C O N T E N T S   

• Intorduction 
• Macroeconomic Environment in Montenegro in 2003 
• The Banking Sector Supervision and Regulation 
• Payment Systems 
• Banking and Financial Operations 
• Other Important Activities of the Central Bank 
• List of the Most Important Events in the Montenegrin Economy After the Reporting Period 
• Annex: 
  • Annex 1 
  • Annex  2, 3 i 4