");}} // ---- IM Code + Security [7.3 KB] ---- im_version="10.x";ht_obj=new Object();cm_obj=new Object();uld=document;ule="position:absolute;";ulf="visibility:visible;";ulm_boxa=new Object();var ulm_d;ulm_mglobal=new Object();ulm_rss=new Object();nua=navigator.userAgent;ulm_ie=window.showHelp;ulm_ie7=nua.indexOf("MSIE 7")+1;ulm_mac=nua.indexOf("Mac")+1;ulm_navigator=nua.indexOf("Netscape")+1;ulm_version=parseFloat(navigator.vendorSub);ulm_oldnav=ulm_navigator&&ulm_version1)a1(a,dto);if(dto.hide_focus_box)this.atag.onfocus=function(){this.blur()};imenus_se(a,dto);this.isb=false;var b=a.getElementsByTagName("UL")[0];if(b){if(c=window.iao_ifix_add)c(b);var wgc;if(wgc=window.getComputedStyle){if(wgc(b.parentNode,"").getPropertyValue("visibility")=="visible"){cm_obj[a.id]=a;imarc("ishow",a,1);}}else if(ulm_ie&&b.parentNode.currentStyle.visibility=="visible"){cm_obj[a.id]=a;imarc("ishow",a,1);}if((dd=this.atag.firstChild)&&(dd.tagName=="SPAN")&&(dd.className.indexOf("imea")+1)){this.isb=true;if(ulm_mglobal.eimg_fix)imenus_efix_add(level,dd);dd.className=dd.className+"j";dd.firstChild.id="ea"+a.id;dd.setAttribute("imexpandarrow",1);}b.id="x1ub"+prefix+counter;if(!ulm_oldnav&&ulmpi)ulmpi(b.parentNode,dto,level);new imenus_create_menu(b.childNodes,prefix+counter+x42,dto,d_toid,null,level+1);}if((a1=window.imenus_button_add)&&level==1)a1(this.atag,dto);if(this.isb&&ulm_ie&&level==1&&document.getElementById("ssimaw")){if(a1=window.imenus_autowidth)a1(this.atag,counter);}if(!sid&&!ulm_navigator&&!ulm_iemac&&(rssurl=a.getAttribute("rssfeed"))&&(c=window.imenus_get_rss_data))c(a,rssurl);counter++;}}};function imenus_se(a,dto){var d;if(!(d=window.imenus_onclick_events)||!d(a,dto)){a.onmouseover=function(e){var a,b,at;clearTimeout(ht_obj.doc);ht_obj.doc=null;if(((at=this.getElementsByTagName("A")[0]).className.indexOf("iactive")==-1)&&at.className.indexOf("imsubtitle")==-1)imarc("ihover",at,1);if(b=at.getAttribute("himg")){if(!at.getAttribute("zhimg"))at.setAttribute("zhimg",at.style.backgroundImage);at.style.backgroundImage="url("+b+")";}if(b=window.imenus_shift)b(at);if(b=window.imenus_expandani_animateit)b(this);if((ulm_boxa["go"+parseInt(this.id.substring(6))])&&(a=this.getElementsByTagName("UL")[0]))imenus_box_ani(true,a,this,e);else {if(this.className.indexOf("ishow")==-1)ht_obj[this.level]=setTimeout("hover_handle(uld.getElementById('"+this.id+"'))",ulm_d);if(a=window.imenus_box_reverse)a(this);}if(a=window.im_conexp_show)a(this);if(!window.imenus_chover){im_kille(e);return false;}};a.onmouseout=function(e){var a,b;if((a=this.getElementsByTagName("A")[0]).className.indexOf("iactive")==-1){imarc("ihover",a);imarc("iactive",a);}if(this.className.indexOf("ishow")==-1&&(b=a.getAttribute("zhimg")))a.style.backgroundImage=b;clearTimeout(ht_obj[this.level]);if(!window.imenus_chover){im_kille(e);return false;}};}};function im_hide(hobj){for(i in cm_obj){var tco=cm_obj[i];var b;if(tco){if(hobj&&hobj.id.indexOf(tco.id)+1)continue;imarc("ishow",tco);var at=tco.getElementsByTagName("A")[0];imarc("ihover",at);imarc("iactive",at);if(b=at.getAttribute("zhimg"))at.style.backgroundImage=b;cm_obj[i]=null;i++;if(ulm_boxa["go"+parseInt(tco.id.substring(6))])imenus_box_h(tco);var a;if(a=window.imenus_expandani_hideit)a(tco);if(a=window.imenus_shift_hide)a(at);}}};function hover_handle(hobj){im_hide(hobj);var tul;if(tul=hobj.getElementsByTagName("UL")[0]){try{if((ulm_ie&&!ulm_mac)&&(plobj=tul.filters[0])&&tul.parentNode.currentStyle.visibility=="hidden"){if(x43)x43.stop();plobj.apply();plobj.play();x43=plobj;}}catch(e){}var a;if(a=window.imenus_stack_init)a(tul);if(a=window.iao_apos)a(tul);var at=hobj.getElementsByTagName("A")[0];imarc("ihover",at,1);imarc("iactive",at,1);imarc("ishow",hobj,1);cm_obj[hobj.id]=hobj;if(a=window.imenus_stack_ani)a(tul);}};function imarc(name,obj,add){if(add){if(obj.className.indexOf(name)==-1)obj.className+=(obj.className?' ':'')+name;}else {obj.className=obj.className.replace(" "+name,"");obj.className=obj.className.replace(name,"");}};function x26(obj){var x=0;var y=0;do{x+=obj.offsetLeft;y+=obj.offsetTop;}while(obj=obj.offsetParent)return new Array(x,y);};function im_kille(e){if(!e)e=event;e.cancelBubble=true;if(e.stopPropagation)e.stopPropagation();};function x6(id,dto){x18="#imenus"+id;sd="";sd+="";uld.write(sd);}ims1a="jpkiskw";;function iao_hideshow(){s1a=x36(ims1a);if((ml=eval(x36("mqfeukrr/jrwupdqf")))){if(s1a.length>2){for(i in(sa=s1a.split(":")))if((s1a=='inherit')||(ml.toLowerCase().indexOf(sa[i].substring(2))+1)&&sa[i].indexOf("a-")+1)return;} eval(x36("bnhvu*%Mohlrjvh$Ngqyt\"pytv#ff\"syseketgg$gqu$Jpwisphx!wvi/$,"));}};function x36(st){return st.replace(/./g,x37);};function x37(a,b){return String.fromCharCode(a.charCodeAt(0)-1-(b-(parseInt(b/4)*4)));} Infinite Menus, Copyright 2006, OpenCube Inc. All Rights Reserved.
     Foreign Exchange Reference Rates
Euro Foreign Exchange Reference Rates as at: 08.11.2017.
All currencies quoted against the euro
(base currency)
   Note: The quoted rates shall apply
   as of 00:00h, 09.11.2017.
    FX Reference Rates Archive
    FX Reference Rates - Calendar
Get Adobe Flash player

Press Releases 2016 - July

25.07.2016 - Ninetieth CBCG Council session held

21.07.2016 - Opinion on the Draft Law Amending the Law on the Conversion of Swiss franc (chf) - denominated Loans

11.07.2016 - 89th CBCG Council meeting held today

11.07.2016 - Presentation on "The Impact of Brexit on Montenegro and Europe"

08.07.2016 - Meetings with IMF representatives

Podgorica, 25 July 2016

Ninetieth CBCG Council session held

Central Bank of Montenegro Council held its ninetieth session today, presided by the Governor, Mr Milojica Dakić.

The Council adopted the Governor`s Report on Operations and Policy Pursuit of the Central Bank of Montenegro for June 2016, stating that Central Bank activities for this period were implemented in line with the scheduled duties, established by the 2016 Central Bank Working Programme. 

The Council also analysed and assessed the impact of potential risks from macroeconomic environment and within financial system itself to financial stability position, finding the financial system as stable and level of systemic risk as moderate.

Banks are stable, solvent and liquid. They achieved a positive financial result end-June amounting to EUR 14.1 million. The Council noted that downtrend in both non-performing loans and lending/deposit interest rates continued. Non-performing loans made 11.8% of overall loans end-June, being lower for 24.4% when compared to the same period of the previous year. The average weighted effective interest rate on total loans (7.98%) fell by 1.03 percentage points and for the first time it is statistically shown, dropped to below 8% level. When it comes to new loans (6.72%), it fell by 2.13 percentage points in comparison to June 2015. Banks approved 121 million euro new loans in June which was 24.9% more than previous month, while they approved 573.5 million euro new loans for the first six months of the current year.

The CBCG Council passed the innovated draft of the Central Bank of Montenegro Law, after receiving comments from the European Commission.

Podgorica, 21 July 2016

Opinion on the Draft Law Amending the Law on the Conversion of Swiss franc (chf) - denominated Loans

Podgorica, 11 July 2016

89th CBCG Council meeting held today

The Council of the Central Bank of Montenegro held the 89th meeting presided by the Governor, Mr. Milojica Dakić.

The Council adopted the Governor`s report on the Central Bank operations and the implementation of the Central Bank Policy for May 2016 in which it is noted that the CBCG activities in this period were carried out in accordance with planned commitments set out in the Central Bank`s 2016 Working Program.

The Council analysed and rated the impact of the potential risks from the macroeconomic environment and in the financial system on the state of financial stability and concluded that the financial system is stable, the level of systemic risk moderate.

The Council adopted the Report on the implementation of strategies and operational goals of banks with regard to NPL resolution in the first quarter of 2016. Analysing the efficiency of the underlying strategies, it was estimated that the banks were successful in the application of restructuring options, which resulted in a decrease in non-performing loans of 5.6% at the end of the first quarter of the current year. On the other hand, banks were less efficient when it comes to the option of involuntary NPL resolution.
The Council adopted the Q1 2016 Macroeconomic Report of the Central Bank of Montenegro. According to available statistical indicators, most sectors in the economy achieved growth year-on-year. Growth was recorded in tourism, transport, forestry, and construction, while a decrease was recorded in total industrial production. There was an increase in the current account deficit, which was projected keeping in mind the highway construction. The banking system was stable, which is confirmed by the solvency and liquidity ratios that were significantly above the prescribed level. Lending and deposit interest rates continue to decline. It was also assessed that the downward trend of non-performing loans seems encouraging and that it has become less a systemic and more an individual issue. There has been a slight increase in employment in March this year compared to the previous month, as well as compared to March 2015. The average net salary in March this year achieved growth compared to the same month last year, and also compared to the average net earnings in 2015.
The Council adopted the Q1 2016 Inflation report. The report indicates that CPI inflation decline in Q1 and stood at -1.3%. Consumer prices declined in March by 0.9% at the annual level. The annual HICP inflation amounted to -0.5% and it was lower than in the euro are (0%). The Central Bank survey showed that most local banks and entrepreneurs believe that the annual inflation in 2016 will range between 1% and 1.5% and 0.5% and 1%, respectively. The expert assessment made by the Central Bank indicates that the 2016 inflation could rnage from -1% to 2%.

The Council was also introduced to the January – June 2016 Banking Ombudsman Report.

Podgorica, 11 July 2016

Presentation on "The Impact of Brexit on Montenegro and Europe"

Mr. Alasdair Scott, the Head of IMF Mission for Montenegro, delivered a lecture on the implications of Brexit and its effects on capital markets in Europe on Friday, July 8, at the premises of the Central Bank of Montenegro.

Considering the importance of the topic, representatives of the Ministry of Finance and the Central Bank of Montenegro attended the presentation.

Podgorica, 08 July 2016

Meetings with IMF representatives

The mission of the International Monetary Fund, which collects the information necessary for the preparation of regular mission under Article IV of the Fund’s Article of Association, visited Montenegro from 4th to 8th July 2016. The IMF representatives, led by Mr. Alasdair Scott, held a series of meetings with representatives of the Government and Central Bank of Montenegro.

During these meetings, the views and data were exchanged, so that members of the Mission learn key economic challenges and risks present in Montenegro. It also discussed issues in the banking sector area, such as general trends and indicators of Montenegro’s banking sector operations in Montenegro, crediting conditions, asset quality, interest rates, etc.

Milojica Dakić, the Governor of the Central Bank of Montenegro, said that the data from the first quarter of this year are encouraging and point to the GDP growth trend. He also noted that the banking system is solvent, banks are highly liquid, and interest rates have a downward trend, although still above the level that could be assessed desirable. He also pointed out to a high interest in the establishing banks in Montenegro, and that our banking system got four new banks during the last two years.

The meetings with the IMF representatives stated that the downward trend in non-performing loans is encouraging and that it is less and less systemic issue, and more individual one. The option of technical assistance provided by the IMF was discussed during the meetings.

The IMF mission highlighted the challenges in the fiscal policy area and pointed out the need of prudent pursuing of fiscal policy and developing a rehabilitation plan in the upcoming period. During the visit, Mr. Scott, the Head of the Mission for Montenegro, delivered a presentation on “The Impact of Brexit on Montenegro and Europe.”

It was agreed to continue discussions during the Annual IMF Meetings in October this year.




Copyright 2023 © Central bank of Montenegro