Press Releases 2017 - February

28.02.2017 - Governor meets with the ECB representatives

27.02.2017 - Fifth CBCG Council Session Held

23.02.2017 - Press release from the meeting of CBCG delegation, Ministry of Finance and IMF Mission

16.02.2017 - Central Bank of Montenegro introduces new services

16.02.2017 - Governor meets with the International Monetary Fund mission

10.02.2017 - Press release regarding the publishing of data on the NGOs’ deposits balance

09.02.2017 - New decision of the CBCG in the area of balance of payment

09.02.2017 - Press release from the meeting of the Governor of the Central Bank of Montenegro Radoje Žugić with the management of Addiko Bank AD Podgorica

03.02.2017 - The announcement of cooperation between the CBCG and the Montenegrin Academy of Sciences and Arts (MASA)

CENTRAL BANK OF MONTENEGRO
Podgorica, 28 February 2017

Governor meets with the ECB representatives

The Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, met today with representatives of the European Central Bank, Mr. Benjamin Vonessen, the Head of the ECB’s International Relations and Cooperation Division in the Directorate General International and European Relations, and Mr. Piotr Żuk – Economist at the European Central Bank, Directorate International, Candidate Countries team (desk economist for FYR Macedonia, Montenegro and Iceland).

The aim of the regular ECB visit is a review of the 2017 - 2019 Economic Reform Programme. During the meeting, the Governor introduced the interlocutors with the situation in the local banking system and the forthcoming regulatory activities of the CBCG within the process of European integration. 

The meeting also addressed the issues of macroeconomic and fiscal framework, inflation, macroprudential policy, financial stability, and supervision.

The ECB delegation highlighted the importance of economic governance, as one of the key elements in Montenegro`s EU accession process, and also expressed their willingness to support the CBCG on its path towards the EU through various technical assistance programmes and seminars.

CENTRAL BANK OF MONTENEGRO
Podgorica, 27 February 2017

Fifth CBCG Council Session Held

The Central Bank of Montenegro Council held its fifth session today, chaired by the Governor, Mr Radoje Žugić, PhD.

The Council adopted The Governor`s Report on Central Bank of Montenegro Business Activities and Policy Implementation in January 2017, stating that the Central Bank activities for this period have been implemented in line with the scheduled duties from the 2017 Central Bank Working Programme. The Council analysed and evaluated the impact of potential risks from macroeconomic environment to the financial stability, within the financial system, and found it to be stable and the level of systemic risk as moderate.

The Council passed the Decision on the Amendments to the Decision on the Structure, More Detail Conditions and Manner of Transaction Account Opening and Closing stipulating that the payment service providers, inter alia, are obliged to cancel transaction accounts of payment system users without request, if the payment system user ceased to exist as a legal person, in accordance with the law and other regulation. More realistic image on both real value of the blocked accounts and the actual number of payment system accounts will be achieved in this way.

The Council also passed the Resolution on granting licence to microcredit financial institution “Capital – Invest” Ltd – Berane.

CENTRAL BANK OF MONTENEGRO
Podgorica, 23 February 2017

Press release from the meeting of CBCG delegation, Ministry of Finance and IMF Mission

The meeting of the CBCG delegation, Ministry of Finance and IMF Mission was held today as a part of regular consulting with the country member, in line with Article IV of the IMF Article for Mission, chaired by the CBCG Governor Radoje Žugić, Phd, Minister of Finance, Darko Bulatović and the Head of IMF Mission, Martin Petri.

Views on perspectives of fiscal and broader economic challenges were discussed at the meeting. Governor Žugić pointed out the fact that the negative developments in the banking sector were turned into positive ones, emphasizing the decrease in level of non-performing loans, drop in interest rates as well as a slight increase in credit activities. He also expects these trends to continue, which would stimulate both economic growth and development. A new set of legislation is currently being prepared and will be adopted by the year-end, additionally strengthening the financial stability.

A high level of agreement on measures needed for fiscal consolidation between CBCG, Ministry of Finance and IMF was accomplished at the meeting. In order to preserve competitiveness of economy and citizens living standard, the Governor highlighted that it is necessary to find a balance between the rigid and flexible fiscal consolidation measures.

The talks with the IMF Mission will continue during the IMF and World Bank Spring Meetings in the second half of April 2017, when the CBCG and Ministry of Finance delegation will take part in.

CENTRAL BANK OF MONTENEGRO
Podgorica, 16 February 2017

Central Bank of Montenegro introduces new services

Starting from today, the Central Bank of Montenegro has enriched the offer of its services to allow users to request information over the eCBCG web portal and to receive them via e-mail, mail (at the specified address), as well in person in the Central Bank`s archive.

In 2015, the Central Bank of Montenegro carried out a project which allows electronic access to information from the enforced collection system and the Central Registry of Transaction Accounts to all legal persons, entrepreneurs, and bailiffs.

Access to the portal is carried out with the unambiguous authentication and identification of users, so the prerequisite for the use of Central Bank electronic services is to own qualified digital certificates and registration on the eCBCG portal (https://eportal.cbcg.me).

All current and potential clients of the Central Bank can reach necessary information and data in an efficient, safe and rational way, no matter where they are located.

The User Guide is published on the website of the Central Bank of Montenegro (www.cbcg.me).

CENTRAL BANK OF MONTENEGRO
Podgorica, 16 February 2017

Governor meets with the International Monetary Fund mission

The Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, and his associates met today with the IMF mission as a part of the regular IMF country consultations.

The IMF mission led by Mr. Martin Petri, the Mission Chief for Montenegro, will stay in Montenegro from 16 February to 1 March 2017. 

The mission intends to get acquainted with the macroeconomic situation, economic policies and measures taken with a view to maintaining financial stability in Montenegro. In addition to the Central Bank of Montenegro, the IMF mission will meet with representatives of the Government of Montenegro, commercial banks and other institutions.

In accordance with the IMF`s Articles of Association, the IMF carries out annual Article IV consultations with individual member countries.

CENTRAL BANK OF MONTENEGRO
Podgorica, 10 February 2017

Press release regarding the publishing of data on the NGOs’ deposits balance

Pursuant to the Central Bank of Montenegro Law, the Central bank shall collect and statistically process data and information. As a responsible and transparent institution and in line with its legal authorisations, the Central Bank shall publish, on a regular monthly basis, the data collected pursuant to decisions on reports to be submitted to the Central Bank of Montenegro.

Monetary statistics, published on a monthly basis on the CBCG web page, is compiled in line with the IMF and ECB methodology for compiling monetary and financial statistics. 

Adhering to the principle of confidentiality, the data are published on an aggregate level, with detailed presentation of all the balance sheet positions of banks and MFIs, by sector and maturity. The structure of the balance sheet position by sectors also contains the presentation of the Non-government and other non-profit organizations on an aggregate level.

We note that, pursuant to Article 84 of the Banking Law, information on individual deposit accounts shall represent a banking secret and therefore shall not be disclosed by the CBCG. Data which represent the banking secret can be made available only upon receiving explicit consent from the data owner or upon a request from the competent government authority.

CENTRAL BANK OF MONTENEGRO
Podgorica, 09 February 2017

New decision of the CBCG in the area of balance of payment

The Central Bank of Montenegro passed a new Decision on Keeping Separate Records on Foreign Current and Capital Transactions and their Reporting to the Central Bank of Montenegro. Pursuant to the Decision, residents – legal persons are obliged to keep separate records on foreign current and capital transactions and submit information from the records in prescribed forms and timeframes to the CBCG. 

Compared to the decision which was previously in force, the main change is that the forms are submitted to the Central Bank on a quarterly and annual basis electronically, via Internet portal of the Central Bank titled “Resident Reporting”, in line with the user instruction regarding the resident reporting on foreign current and capital transactions, which is published on the Central Bank’s web site. 

Residents – legal persons shall submit to the Central Bank the information from the separate records on direct investments, foreign credit operations, and residents` foreign account balances and turnover. In addition, information under this Decision shall also be submitted to the Central Bank by: subsidiaries of foreign companies registered with the competent authority in Montenegro, entrepreneurs and natural persons – residents, classified by the type of entity in line with this decision. Such manner of reporting will enable recording the balance of direct investments and private external debt, increase the comprehensiveness and quality of the balance of payment statistics.

Residents shall be held responsible for the accuracy of information under this decision and they shall allow the verification of accuracy of this information at the Central Bank’s request. The Central Bank shall use the information specified in this decision for the purpose of compiling the balance of payments statistics, and for the purpose of monitoring the private external debt balance. The Central Bank shall make the information public only in aggregate form.

The adopted Decision and the relevant forms are available here.

CENTRAL BANK OF MONTENEGRO
Podgorica, 09 February 2017

Press release from the meeting of the Governor of the Central Bank of Montenegro Radoje Žugić with the management of Addiko Bank AD Podgorica

The Governor of the Central Bank of Montenegro, Mr. Radoje Žugić held the meeting with Mr. Christopher Schoen, Chief Executive Officer and Mr. Marko Popović, new Executive Director for risk management operations and business support activities in Addiko Bank AD Podgorica.

Governor Žugić expressed support to the operations of Addiko Bank AD Podgorica and stressed the importance of this Bank in the banking system of Montenegro. The activities the CBCG undertakes with a view to eliminating the key vulnerabilities of the banking system in Montenegro, especially in the part referring to continued lowering of non-performing loans in Montenegro were presented at the meeting.

Representatives of Addiko Bank AD Podgorica informed the Governor about the Bank's operations and the restrictive policy which the Bank pursues to address the issue of risk management.

The meeting was concluded with the agreement to continue joint activities on reducing the level of non-performing loans in the upcoming period, and thus strengthen the banking system, increase financial stability and contribute to the economic development of Montenegro through the credit support.

It was pointed out that the good cooperation between the CBCG and Addiko Bank AD Podgorica will continue in the future.

CENTRAL BANK OF MONTENEGRO
Podgorica, 03 February 2017

The announcement of cooperation between the CBCG and the Montenegrin Academy of Sciences and Arts (MASA)

Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, held the meeting with Mr. Dragan Vukčević, the President of the MASA.

Representatives of these two institutions agreed on concrete modalities of cooperation between the CBCG and the MASA in the area of research and scientific activities. Two important projects of common interest, the organization of the round table on the history of banking system in Montenegro and publishing the edition "Banking Lexicon in Montenegro", will be promoted to raise awareness and economic knowledge of society to contribute to a better understanding of history and development of the banking system, banking soundness but also the importance of the financial stability.

To that end, the need for signing an agreement on cooperation was highlighted to the mutual satisfaction.