C O N T E N T S   

• Foreword by the President of the CBM Council 
• Macroeconomic Environment in Montenegro in 2004 
• The Banking System 
• Banking Sector Supervision and Regulation 
• Payment System 
• Banking and Financial Operations 
• Macroeconomic Analyses and Research 
• Other  Important Activities of the Central Bank in 2004 
• Annex: 
  • Annex 1 
  • Annex  2, 3, 4