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Press Releases 2018 - April

25.04.2018 - Students of the Faculty of Economics visited the Money Museum

22.04.2018 - Meetings with the World Bank and the IMF Officials Continued

21.04.2018 - Minister Radunović and Governor Žugić in Washington: Meetings with the IMF and the World Bank Officials

13.04.2018 - CBCG Council holds its twenty-sixth meeting

13.04.2018 - The Chairman of the European Group of Valuers' Associations visits the Central Bank of Montenegro

12.04.2018 - Central Bank of Montenegro employees donated blood

11.04.2018 - Annual awards and a fundraising auction to celebrate the Central Bank of Montenegro Day


Podgorica, 25 April 2018

Students of the Faculty of Economics visited the Money Museum

Students of the fourth year of the Faculty of Economics at the University of Montenegro together with the university lecturer Milivoje Radović visited the Money Museum of the Central Bank of Montenegro.

The students visited the permanent setting "From Perper to Euro", and the exhibition "Money as a Jewellery" was presented to them.

An organized student visit is just one of a series of activities that the CBCG Money Museum conducts with the aim of spreading knowledge about the history of money on the territory of Montenegro.

Podgorica, 22 April 2018

Meetings with the World Bank and the IMF Officials Continued

On the second working day in Washington, the delegation of Montenegro comprised of the CBCG Governor, Radoje Žugić, Minister of Finance, Darko Radunović, State Secretary at the Ministry of Finance, Nina Vujošević and the CBCG Vice-Governor of for Financial Stability and Payment System, Nikola Fabris met with the Director of the IMF`s European Department, Poul Thomsen, Executive Director of the Belgium-Dutch Constituency in the IMF, Anthony De Lannoy, Head of the IMF Mission for Montenegro, Martin Petri and other senior officials of the IMF and the World Bank.

The shared view of the Montenegrin delegation and representatives of the IMF and the World Bank from the meetings held is that the positive trend of all economic, financial and fiscal parameters undoubtedly means strengthening the economic system, but that, with further work on system improvement, all potential risks must be carefully considered.

Although the risks are of a significantly lower level, activities that gave good results in the past should continue, precisely in terms of addressing the key vulnerabilities of the real economy, as well as fiscal sustainability and financial stability.

The previous year was successful, and positive trends continued in this year as well. It was noted that fiscal stability significantly improved, among other things, through the surplus of current budget transactions, which will be further enhanced by relatively high growth rates of the economy in this and subsequent years.

Assets, capital and deposits are significantly increasing in the financial sector, while the level of non-performing loans and interest rates recorded a downtrend. These positive trends also continued in the current year. Full implementation of standards, strengthening of the regulatory framework, not only in terms of harmonization with good EU practice, but also for the institutional strengthening of the Central Bank of Montenegro were valued among CBCG activities.

The conclusion from the meetings is that Montenegro will achieve fiscal sustainability, financial and macroeconomic stability only in full interaction and synergy of these positive effects.

Podgorica, 21 April 2018

Minister Radunović and Governor Žugić in Washington:
Meetings with the IMF and the World Bank Officials

On the first day of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, held in Washington, the Montenegrin delegation, comprised of the Minister of Finance, Darko Radunović, the CBCG Governor, Radoje Žugić, the CBCG Vice-Governor for Financial Stability and Payment System, Nikola Fabris and State Secretary in the Ministry of Finance, Nina Vujošević, met with World Bank Vice President for Europe and Central Asia, Ciryl Muller, World Bank Regional Director for Western Balkans, Linda van Gelder, Deputy Managing Director of the IMF, Tao Zhang, as well as with the Executive Director of the Dutch Constituency of the World Bank, Frank Heemskerk.

Excellent cooperation between the Government and the CBCG with the IMF and the World Bank Group was highlighted at all meetings. Representatives of the IMF and the World Bank welcomed the achieved results of Montenegro in the process of fiscal consolidation, as well as in the part of improving the financial system, in particular the success in the most favourable Eurobonds issue. It was emphasized that, in the circumstances of difficult and unpopular fiscal adjustment measures, as well as the demanding activities to improve the financial system, Montenegro achieved an impressive growth of 4.4% of GDP in the past year. Excellent trends in this year were also accentuated, both in the real economy and in the part of strengthening fiscal stability. Also, the financial system recorded positive trends in the first two months of this year. 

Members of our delegation stressed that the support of the IMF and the World Bank had enormous significance for strengthening fiscal sustainability, financial and macroeconomic stability, especially highlighting the World Bank's (PBG) guarantee, based on which the State will refinance part of the public debt, improve its maturity and reduce funding costs.

The cooperation between the Government and the Central Bank with these institutions will continue this year, due to the need for further improvement and strengthening of sustainability, the implementation of international standards and good practices, as well as the continuation of reforms in the fiscal consolidation process.

The possibilities of technical assistance in the areas of monetary and fiscal policy, in accordance with the priorities established by the Government and the Central Bank were also discussed at the meetings.

Podgorica, 13 April 2018

CBCG Council holds its twenty-sixth meeting

The Council of the Central Bank of Montenegro held the twenty-sixth session today, chaired by the Governor Radoje Žugić.

The Council considered and adopted the Report on the Central Bank operations and policies implemented for January 2018, where it was stated that the activities of the CBCG during the reporting period were implemented in line with the planed commitments under the Central Bank of Montenegro Work Programme for 2018. It has been stated that positive trends from the previous year continued in 2018. As a result of this, the financial system, dominated by banks, has been significantly improved.

The Council adopted Annual financial statements with the independent external auditor’s report for 2017. It has been noted that the financial operations of the CBCG for 2017 were marked by a high level of rationalisation of costs. To wit, during the previous year, the administrative and overhead expenses of the CBCG were significantly lower than planned. The independent external auditor gave his positive opinion on the financial statements of the CBCG.

As a result of measures of the internal economy, the achieved rationalisation of costs and the increase of workload, the CBCG, without increasing the prices of its services, recorded a high net profit of 2.7 million euros at the end of 2017. In implementing the provisions of the Central Bank of Montenegro Law, the Council adopted the Decision on allocation of the CBCG profit for 2017, according to which the realised profit, in the amount of 50%, is allocated to the State budget. The remaining 50% will be directed on the strengthening of the core capital of the CBCG, as defined by the Decision on the increase of the core capital of the CBCG, which was also adopted by the Council today.

The Council has also adopted a set of bylaws that regulate the operations of providers of financial services in accordance with the Law on Financial Leasing, Factoring, Purchase of Receivables, Micro-Lending and Credit-Guarantee Operations. Since the Law will be applicable from 11 May 2018, this created preconditions for the establishment of regulatory and supervision competencies and powers of the CBCG towards of financial services providers. The adoption of these regulations defines the obligations of providers of financial services in the process of issuing licenses, risk management and reporting system towards the CBCG. In order to create preconditions for the implementation of the above-mentioned Law, the Council has also adopted the Decision amending the Decision on Determining Tariff for Calculating Fees Charged for the Central Bank of Montenegro Services.

On today’s meeting, the Council adopted the Decision Amending the Decision on the Content, Deadlines and Manner of Compiling and Submitting Bank’s Financial Statements. This Decision amends the reporting forms that banks have to complete and submit to the CBCG, as the result of the IFRS 9 implementation.

The Council also passed the Decision Amending the Decision on Statistical Data to be Submitted to the Central Bank of Montenegro for the Purpose of Compiling the Balance of Payments of Montenegro. This amendment was the result of the amended chart of accounts for banks applicable as of 1 January 2018.

Today, the Council also discussed and adopted the Annual Macro-economic Report for 2017, which provides with an overview of the most important trends in the real, fiscal and financial sectors last year. The report indicates that Montenegro’s macro-economic performance in 2017 was far better than in 2016, and that vulnerabilities in financial, fiscal, and real sectors decreased. In 2017, according to preliminary MONSTAT data, Montenegrin economy grew 4.4%. Such result was mostly fuelled by intensified activities on constructing large infrastructural projects, as well as recorded growth in construction, energy, tourism, forestry, trade, and most types of transport. The Report also points that the economy’s competitiveness improved through surplus recorded in invisible trade and through the maintaining of high FDI level.

Annual CPI inflation was 1.9% in December 2017, while average annual inflation rate in 2017 was 2.4%.

In 2017, the banking sector was sound and liquid, and recorded aggregate profit of 35.1 million euros.

On the today’s meeting, the Council discussed other current issues under its competence.

Podgorica, 13 April 2018

The Chairman of the European Group of Valuers' Associations visits the Central Bank of Montenegro

The Governor of the Central Bank of Montenegro, Radoje Žugić met today with Krzysztof Grzesik, the Chairman of the European Group of Valuers' Associations TEGoVA. The meeting was also attended by the president of the National Association of Valuers of Serbia, Danijela Ilić, who is a member of the Board of Directors of TEGoVA and the European Valuation Practice and Methodology Board of TEGoVA, and Milan Mirković, president of the National Association of Valuers of Montenegro.

Chairman Grzesik is staying in Montenegro to take part in the conference “European Valuation Standards (EVS) and the Banking Sector”, which takes place today at Hotel Hilton, organised by the National Association of Valuers of Montenegro and the Association of Montenegrin Banks.

The European Valuation Standards (EVS) and their application in the banking system were discussed at the meeting. Chairman Grzesik pointed out that the European Central Bank recommends the application of EVS in valuating banks’ collaterals, adding that the implementation of these standards contributes to the safety and security of the real estate market as well as of mortgage loans.

Governor Žugić highlighted that adequate valuation of property contributes to financial system stability. Taking that into account, as well as the fact that ensuring reliable valuation standards for mortgage purposes represents one of the country’s obligations in the European integration process, the Governor stated that, in the upcoming period, the CBCG will focus on further development of this segment and consider the possibility of cooperation with the European Group of Valuers' Associations.

TEGoVA is a non-profit making association composed of 71 valuers' associations from 37 countries.

Podgorica, 12 April 2018

Central Bank of Montenegro employees donated blood

On the occasion of the Day of the Central Bank, our institution, in cooperation with the Blood Transfusion Institute of Montenegro, once again organised the voluntary blood donation for the CBCG employees.

By taking part in such activities, the CBCG contributes to promoting the development of voluntary blood donations in Montenegro, at the same time showing solidarity with those in need as well as responsibility towards the community.

Podgorica, 11 April 2018

Annual awards and a fundraising auction to celebrate the Central Bank of Montenegro Day

On the occasion of celebrating 11th April, the Central Bank of Montenegro Day, a ceremonial presentation of the CBCG 2018 Annual Awards and a fundraising auction of art works of Montenegrin artists were held today.

The CBCG annual award was established in 2007 with the aim of encouraging development of scientific thought and promoting young professionals in Montenegro and it consists of the plaque and the cash amount of 2,000 thousand euros for the best diploma thesis, 3,000 thousand euros for the best master`s thesis, and 4,000 thousand euros for the best doctoral thesis.

The competent commission comprised of the prominent university professors and CBCG experts decided to grant the award for the best diploma thesis to Mr. Miloš Martinović, for his paper Internal Audit in the Function of Improving the Risk Management Systems in Banks, defended at the Faculty of Economics, University of Montenegro.

The best master`s thesis award was granted to Ms. Milena Pajović  for her paper Analysis of the Universal Banking Model, defended at the Faculty of Economics, University of Montenegro.

The best doctoral thesis award was shared between Ms. Milica Daković Tadić, for her paper Relation between Business and National Accounting: Analysis of Differences and Recommendations for Convergence and Ms. Bojana Bošković, for her paper Impact of Regulatory Policy on the Economy with a Special Emphasis on Montenegro. Both papers were defended at the Faculty for International Economics, Finance and Business, University of Donja Gorica.

The awards were presented by the Governor of the CBCG, Mr. Radoje Žugić, who pointed out that the Annual Award represents just one segment of the CBCG’s corporate responsibility and that by pursuing such activities “this institution aims to promote the value of knowledge and send out a message, primarily to the youth, that hard work is always recognised, and that the best accomplishments are rewarded”.

The event continued with a fundraising auction of Montenegrin academic artists’ works participated by representatives of the diplomatic corps and the banking sector. The CBCG organised the auction with a view to encouraging a wider community to engage in charity activities as well as to contribute to the affirmation of young Montenegrin painters and the development of this type of art.

The auction successfully raised 7,600 euros, half of which will be donated to the Children’s Home “Mladost” in Bijela, while the remaining funds will go to the authors.

By purchasing the artworks of 15 Montenegrin academic artists, the activities of the Children’s Home “Mladost” were directly supported by the Societe Generale Banka Montenegro AD, NLB Banka AD Podgorica, Hipotekarna Banka AD Podgorica, Invest Banka Montenegro AD Podgorica, ERSTE Bank AD Podgorica, Atlas Banka AD Podgorica, Addiko Bank AD Podgorica, Zapad Banka AD Podgorica, NOVA BANKA AD Podgorica, the Association of Montenegrin Banks, and the Central Bank of Montenegro.

The auction featured the works of Marko Pejović, Milijana Vujović, Tatjana Burzanović, Jelena Jovančov, Ela Božović, Željko Pajović, Mila Đerković, Željko Reljić, Đorđije Vujičić, Igor Rakčević, Darko Brajović, Vana Prelević, Mirjana Marsenić Vujović, Mirsad Đurđević, Ivan Pejović, Nada Kažić, Vesna Bošković, Ksenija Škerović Kaluđerović, Nikolina Zuber, Ilija Kaluđerović, Roman Đuranović, Nina Vukčević, Suad Masličić, Sonja Đuranović, Sabaheta-Beka Masličić, Hana Mirkov, Tijana Vujović, Milica Kažić, Biljana Keković, Đorđije Rašović, Tijana Dujović, Radovan Grujić, and Saša Brnović.

By initiating and organising such activities, the CBCG tries to confirm its status of a socially responsible institution that is well aware of the role its role in the society and willing to give its contribution in addressing the issues important for the entire community.

Podgorica, 10 April 2018


On the occasion of the Day of the Central Bank of Montenegro, celebrated on 11 April at the Money Museum in Cetinje, the screening of the film "Evil Money" will be organized for all interested citizens every day from 10 to 15 April, starting at 13:00.  

The Money Museum will also welcome the members of the Association of Pensioners from Cetinje and military pensioners from Podgorica from 10 to 12 April.

Visitors of the Money Museum will also be able to see the permanent setting entitled "From Perper to the Euro".






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