Radoje Žugić, PhD

The Governor of the Central Bank of Montenegro

Mr. Žugić was born on 3 April 1961 in Novakovići, the municipality of Žabljak.

He graduated from the Faculty of Economics in Podgorica in 1985. Two years later, in 1987, he earned his Master’s Degree in Economics on the topic “Interdependence between Investment Efficiency and Economic Structure in Montenegro”. In 2011, he earned his PhD degree at the Faculty of Banking, Insurance, and Finance, Belgrade, on the topic “Interdependence of structural changes and efficiency of investments in the case of Montenegro”.

The Parliament of Montenegro appointed him the Governor of the Central Bank of Montenegro on 30 September 2016 and he is also the Governor of the International Monetary Fund for Montenegro.

Prior to his appointment as the Governor of the Central Bank of Montenegro, from May 2016, he served as the Advisor to the Prime Minister of Montenegro.

In the period from December 2012 until May 2016, he served as the Minister of Finance in the 40th Government of Montenegro. During his term of office, significant results were achieved in terms of fiscal consolidation, which have contributed to the stabilization of public finances. Special emphasis was given to combating informal economy through the introduction and implementation of a series of measures aimed at eliminating irregular operations. In 2014, he received the “Best Minister” award in recognition of his efforts to creating a favourable environment for the economical and business development in Southeast and Central Europe.

Prior to his appointment as the Minister of Finance, in the period from October 2010 to December 2012, he performed the function of the Governor of the Central Bank of Montenegro. This period was characterized by the implementation of significant activities aimed at combating the effects of the global economic and financial crisis, primarily aimed at maintaining stability and liquidity of the banking and overall financial sector. During this period, he played the key role in the process of creation and implementation of the NPL resolution project in banks.

From 2004 until 2010, he served as the Director of the Pension and Disability Insurance Fund of Montenegro. During this period, a significant progress was made in the country reform of pension and disability insurance.

During his professional carrier, he was the Director of the Clearing and Payments Agency (ZOP), Podgorica Subsidiary in 1999, and later as of 2001, after the integration of the ZOP into the Central Bank of Montenegro, he was appointed the Deputy Director General of the Central Bank of Montenegro for Payment System Operations. He was also one of the key reformers of the payment system operations in Montenegro, when he was elected President-Coordinator of the Interbank Committee for the Payment System Reform.

In addition to the aforesaid functions, he performed duties of the Secretary of the Directorate of Public Revenues where he was actively involved in the taxation reform process, as well as of the Financial Director of the Auto-Moto Association of Montenegro.

He was an MP in the Parliament of Montenegro and the Parliament of the State Union of Serbia and Montenegro in many parliamentary sessions.

He participated on the boards in two commercial banks – Podgorička banka (before privatization) and Prva banka Crne Gore, as a representative of the state capital.

He chaired the Boards of Directors of Servisimport company, the Central Depositary Agency, and Lovćen Insurance.

He was a member of many supervisory and audit committees, the Committee for the Economy, Finance and Budget of the Parliament of Montenegro, the Statistical Council of Montenegro, the Institute of Accountants and Auditors of Montenegro, the Economic and Social Council, and committees and working bodies of the Government of Montenegro.

He published many scientific papers, contributions and overviews on various economic and social topics: investments and development, structure and structural changes, payment system reforms, economic and social policy, and pension system reforms.

He attended many domestic and international conferences, scientific gatherings, seminars, and forums addressing the issues of public finance, banking, audit, and insurance whereat he had the role of either a lecturer or a participant.

He is married with three children.