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Press Releases 2018 - May
31.05.2018 - Governor of the CBCG meets the executive directors of commercial banks
30.05.2018 - ANNOUNCEMENT: Opening of the exhibition "Money of the Republic of Italy from 1946 to 2002"
30.05.2018 - ANNOUNCEMENT: Meeting with the executive directors of banks
25.05.2018 - Strengthen cooperation between Montenegro and the People's Republic of China
24.05.2018 - Promote cooperation between top monetary institutions of Montenegro and Romania
24.05.2018 - The Governor of the CBCG meets the future ambassador of Montenegro to Greece and Cyprus
19.05.2018 - Money Museum celebrates the International Museum Day with the exhibition “Money as an Ornament”
17.05.2018 - ANNOUNCEMENT: Opening of the exhibition “Money as an Ornament” on the occasion of the International Museum Day
15.05.2018 - Governor Žugić at the Governors’ Club meeting in Bodrum
09.05.2018 - The Governor Žugić at the annual meeting of the CEF Managing Board
CENTRAL BANK OF MONTENEGRO
Podgorica, 31 May 2018
Governor of the CBCG meets the executive directors of commercial banks
Today, the Governor of the CBCG and his associates met the chief executive officers of banks operating in Montenegro.
The meeting was organized with a view to analysing the recorded banking operation indicators, and to discussing possible improvements of the cooperation between banks and the supervisor, as well as further strengthening of the banking sector’s safety and soundness.
In his opening statement, Governor Žugić said that the financial system significantly improved over the past year, as confirmed by reports of international financial institutions, adding that this trend also continued in 2018. Deposits grew 14.8% in the annual comparative period, as confirmed by the strong confidence of clients in the banking system. Furthermore, liquidity, solvency and profitability indicators recorded positive trends, with particularly encouraging data confirming stronger credit support directed towards the corporate sector. “Business policies of all banks have to focus on supporting the real sector and valorising our resources,” pointed out Governor Žugić.
During the meeting, the banks expressed their readiness to continue their close cooperation with the CBCG aimed at further reducing the level of non-performing loans, as well as, inter alia, to decrease interest rates additionally.
The meeting continued with the discussion on improving the functioning of the Credit Registry, which would contribute to improved data quality on debts of legal and natural persons, and thus to a better and more reliable banks’ assessment of the risks of individual debtors. To wit, based on the responses of banks on the previously conducted survey, the CBCG has taken a number of activities aimed at improving the content, availability and the quality of the Credit Registry data. Some improvements will be operational as of July this year, while significant improvements will apply as of January 2019, upon the entry into force of the Decision on the Credit Registry, which draft has been prepared. The CBCG presented the text of the draft Decision to banks so that they would be able to provide their comments.
Since the Credit Registry is a very important service, through which banks receive the data they use when assessing individual debtors’ risks, it was concluded that the CBCG would continue to focus on this issue in the coming period. During the meeting, it was also concluded that, based on commercial banks’ inputs, the measures for Credit Registry’s continuous improvement would be initiated timely.
After the meeting, the Governor of the CBCG, Radoje Žugić, and the Chairman of the Board of Directors of the Association of Montenegrin Banks, Esad Zaimović, gave media statements, which can be downloaded here.
CENTRAL BANK OF MONTENEGRO
Podgorica, 30 May 2018
ANNOUNCEMENT: Opening of the exhibition "Money of the Republic of Italy from 1946 to 2002"
The exhibition "Money of the Republic of Italy from 1946 to 2002" will be opened at the Central Bank of Montenegro Money Museum in Cetinje on Friday, 1 June, starting at 11:00.
The event was organized in cooperation with the Embassy of the Republic of Italy in Montenegro and the CBCG, marking the Day of the Republic of Italy on 2 June.
The exhibition will be opened by the CBCG Governor, Mr Radoje Žugić and H.E. Ambassador of Italy to Montenegro, Mr Luca Zelioli.
CENTRAL BANK OF MONTENEGRO
Podgorica, 30 May 2018
ANNOUNCEMENT: Meeting with the executive directors of banks
The meeting of the CBCG Governor with the chief executive officers of banks operating in Montenegro will be held on Thursday, 31 May 2018, at the Central Bank of Montenegro premises (Governor's Hall) starting at 13:00.
The achieved indicators of banking operations, as well as proposals for improving the cooperation between banks and regulators and further strengthening the stability and safety of the banking sector will be discussed at the meeting.
Interested TV teams can record the start of the meeting, while the media statements of the CBCG Governor, Mr Radoje Žugić and the Chairman of the Board of Directors of the Association of Banks of Montenegro, Mr Esad Zaimović are scheduled for 14:00.
All intrerested media can register their representatives who will attend the event on the following e-mail address: [email protected], no later than Thursday, 31 May at 10:00
CENTRAL BANK OF MONTENEGRO
Podgorica, 25 May 2018
Strengthen cooperation between Montenegro and the People's Republic of China
The Governor of the Central Bank of Montenegro, Radoje Žugić met the future ambassador of Montenegro to the People's Republic of China, Darko Pajović. The meeting was organised as part of preparations of Mr. Pajović for his position as Ambassador Extraordinary and Plenipotentiary of Montenegro to the People's Republic of China.
The meeting provided a chance to discuss the current economic cooperation between Montenegro and China, as well as the possibilities to intensify that cooperation in the coming period. It was pointed out that it is necessary to continue cooperation in the area of infrastructure, and to work on improving the traffic connections between these two countries, primarily with a view to attracting Chinese tourists. During the meeting, it was also concluded that it is necessary to promote Montenegro to Chinese companies as a destination desirable for investments, all aimed at further developing of our resources.
Mr. Pajović pointed out that there is significant room for further strengthening and promoting of cooperation and added that, during his upcoming term, he will aim to give his full contribution to that process.
CENTRAL BANK OF MONTENEGRO
Podgorica, 24 May 2018
Promote cooperation between top monetary institutions of Montenegro and Romania
The Governor of the Central Bank of Montenegro, Radoje Žugić met the future ambassador of Montenegro to Romania, Goran Poleksić. The meeting was organised as part of preparations of Mr. Poleksić for his position as the Ambassador Extraordinary and Plenipotentiary of Montenegro to Romania.
Governor Žugić introduced Mr. Poleksić to the current cooperation between the CBCG and the National Bank of Romania, reflected primarily in the membership of both countries in the Belgian-Dutch constituency as well as the Governors` Club of the Central Asia, Black Sea Region and Balkan Countries. The two central banks use these networks to maintain and strengthen cooperation in monetary, financial and banking areas. “There is certainly room for further improvement of cooperation and the CBCG is more than prepared to give its full contribution to that process”, said the Governor.
Mr. Poleksić pointed out that, during his upcoming term, he will be committed to deepening the existing and finding new forms of cooperation between these two countries, with a special emphasis on economy.
CENTRAL BANK OF MONTENEGRO
Podgorica, 24 May 2018
The Governor of the CBCG meets the future ambassador of Montenegro to Greece and Cyprus
The Governor of the Central Bank of Montenegro, Radoje Žugić met the future ambassador of Montenegro to Greece and Cyprus, Ana Vukadinović. The meeting was organised within preparations of Ms Vukadinović for her position as the Ambassador Extraordinary and Plenipotentiary of Montenegro to Greece and Cyprus.
The meeting provided the opportunity to discuss the possibilities for strengthening the cooperation between the CBCG and the Ministry of European Affairs, i.e. the Embassy of Montenegro to Greece and Cyprus. In this context, three key segments for the improvement of cooperation have been identified: preparation of material for presenting investment possibilities of Montenegro, promotion of the economic diplomacy and the area of financial education and inclusion, as a significant segment of corporate responsibility of Montenegro.
Governor Žugić pointed out that the current economic cooperation between Montenegro and Greece mostly referred to investments in the area of tourism, leading to significant improvements of the tourist product of Montenegro.
It was concluded that there is room for intensifying and improving the cooperation between the CBCG and the Central Bank of Greece. Ms Vukadinović underlined that during her upcoming term, she will engage in finding new forms of cooperation between the two countries, with a special emphasis on economic cooperation.
CENTRAL BANK OF MONTENEGRO
Podgorica, 19 May 2018
Money Museum celebrates the International Museum Day with the exhibition “Money as an Ornament”
The International Museum Day - the 18th of May, was celebrated in the Money Museum of the Central Bank of Montenegro with the exhibition “Money as an Ornament”. The exhibition was opened by the president of the ICOM Committee for Montenegro, Ms Ljiljana Zeković.
The exhibition was organised by the Money Museum in cooperation with the Secondary Art School “Petar Lubarda” from Cetinje, whose students prepared artworks on the set topic and created ornaments using banknotes and coins.
The Director of the Money Museum, Ms Bojana Šupeljak presented the awards to the authors of the best works, as well as certificates of appreciation to all participants.
First prize, amounting to 300 euros was won by Ms Nikoleta Ćorović, second prize in the amount of 200 euros by Mr Vuk Šćepanović, while the third prize in the amount of 100 euros was equally shared between Ms Katarina Marđonović and Mr Todor Kovačević.
CENTRAL BANK OF MONTENEGRO
Podgorica, 17 May 2018
ANNOUNCEMENT: Opening of the exhibition “Money as an Ornament” on the occasion of the International Museum Day
The Money Museum of the Central Bank of Montenegro will celebrate the 18th of May, the International Museum Day for the sixth consecutive year.
The exhibition titled “Money as an Ornament” will be opened in the Money Museum on Friday, 18 May 2018, at 19:00. The exhibition comprises works of the Secondary Art School “Petar Lubarda” from Cetinje.
On this day, the Museum will be open from 09:00 until 22:00, with free entrance for all visitors.
CENTRAL BANK OF MONTENEGRO
Podgorica, 15 May 2018
Governor Žugić at the Governors’ Club meeting in Bodrum
The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, is taking part at the meeting of the Governors` Club of the Central Asia, Black Sea Region and Balkan Countries, organised in Bodrum (Turkey) from 13 May to 15 May. This year's Governors' Club meeting is devoted to discussing the challenges and opportunities provided by the conditions in the global financial market, especially in terms of normalisation of monetary policy implemented by the major central banks of the world.
In his presentation, Governor Žugić stressed that normalisation of monetary policy should be implemented in a phased and transparent manner, with the ECB's timely announcement of all planned measures, in order to give the financial markets enough time to prepare. “The reduction in the ECB's balance sheet should be gradual and conducted over a longer period of time, to avoid endangering the financial markets. The reference interest rate should also be gradually increased and maintained below the pre-crisis level over a period of several years” the CBCG Governor said at a meeting in Bodrum.
While presenting the economic situation in Montenegro and influences of the global financial conditions it experiences, Žugić pointed out that, due to the interdependence of monetary, fiscal and macroprudential economic policies, the normalisation of monetary policy may have potentially adverse effects on public debt financing. Due to euroisation, the central bank does not have instruments "strong" enough for mitigating these effects. Therefore, the Governor stated that it is very important that fiscal consolidation measures are being implemented now, while the conditions in the financial markets are relatively favorable. On the other hand, Žugić stated that he believes that, “the effects of monetary policy normalisation on the banking sector in Montenegro will have a much smaller impact as the banks are well-capitalised, extremely liquid and with significantly reduced vulnerabilities compared to a few years ago."
Governors` Club of the Central Asia, Black Sea Region and Balkan Countries gathers governors and other high officials in the area of monetary policy and finances, aimed at exchanging opinions on current issues and further improvement of mutual cooperation. Membership in this prestigious organisation enables the CBCG to continue to strengthen regional cooperation in the monetary, financial and banking sectors and establish closer relations with central banks from the region.
CENTRAL BANK OF MONTENEGRO
Podgorica, 09 May 2018
The Governor Žugić at the annual meeting of the CEF Managing Board
The Governor Žugić participated in the annual meeting of the Managing Board of the Center of Excellence in Finance (CEF) that was held on 9 May in Skopje, Macedonia.
The finance ministers and governors of six South East Europe countires attended the meeting. The participants adopted the CEF`s 2017 annual report and discussed future program activities.
The CEF is an international organisation seated in Ljubljana, Slovenia and its mission is to to support capacity development of finance officials in South East Europe through learning and training.
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