Serbia may

use the English translation of its name that shall read as follows: "National Bank of Serbia".

Seal and stamp Article 5 The National Bank of Serbia shall have its seal and stamp. The seal of the National Bank of Serbia shall be round and shall bear the

name of the Republic of Serbia, the name and seat of the National Bank of Serbia, as well as the Great Coat of Arms of the Republic of Serbia.

The stamp of the National Bank of Serbia shall be rectangular and shall

bear the name of the National Bank of Serbia. It may also feature other elements.

The manner of use and safe custody of the National Bank of Serbia's seal

and stamp, their number, type and features, as well as other matters appertaining thereto - shall be regulated by an internal general act of the National Bank of Serbia (hereinafter: internal general act).

Logo Article 6 The National Bank of Serbia shall have its logo, which other legal and

natural persons may not use without its consent. The manner of use, design and content of the logo of the National Bank of Serbia shall be regulated by an internal general act.

1. REPRESENTING AND ACTING ON BEHALF OF THE NATIONAL BANK OF SERBIA

Representing the National Bank of Serbia Article 7

The Governor shall represent the National Bank of Serbia. The Governor may authorise Vice-Governors of the National Bank of

Serbia (hereinafter: Vice-Governors), managers in the National Bank of Serbia (hereinafter: managers) and other employees in the National Bank of Serbia (hereinafter: employees) to conclude certain legal transactions and/or take certain legal actions in the name and for the account of the National Bank of Serbia. The Governor may authorise Vice-Governors, managers and other employees to make decisions on certain rights and obligations of employees. The Governor may authorise employees and persons who are not employed in the National Bank of Serbia, but who, in accordance with law, may engage in representation before courts (e.g. bachelors of law who have passed the bar exam) and/or other bodies and organisations, to represent the National Bank of Serbia before courts and/or other bodies and organisations, as well as in the protection of assets and other interests of the National Bank of Serbia in the country and abroad. The authorisations under paragraphs 2 to 4 of this Article shall be rendered in writing, and shall set out the scope and content of the powers conferred. Decision-making regarding administrative matters Article 8 Administrative acts falling within the remit of the National Bank of Serbia shall be adopted by the Executive Board and the Governor, in accordance with their remits. The Governor may authorise Vice-Governors, the Secretary General and employees managing the main organisational units of the National Bank of Serbia (hereinafter: main organisational units) and/or the Institute for Manufacturing Banknotes and Coins - Topčider (hereinafter: the Institute) to adopt certain administrative acts within the remit of the National Bank of Serbia,

which are within the Governor's remit as laid down by law. The authorisations under paragraph 2 of this Article shall be rendered in writing, and shall set out the scope and content of the powers conferred. Acting on behalf of the National Bank of Serbia Article 9

The Governor shall act on behalf of the National Bank of Serbia in the

country and abroad. In accordance with their authorisations, Vice-Governors may also act on behalf of the National Bank of Serbia in the country and abroad. The Governor may designate managers and other employees to act on behalf of the National Bank of Serbia in certain cases in the country and abroad. If so authorised by the Governor in writing, and in accordance with the responsibilities they have been entrusted with, and/or the scope of activity of the organisational unit of the National Bank of Serbia (hereinafter: organisational unit) they manage, Vice-Governors, the Secretary General and employees managing the main organisational units and/or the Institute may designate managers and other employees to act on behalf of the National Bank of Serbia in certain cases in the country and abroad. Facsimile signature Article 10 The acts within the remit of the National Bank of Serbia signed by the Governor, Vice-Governors and managers, may, instead of their signatures, bear their facsimile signatures. The manner of creating, using and storing facsimile signatures, as well as other matters appertaining thereto, shall be regulated by an internal general act. Specimen signatures

Article 11

The National Bank of Serbia shall obtain specimen signatures of the Governor, Vice-Governors, managers and other persons authorised to represent the National Bank of Serbia. The manner, terms and procedure for obtaining specimen signatures from paragraph 1 of this Article and other matters relating to specimen signatures shall be regulated by an internal general act.

1. RESPONSIBILITIES OF VICE-GOVERNORS Responsibilities that may be conferred upon Vice-Governors Article 12 The Governor may confer upon Vice-Governors the responsibility of

managing and coordinating certain activities from Articles 15 to 17 of this Statute, except for activities which are prescribed to fall exclusively within the

Governor's remit.

The Governor shall specify, by a written authorisation, the responsibilities from paragraph 1 of this Article which shall be conferred upon individual Vice- Governor. Vice-Governors shall ensure lawful, professional and timely discharge of responsibilities conferred upon them, and shall be responsible for the adoption of acts and taking of activities under the remit of organisational units whose activities they manage and coordinate, and/or for omissions in operation of these organisational units. For lawful, professional and timely discharge of responsibilities conferred upon them, Vice-Governors shall be accountable to the Governor, the Council of the Governor and the National Assembly.

Vice-Governor acting in place of the Governor

Article 13 At the beginning of his term of office, the Governor shall designate, by a special act, a Vice-Governor who shall act in his place with the same rights and duties when he is prevented from discharging his responsibilities. During his term of office, the Governor may designate another Vice- Governor to act in his place when he is prevented from discharging his responsibilities.

1. ORGANISATION OF OPERATIONS OF THE NATIONAL BANK OF SERBIA

Organisation of activities in the National Bank of Serbia

Article 14 The activities of the National Bank of Serbia prescribed by law and other regulation shall be performed in the main organisational units, the Institute and branches of the National Bank of Serbia (hereinafter: branches).

When needed, for the purpose of performing certain activities, the Governor may set up standing and temporary expert and advisory working bodies (commissions, working groups, collegiums, committees, boards and other working bodies). The tasks, obligations and responsibilities of the bodies referred to in paragraph 2 of this Article shall be determined by a decision or another appropriate act of the Governor. Organisation of activities in the main organisational units Article 15 The following activities shall be performed in the main organisational units:

1. determining and implementing monetary and foreign exchange policies;
2. management of foreign exchange reserves;

3. activities relating to the foreign exchange system and foreign credit
   transactions;

4. measures and actions aimed at maintaining and strengthening the
   stability of the financial system;

5. supervision of banking operations;

6. insurance supervision;

7. supervision of voluntary pension fund management companies;

8. supervision of financial leasing activities;

9. supervision of the provision of payment services and issuance of
   electronic money;

10. supervision of virtual currency service provision;

11. supervision of exchange and foreign exchange operations;

12. financial services consumer protection;

13. supervision of implementation of the laws and other regulations
    governing the prevention of money laundering and the financing of terrorism and the freezing of assets with the aim of preventing terrorism and proliferation of weapons of mass destruction in entities supervised by the National Bank of Serbia in accordance with these laws;

14. resolution of banks and/or members of banking groups and managing
    the Bank Resolution Fund;

15. supervision of information-communication systems of entities
    supervised by the National Bank of Serbia;

16. economic research and statistics;

17. issue of banknotes and coins, and cash circulation management;

18. regulating and promoting smooth payment operations, and/or smooth
    functioning of payment systems and supervision of payment system operators;

19. supervision of domestic and cross-border payment operations;

20. activities related to the DinaCard system;

21. research in the area of the National Bank of Serbia's supervisory
    function;

22. fiscal agency and other activities performed for the Republic of Serbia;

23. international cooperation;

24. enforced collection;

25. internal audit;

26. activities of the Governor's Office;

27. risk management of the National Bank of Serbia;

28. legislative and legal activities;

29. compliance activities;

30. accounting and finance;

31. activities relating to information-communication technologies;

32. activities relating to human resources and organisational matters;

33. public procurements;

34. activities relating to security and safety, asset management, office
    administration and other general affairs;

35. other activities set out by law, other than the activities which are within
    the remit of the Institute under this Statute. The main organisational units may be departments, directorates and centres, or main organisational units of another name if this is more appropriate to the nature of the activities they perform. One or more of the activities from paragraph 1 hereof may be performed in the main organisational units, whereas certain activities may be performed in several main organisational units and/or in the working bodies referred to in Article 14 of this Statute. Divisions, units and services, or organisational units of another name, more appropriate to the nature of the activities performed, may be set up within the main organisational units.

Organisation of activities in the Institute

Article 16 The Institute shall be a specialised organisation within the National Bank of Serbia and shall not have legal personality.

The Institute shall operate under the name: National Bank of Serbia -

Institute for Manufacturing Banknotes and Coins - Topčider.

The following activities shall be performed in the Institute:

1. manufacturing banknotes and coins issued by the National Bank of

Serbia, in accordance with the Governor's decision;

1. manufacturing commemorative coins and numismatic money, in
   accordance with the Governor's decision;

2. manufacturing statutory public documents, subject to the Governor's
   prior consent;

3. manufacturing banknotes, coins and public documents for foreign
   states and foreign legal entities, subject to the Governor's prior consent;

4. manufacturing securities, security paper and special material (printing
   material, tokens, medals, plaques and other material), subject to the prior consent of the Governor or a person authorised by the Governor;

5. manufacturing and personalising bank and other cards, subject to the
   prior consent of the Governor or a person authorised by the Governor;

6. other activities for the National Bank of Serbia and the Republic of

Serbia, subject to the Governor's prior consent.

The control of the manufacturing of banknotes, coins, securities and other

valuables issued by the National Bank of Serbia shall be carried out under terms and conditions prescribed by an act passed by the Governor.

The activities from paragraph 3, items 3) to 6) of this Article shall be

performed by the Institute at agreed prices, approved by the Governor or a person authorised by the Governor.

The prices at which money referred to in paragraph 3, item 2) of this Article

and other products of the Institute are sold at business premises of the National Bank of Serbia shall be determined by the Governor or a person authorised by the Governor. The terms and conditions of selling money and products referred to in paragraph 6 of this Article shall be regulated in more detail by an internal general act. For the purpose of performing the activities under paragraph 1 of this Article, departments, centres and divisions, or organisational units of another name, more appropriate to the nature of activities performed, may be set up within the Institute.

Production facilities and units, or organisational units of another name,

more appropriate to the nature of the activities performed, may be set up within the organisational units from paragraph 8 of this Article.

Organisation of activities in branches

Article 17

The National Bank of Serbia shall have branches in Belgrade, Novi Sad,

Niš, Kragujevac and Užice.

Activities related to currency and vault operations within cash circulation

management, as well as the education of financial service consumers and other activities determined by an internal general act, shall be performed in the branches. For the purpose of performing the activities under paragraph 2 of this Article, divisions and units, or organisational units of another name, more appropriate to the nature of activities performed, may be set up within the branches. Other organisational units may be set up within the organisational units from paragraph 3 hereof.

Relations between organisational units of the National Bank of Serbia Article 18 In carrying out the tasks within their scope of activity - the main

organisational units, the Institute and branches, as well as all organisational units set up within the main organisational units, the Institute and branches, shall cooperate and exchange information, data and documents needed for carrying out their work.

The main organisational units, the Institute and branches, as well as all

organisational units set up within the main organisational units, the Institute and branches, shall act upon the orders and instructions of the Governor, the relevant Vice-Governor or the Secretary General, and their higher-ranking managers from Article 21 of this Statute, in accordance with the established internal organisation of the National Bank of Serbia.

Managers

Article 19

Managers shall be the Secretary General and employees managing the

main organisational units, the Institute and branches, as well as employees managing organisational units within the main organisational unit, the Institute or a branch. Managers shall:

1. be responsible for lawful, professional and timely performance of tasks
   within the scope of activity of the organisational unit they manage;

2. identify, monitor and assess risk exposure in the performance of tasks
   within the scope of activity of the organisational unit they manage;

3. take measures to manage and/or mitigate the risks identified in the
   performance of tasks within the scope of activity of the organisational unit they manage;

4. be responsible for the establishment of procedures and instructions for
   the performance of tasks within the scope of activity of the organisational unit they manage;

5. establish appropriate systems of internal controls and maintain their
   adequacy and efficiency;

6. ensure cost-effective and efficient operation of organisational units.
   Hiring, appointment and removal from office of managers shall be carried

out by the Governor.

Secretary General

Article 20

The National Bank of Serbia shall have a Secretary General, who shall be

appointed and removed from office by the Governor.

The Governor may confer upon the Secretary General the responsibility for

managing and coordinating certain activities from Articles 15 to 17 of this Statute, except for the activities which are prescribed to fall exclusively within

the Governor's remit and responsibilities conferred upon Vice-Governors

pursuant to Article 12 of this Statute.

The Governor shall, by a written authorisation, specify the activities from

paragraph 2 of this Article to be conferred upon the Secretary General.

In carrying out his responsibilities, the Secretary General shall act in

accordance with the Governor's orders and instructions. For lawful, professional and timely discharge of his responsibilities, the Secretary General shall be accountable to the Governor.

Employees managing organisational units

Article 21

Employees managing the main organisational units, the Institute and a

branch shall be accountable to the Governor and/or the Governor and competent Vice-Governor or the Secretary General, while employees managing organisational units set up within a main organisational unit, the Institute and a branch shall also be accountable to their higher-ranking managers.

A manager of the main organisational unit in charge of internal audit shall

be appointed by the Council of the Governor, based on a public vacancy notice. Internal organisation act

Article 22 In accordance with the Law and the provisions of this Statute, an internal

general act shall regulate in more detail the internal organisation of the National Bank of Serbia, and in particular the names, mutual relations and the scope of activity of the main organisational units, the Institute, branches and organisational units set up within the main organisational units, the Institute and branches, managers, as well as the rights, obligations and responsibilities of managers.

Job classification Article 23 Jobs performed by employees shall be classified by their nature,

significance, complexity and responsibility.

In accordance with the provisions of this Statute, an internal general act

shall regulate the job classification and the system of pay grades in the National Bank of Serbia, and in particular job positions, requirements regarding the level, degree and profile of education, specific knowledge and work experience, job requirements and the number of employees for each job position, as well as job evaluation criteria and other issues relating to job classification.

1. ORGANISATION AND MANNER OF PERFORMING SUPERVISION Organisational units in charge of performing supervision Article 24 Activities of supervision of financial institutions, virtual currency service

providers, entities performing exchange transactions, residents and non- residents, shall be performed by organisational units whose scope of activity includes these activities. The organisational units referred to in paragraph 1 of this Article shall perform the activities under that paragraph in accordance with separate laws governing the supervisory function of the National Bank of Serbia, regulations adopted based on those laws, other regulations, this Statute and internal general acts. Manner of performing supervision

Article 25 The activities referred to in Article 24, paragraph 1 of this Statute shall be

performed at the National Bank of Serbia in the manner ensuring operational independence of the organisational units where these activities are performed, and their separation from other tasks and activities of the National Bank of Serbia, and preventing any conflict of interest. In principle, the activities referred to in paragraph 1 of this Article shall be performed based on the on-site supervision plan, adopted by the Executive Board by no later than 31 December of the current year for the next year. The organisational units referred to in paragraph 1 of this Article shall inform the Executive Board and the Governor about their activities at least once a month. The Executive Board and the Governor may give to the organisational units referred to in paragraph 1 of this Article the guidelines and recommendations relating to the activities referred to in that paragraph.

1. ORGANISATION AND MANNER OF PERFORMING ACTIVITIES RELATING TO BANK RESOLUTION Bank Resolution Fund Article 26 The National Bank of Serbia shall establish the Bank Resolution Fund and manage that Fund in accordance with the law regulating banks. An internal general act shall regulate in more detail the organisation of the Bank Resolution Fund, its management and other matters relevant for its position. Organisational unit for bank resolution Article 27 Activities relating to the resolution of banks and/or members of banking groups shall be performed by the main organisational unit in charge of such activities.

The organisational unit referred to in paragraph 1 of this Article shall

perform the activities from that paragraph in accordance with the law governing banks, regulations adopted based on that law, other regulations, this Statute and internal general acts. Activities relating to the resolution of banks and/or members of banking groups shall be performed in the National Bank of Serbia in the manner ensuring their operational independence from other tasks and activities of the National Bank of Serbia, and preventing any conflict of interest. To perform the activities referred to in paragraph 1 of this Article, the organisational unit from that paragraph shall cooperate and exchange data with the main organisational units whose scope of activity includes supervision of financial institutions, in accordance with an internal general act. In regard to activities falling under the National Bank of Serbia's remit determined by the law governing banks, an internal general act shall regulate in more detail which of these activities shall be performed by the organisational unit referred to in paragraph 1 of this Article, and which activities shall be performed by the main organisational unit in charge of bank supervision, in order to ensure clear division of responsibilities and prevent any conflict of interest in the discharge of supervision and bank resolution functions. Reports of the organisational unit for bank resolution Article 28 The organisational unit referred to in Article 27, paragraph 1 of this Statute shall report on its activities to the Executive Board and the Governor at least once a month. The Executive Board and the Governor may issue to the organisational unit referred to in paragraph 1 of this Article guidelines and recommendations relating to the reports from that paragraph and its activities determined by this Statute and internal general acts.

1. EMPLOYEE RIGHTS, OBLIGATIONS AND RESPONSIBILITIES Labour relations regime Article 29

Employee rights, obligations and responsibilities arising from employment

contracts shall be subject to the Labour Law, unless stipulated otherwise by the Law. Entry into employment Article 30 Employment with the National Bank of Serbia shall be based on an employment contract. Entry into employment with the National Bank of Serbia shall take place in

accordance with the National Bank of Serbia's needs.

An internal general act shall, in accordance with law, regulate in more detail the terms and procedure of entering into employment with the National Bank of Serbia. Legality of work and responsibility of employees Article 31 Employees shall carry out the responsibilities envisaged by the job positions to which they have been assigned in the National Bank of Serbia and shall act in accordance with law and other regulation, internal general acts and orders issued by their superiors in the National Bank of Serbia.

Education, training and professional development

Article 32 In the course of their work, employees shall engage in education, training and professional development with a view to performing their jobs better and more efficiently. The National Bank of Serbia shall enable its employees to engage in education, training and professional development when required by the work process and the new method and organisation of work. Matters relating to education, training and professional development of employees may be regulated in more detail by an internal general act.

Professional conduct

Article 33

In the discharge of their responsibilities, the Governor, Vice-Governors,

members of the Council of the Governor, managers and other employees may not be guided by political considerations. In the discharge of their responsibilities, persons from paragraph 1 of this Article shall observe the highest standards of professional conduct, demonstrate dedication and loyalty, avoid any conflict of interest or damage to

the National Bank of Serbia's reputation, and comply with the obligation of data protection, secrecy and non-disclosure of confidential information. Subject to prior written consent of the Governor, an employee may take on additional paid work and activities outside his working hours provided the performance of such work and activities does not lead to a conflict of interest nor affects the impartial performance of his tasks. An employee shall not take on additional unpaid work and activities outside his working hours if the performance of such work and activities leads to a conflict of interest or affects the impartial performance of his tasks. In the performance of his work in the National Bank of Serbia, an employee shall adhere to the values upheld by the National Bank of Serbia and take them into consideration in his private life, taking into account the fact that the National Bank of Serbia is an institution of the Republic of Serbia. When using social media, an employee shall not post content and information or take activities that could affect the reputation of the National Bank of Serbia, and shall take particular care not to support inappropriate content where his account specifies that he is an employee of the National Bank of Serbia (e.g. offensive and discriminatory comments, promotion of own commercial activity for the purpose of making profit which is not related to his work in the National Bank of Serbia, comments relating to political beliefs and events, etc.). The rules of professional conduct for employees shall be regulated in more detail by an internal general act. Temporary employment prohibition

Article 34 Six months after the termination of employment with the National Bank of Serbia, an employee shall not start employment with a financial institution, international financial institution (International Monetary Fund, members of the World Bank Group, European Bank for Reconstruction and Development, etc.), audit company or other entity supervised by the National Bank of Serbia or with

which the National Bank of Serbia cooperates in the performance of its tasks,

nor shall an employee be engaged in any other way by such entities, except where the Governor gives prior consent that the prohibition period is not necessary as it has been assessed that there is no conflict of interest in a given situation. By an internal general act, the Governor shall determine detailed conditions and manner of applying the temporary employment prohibition, detailed

conditions for the calculation of the costs of the employee's professional development and the calculation and payment of the remuneration for the duration of the employment prohibition, compensation which the employee is required to pay to the National Bank of Serbia if he fails to fulfil his obligations set out in that act, and the manner of reporting to financial institutions and other persons in relation to employment or engagement of the employee in accordance with the Law. Salaries and remunerations of the National Bank of Serbia's officials Article 35 The basic salary of the Governor shall be 5.5 average salaries earned by employees in the prior month. The basic salary of a Vice-Governor shall be 4.5 average salaries earned by employees in the prior month. The remuneration of the president of the Council of the Governor shall be 2.5 average salaries earned by employees in the prior month. The remuneration of members of the Council of the Governor shall be 2 average salaries earned by employees in the prior month.

1. NORMATIVE ACTIVITY OF THE NATIONAL BANK OF SERBIA Law proposals and drafts and opinions

Article 36 The relevant main organisational units and the main organisational unit in charge of legislative and legal tasks, shall prepare, in mutual cooperation, proposals and drafts of laws in the remit of the National Bank of Serbia, in accordance with an internal general act. The relevant main organisational units, in mutual cooperation and in cooperation with the main organisational unit in charge of legislative and legal tasks, shall prepare for the Governor opinions on proposals and drafts of laws and other regulations submitted to the National Bank of Serbia by other legislation proposing authorities, in accordance with an internal general act. Regulations under the remit of the National Bank of Serbia Article 37

Regulations issued by the National Bank of Serbia for the purpose of the

implementation of laws shall be decisions, unless otherwise determined by law or unless the nature of the subject matter governed by the regulation requires a different title (guidelines, rules, operating rules etc.). For the purposes of implementing the regulation referred to in paragraph 1 of this Article and based on the special authority established in that regulation, the Governor shall issue guidelines, unless the nature of the subject matter governed by the regulation requires a different title (operating rules, instructions, methodologies etc.). The proposals and drafts of regulations referred to in paragraph 1 of this Article shall be prepared by the relevant main organisational units, in mutual cooperation and in cooperation with the main organisational unit in charge of legislative and legal tasks, in accordance with an internal general act. Internal general acts Article 38 Internal general acts shall be rules and for the purposes of their implementation guidelines or decisions and/or other internal general acts shall

be adopted, unless the nature of the subject matter governed by them requires

a different title (policies, instructions, code books, methodologies etc.). The rules referred to in paragraph 1 of this Article may authorise a manager to adopt internal general acts of lower legal power to govern specific issues for the purposes of implementing the rules. An internal general act shall govern the manner of issuing and publishing of internal general acts.

1. RISK MANAGEMENT
   Organisation of risk management Article 39 The organisation of risk management in the National Bank of Serbia comprises:

2. the Governor and the Executive Board;

3. the Council of the Governor and the Audit Committee;

4. the Risk Management Committee;

5. the main organisational unit in charge of compliance;

6. the main organisational unit in charge of internal audit;

7. the main organisational units, branches and the Institute.
   The Council of the Governor, at the proposal of the Executive Board, adopts the risk management strategy of the National Bank of Serbia, laying down the principles, structure and process of risk management, reporting and other elements of the risk management framework, and the risk culture. Risk Management Committee Article 40 The Risk Management Committee (hereinafter: Committee) shall exercise the risk management function and shall be in charge of risk identification and assessment, proposing of measures to mitigate risks, monitoring of risks to which the National Bank of Serbia is or may be exposed when performing the activities within its remit, and reporting on these risks. The chairperson and members of the Committee shall be employees appointed and dismissed by the Governor.

The organisation and the manner of work of the Committee, manner of

convening and holding meetings, matters to be discussed at meetings and other issues relating to the Committee's work shall be regulated in more detail by the rules of procedure of the Committee, adopted by the Governor.

1. OVERSIGHT OF FINANCIAL REPORTING AND AUDIT
   Oversight by the Council of the Governor Article 41 The Council supervises financial reporting and internal controls systems in the National Bank of Serbia, and the conduct of external and internal audit in the National Bank of Serbia, in accordance with the Law. Scope of activity, organisation and manner of work of the Audit Committee Article 42 In order to ensure a more efficient performance of the tasks of the Council of the Governor referred to in Article 23, paragraph 1, items 5) to 13) of the Law, the Audit Committee shall be set up as a standing working body of the Council of the Governor. The Audit Committee may discuss, take positions and issue proposals to the Council of the Governor regarding matters coming under its remit, but it may not make decisions upon such matters. At the proposal of the Audit Committee, the Council of the Governor may issue general acts to regulate in more detail the manner of performing some of the tasks referred to in paragraph 1 of this Article. In order to obtain data, documents and information necessary for the performance of the tasks referred to in paragraph 1 of this Article, the Audit Committee may directly address the Governor, Secretary General and manager of the Internal Audit. The Audit Committee may cooperate directly with the external auditor. The Audit Committee shall regularly report on its activities to the Council of the Governor.

2. INTERNAL AUDIT
   Organisational unit in charge of internal audit and the objective of internal audit Article 43 Internal audit activities in the National Bank of Serbia (hereinafter: internal audit) shall be performed by the main organisational unit in charge of such activities (hereinafter: the Internal Audit). The aim of internal audit shall be to assess the adequacy of risk management, as well as of control and governance of business processes, and/or to assess whether the system of internal controls is upgraded on an on- going basis and whether it functions in a way that provides reasonable assurance:

3. that the risks are appropriately identified, assessed and controlled;

4. that important financial and other information and reports are timely,
   accurate and reliable;

5. that the activities of the National Bank of Serbia are performed in
   compliance with law and other regulation, internal general acts, as well as with procedures and other acts;

6. that the National Bank of Serbia's assets are used effectively and
   efficiently and that they are adequately protected;

7. that the objectives and plans of organisational units are implemented.
   An internal general act shall regulate in more detail internal audit activities and the manner of their performance, the audit subject matter, as well as the powers, obligations and responsibilities of the Internal Audit and other organisational units, including the Institute and branches, with respect to the performance of internal audit. Performance of internal audit Article 44 The Internal Audit shall have the authority to perform internal audit of all business processes and activities, and of the method of organisation of activities in each organisational unit, including the Institute and branches. The Internal Audit shall have access to all data and documents of organisational units needed for carrying out internal audit and other activities within its scope of activity, as well as the right to directly inspect these data and documents.

The Internal Audit shall issue recommendations for the elimination of

deficiencies identified during internal audit. The manager of the Internal Audit may directly address the Governor, Vice- Governors and Secretary General in order to obtain data, documents and information necessary for the conduct of internal audit. The manager of the Internal Audit may directly address the Council of the Governor in order to consider matters important for the conduct of internal audit. Annual internal audit plan Article 45 The Internal Audit shall carry out its activities in accordance with the annual internal audit plan. The Internal Audit shall prepare a proposal of the plan from paragraph 1 of this Article for the next year and submit it to the Governor by 31 October of the current year. The Governor shall submit to the Council of the Governor the proposal of the plan from paragraph 1 of this Article for the next year by no later than 30 November of the current year. The Council of the Governor shall adopt the plan from paragraph 1 of this Article for the next year by no later than 31 December of the current year. The plan from paragraph 1 of this Article shall in particular specify the organisational units in which internal audit shall be carried out, the operations subject to audit, audit dynamics, and advisory activities. Internal audit reports Article 46 The Internal Audit shall submit internal audit reports to the Governor. The Internal Audit shall submit quarterly internal audit reports to the Council of the Governor for consideration. Following consideration of the reports referred to in paragraph 2 of this Article, the Council of the Governor may issue instructions and/or guidelines to the Internal Audit relating to its activities in the next reporting period.

The Council of the Governor may request ad hoc internal audits if it learns on the basis of the reports referred to in paragraph 2 hereof or otherwise about deficiencies or irregularities in financial reporting, risk management or internal controls systems in the National Bank of Serbia and/or deficiencies or irregularities in the performance of other activities relating to its remit. A special report shall be submitted to the Council of the Governor on internal audit performed on an ad hoc basis.

1. COMPLIANCE Responsibility, objectives of the compliance function and organisational unit in charge of compliance Article 47 All employees, and in particular the Governor, Vice-Governors and managers, shall be responsible for the compliance of the National Bank of

Serbia's operations with law, other regulations and internal general acts.

The objectives of the compliance function in the National Bank of Serbia (hereinafter: compliance) are the following:

1. compliance of the National Bank of Serbia's internal general acts,
   individual acts and procedures with law, other regulation and internal general acts;

2. efficient compliance risk management;

3. improvement of ethical and professional standards of employee
   conduct;

4. acquainting employees with law, other regulations and internal general
   acts and their application, and/or with the rights and obligations of employees arising from those regulations and/or acts;

5. protecting the reputation of the National Bank of Serbia and
   strengthening confidence in the National Bank of Serbia.

Compliance activities shall be performed by the main organisational unit in

charge of compliance matters.

The organisational unit from paragraph 3 of this Article shall have access

to all data and documents of other organisational units needed for carrying out the tasks within its scope of activity, as well as the right to directly inspect these data and documents.

Compliance, as well as other issues relating to the performance of

compliance activities, shall be regulated in more detail by an internal general act. Compliance reports

Article 48 The organisational unit from Article 47, paragraph 3 of this Statute shall

submit compliance reports to the Governor, in accordance with the internal general act from paragraph 5 of that Article.

The organisational unit from paragraph 1 of this Article shall submit semi-

annual compliance reports to the Council of the Governor for consideration.

1. REPORTS OF THE NATIONAL BANK OF SERBIA Monetary policy reports Article 49 By no later than 30 June of the next year, the National Bank of Serbia shall

submit to the National Assembly its annual monetary policy report, explaining all the factors that affected the implementation of monetary policy.

By no later than 30 September of the current year, the National Bank of

Serbia shall submit to the National Assembly its semi-annual monetary policy report, explaining all the factors that affected the implementation of monetary policy.

The reports from paragraphs 1 and 2 of this Article shall contain data and

analyses of the monetary policy strategy, macroeconomic developments (the

international environment, balance of payments movements, the country's international investment position, external debt, movements in monetary aggregates, prices, wages and employment, and other macroeconomic movements), monetary policy defined and monetary policy implemented (defined vs. achieved monetary policy objectives, monetary policy instruments and measures applied, and other monetary policy-related issues), as well as outline the monetary policy planned.

Financial stability report Article 50

By no later than 30 June of the next year, the National Bank of Serbia shall submit to the National Assembly its annual financial stability report.

The report from paragraph 1 of this Article shall contain data on the situation

in the financial system and assessment of the impact of the macroeconomic environment on such situation, setting out the measures and actions taken and planned for the purposes of maintaining and strengthening the stability of the financial system. The report from paragraph 1 of this Article shall also analyse and assess systemic risks in the financial system, and present data on significant developments in the sectors within the financial system (banks, insurance undertakings, voluntary pension fund management companies and lessors), and other data. The data from paragraph 3 of this Article shall be presented on an aggregate basis or by a specific segment within the financial system. Report on activities and results Article 51 By no later than 30 June of the next year, the National Bank of Serbia shall submit to the National Assembly the annual report on its activities and results. The report from paragraph 1 of this Article shall present data on the

achievement of the National Bank of Serbia's objectives and the performance of its tasks, notably tasks concerning monetary and foreign exchange policies, foreign exchange reserve management, measures and activities aimed at maintaining and strengthening financial system stability, bank supervision, resolution of banks and/or members of banking groups, insurance supervision, voluntary pension fund management company supervision, financial leasing supervision, supervision of the provision of payment services and issuance of electronic money, supervision of the provision of virtual currency services, supervision of exchange and foreign exchange operations, issue of banknotes and coins and cash circulation management, and the payment system. The report from paragraph 1 of this Article shall also contain financial statements of the National Bank of Serbia, showing the most important income and expense items, including assets, liabilities and capital, followed by data on the National Bank of Serbia's institutional framework, the National Bank of

Serbia's legislative and legal activity, international cooperation, financial services consumer protection, payment cards, internal audit and information- communication system, internal organisation and staff policy, human resources, operations of the Institute and branches of the National Bank of Serbia, as well as data on other activities of the National Bank of Serbia.

The report referred to in paragraph 1 of this Article shall also contain data

on investments aimed at environmental protection, activities planned for the next year, and important events after the end of the business year that the report refers to. Financial statements of the National Bank of Serbia Article 52 Annual financial statements of the National Bank of Serbia (hereinafter: annual financial statements) shall be compiled in accordance with the laws on accounting and auditing and the International Accounting Standards, and/or International Financial Reporting Standards. For information purposes, the Council of the Governor shall submit to the National Assembly the annual financial statements, along with the certified

auditor's report, by no later than 30 June of the next year.

The National Bank of Serbia shall publish its annual financial statements in the RS Official Gazette within a month from their submission to the National Assembly. Report on the work of the Council of the Governor

Article 53

The Council of the Governor shall submit a report on its work to the National Assembly as often as deemed necessary, but no less than twice a year. The Council of the Governor shall submit to the National Assembly the first report on its work by no later than 30 April of the current year - for the period from 1 July to 31 December of the previous year, and the second report by no later than 30 October of the current year - for the period from 1 January to 30 June of the current year.

1. TRANSPARENCY AND DISSEMINATION OF INFORMATION The manner of informing the public Article 54 The National Bank of Serbia shall inform the public by issuing oral and written information, issuing press releases to the media, holding regular and extraordinary press conferences, publishing appropriate content on social

media, issuing publications, and publishing the reports from Articles 49 to 53

of this Statute. The manner in which the National Bank of Serbia informs the public may be regulated in more detail by an internal general act. Public statements

Article 55 Public statements about the tasks of the National Bank of Serbia, or about

matters relating to the National Bank of Serbia, its activities, assets, labour relations and relations with other state authorities and organisations, and with legal and natural persons, shall be given by the Governor and Vice-Governors.

Employees may give public statements only subject to prior consent of the

Governor.

Information papers, bulletins and other publications Article 56 For the purposes of informing the public and its employees, the National

Bank of Serbia may issue information papers, bulletins and other publications in electronic and/or written form.

The concept of information papers, bulletins and other publications, as well

as the terms of their issue, shall be determined by the Governor, in accordance with regulations.

Website and intranet Article 57 The National Bank of Serbia shall have its website at: www.nbs.rs. For the needs of its operations, the National Bank of Serbia may have other

websites as well.

For the purposes of informing its employees, the National Bank of Serbia

shall have an intranet site.

The basic content and other issues relating to the website and intranet site

from paragraphs 1 to 3 of this Article shall be regulated by internal general acts.

1. DATA PROTECTION AND SECURITY OF INFORMATION IN THE NATIONAL BANK OF SERBIA

Data secrecy Article 58 Secret data in the National Bank of Serbia are data determined as such by

the Law, as well as other data arising from the National Bank of Serbia's operation, determined as secret by law or an internal general act as their disclosure to unauthorised persons may jeopardise the achievement of objectives and performance of functions of the National Bank of Serbia. Officials and employees of the National Bank of Serbia shall keep data secret irrespective of the way they learned about them, and the obligation shall continue even after the termination of their employment or engagement in the National Bank of Serbia. An internal general act shall specify data and documents classified as secret, as well as the manner of their keeping, protection and handling, and the procedure for establishing the level of secrecy and/or confidentiality of such data and documents, in accordance with law. Information security Article 59 The Governor, Vice-Governors and managers shall be responsible for the establishment, maintenance and implementation of an effective and reliable information security management system in the National Bank of Serbia. All employees shall be responsible for the implementation of an effective and reliable system from paragraph 1 of this Article. Employees shall refrain from disclosing unofficial information relating to the tasks and activities of the National Bank of Serbia to the public. The terms and conditions of establishing, maintaining and implementing the system from paragraph 1 of this Article shall be regulated in more detail by an internal general act.

1. DOCUMENT MANAGEMENT IN THE NATIONAL BANK OF SERBIA Document management system Article 60

The Governor, Vice-Governors and managers shall be responsible for the

establishment of an efficient and secure document management system in the National Bank of Serbia. An internal general act shall regulate the receipt, opening, examination and classification of mail delivered to the National Bank of Serbia, registering and recording of documents and files, referring of documents to relevant employees and their administrative-technical processing, dispatching of mail from the National Bank of Serbia, archiving and keeping of documents and files, managing archived documents and files by administrative offices, as well as other matters relevant for the document management system in the National Bank of Serbia. Archive records Article 61 In accordance with regulations, the National Bank of Serbia shall ensure proper care of archival records, and/or documentary material originated in the operations of bodies and organisations legally succeeded by the National Bank of Serbia, as well as of other archival records, and/or documentary material in its possession. Archival records, and/or documentary material from paragraph 1 of this Article shall be made available to third parties under terms and conditions prescribed by law, other regulation and internal general acts. The handling of archival records and/or documentary material from paragraph 1 of this Article shall be prescribed by an internal general act.

1. TRANSITIONAL AND FINAL PROVISIONS Timeframe for harmonisation of internal general acts Article 62 Internal general acts shall be harmonised with the provisions of this Statute within three months from the date of entry into force of the Statute, by way of amendments and/or supplements to such acts or the adoption of new internal general acts. The internal general acts adopted based on the Law on the National Bank of Serbia (RS Official Gazette, Nos 72/2003, 55/2004, 85/2005 - other law, 44/2010, 76/2012, 106/2012, 14/2015, 40/2015 - CC decision and 44/2018)

and the Statute of the National Bank of Serbia (RS Official Gazette, Nos

12/2013, 18/2015, 72/2015 and 50/2018) shall remain in force, in accordance with paragraph 1 of this Article. Repeal of the Statute of the National Bank of Serbia Article 63 The Statute of the National Bank of Serbia (RS Official Gazette, Nos 12/2013, 18/2015, 72/2015 and 50/2018) shall be repealed from the date of entry into force of this Statute. Entry into force Article 64 This Statute enters into force on the eighth day following its publication in the RS Official Gazette.

29 May 2025 Council of the Governor of the National Bank Dr Ivan Nikolić, sign. CG NBS No 11 B e l g r a d e P r e s i d e n t of Serbia