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Press Releases 2017 - April

24.04.2017 - The World Bank and the IMF support fiscal consolidation

22.04.2017 - Minister Radunović and Governor Žugić in Washington: Meetings with IMF and IFC representatives

11.04.2017 - Annual Central Bank of Montenegro awards presented

11.04.2017 - Exhibition of documents „Montenegrin Bank 1919 – 1949“ opens

10.04.2017 - Central Bank of Montenegro employees donated blood

10.04.2017 - Meeting of the CBCG Governor and the new CKB Chief Executive Officer

10.04.2017 - Ceremonial Presentation of the Annual Central Bank of Montenegro Award

07.04.2017 - Opening the exibition of documents „Montenegrin Bank 1919 – 1949“

03.04.2017 - Central Bank of Montenegro carried out Global Money Week successfully


CENTRAL BANK OF MONTENEGRO
MINISTRY OF FINANCE
Podgorica, 24 April 2017

The World Bank and the IMF support fiscal consolidation

Continuing the activities within the International Monetary Fund (IMF) and the World Bank Spring Meetings, held in Washington from 21 to 23 April, Montenegrin delegation, Mr Darko Radunović, Minister of Finance, Mr Radoje Žugić, the CBCG Governor and Mr Nikola Fabris, the Vice-Governor for financial stability and payment system met Ms Ellen Goldstein, director of the World Bank for South East Europe, Mr Cyril Muller, World Bank Vice-President for Europe and Central Asia, Mr Tao Zhang, IMF Vice-President and Mr Paul Thomsen, director of the IMF European Department.

Implementation of the fiscal consolidation plan in mid-term and its structure in revenues and expenditures side as well as the scheduled measures for active risk management providing its full sustainability in mid-term were discussed at the meeting with director of the World Bank for South East Europe, Ms Ellen Goldstein and Cyril Muller, World Bank Vice-President for Europe and Central Asia. Vice-President Muller appreciated the credible fiscal policy of the new Government which treats fiscal pressures and challenges of the increasing public debt with responsibility and in a timely manner. Beside fiscal consolidation, improved quality of the banking sector assets, recorded during present and previous year also contributes to financial stability. At the same time, holistic approach to implementing FSAP recommendations was also praised, which is, among other, reflected through preparation of legal solutions significantly improving institutional and legal framework of financial system supervision. Vice-President Muller underlined that significant improvements in fiscal position and strengthening of financial stability create genuine grounds for enhancing cooperation between the World Bank and Montenegro by providing support in a form of IBRD guarantees for fiscal reforms, in order to additionally ease access of Montenegro to international capital markets in 2017. It was agreed for this cooperation to further intensify in the upcoming months.

Vice-President Muller also appreciated a major progress in implementing the tax system efficiency project aimed at increasing tax revenues as well as the managing industrial waste project that will contribute to sustainable development of Montenegro. The delegation was also supported for its request for health system reform, improving its efficiency and financial feasibility.

Both fiscal consolidation and readiness to actively manage public debt were supported in the discussions with Mr Tao Zhang, IMF Vice-President and Mr Paul Thomsen, IMF’s European Department director. At the same time, the IMF officials warned to a risk of normalizing monetary policy in America and Europe that could lead to an increase in the borrowing prices in international capital markets, primarily in the developing countries, including Montenegro. Vice-President Zhang and the director Thomsen showed the IMF readiness to provide support to Montenegro in stabilizing public debt and implementing fiscal consolidation and financial system reforms. To that extent, a technical assistance for implementing and increasing banking supervision capacity, as well as supervision capacities and standards of the Insurance Supervision Agency was agreed with the IMF representatives. With the aim of strengthening revenues side of the Budget, another technical assistance for continuing tax administration reforms and designing tax policy that would contribute to consolidation efforts of the Government was agreed as well.


CENTRAL BANK OF MONTENEGRO
MINISTRY OF FINANCE
Podgorica, 22 April 2017

Minister Radunović and Governor Žugić in Washington: Meetings with IMF and IFC representatives

Montenegrin delegation, Mr Darko Radunović, Minister of Finance, the CBCG Governor Mr Radoje Žugić and the Vice-Governor for financial stability and payment system, Mr Nikola Fabris met the IMF Mission chief for Montenegro, Mr Martin Petri and IFC director for Europe and Central Asia and Mr Tomasz Telma the first day of the International Monetary Fund (IMF) and the World Bank Spring Meetings held in Washington from 21 to 23 April.

Prospects for further reducing fiscal risks in the system as well as analysis of positive effects of the measures adopted within the public debt recovery plan at end-2016 were discussed with Mr Martin Petri, IMF Mission chief for Montenegro. The first effects of the tax liabilities restructuring programme, enabling companies to settle the outstanding tax liabilities by supporting corporate growth were also presented to the Mission chief. The members of Montenegrin delegation emphasized the commitment of Montenegro to implementing fiscal consolidation plan which would set public debt to a steady downtrend in a mid-term. In this regard, views on potential additional fiscal measures supposed to be announced as a part of fiscal strategy in the second quarter of 2017 were exchanged. Simultaneously, technical assistance for making mid-term debt management strategy which would foster the repayment profile and public debt stabilization were arranged with the IMF.

Favourable financial parameters of the banking sector improved during 2016, having a similar trend in 2017, were also discussed at the meeting with Mr Petri. Banking system at an aggregate level, shows satisfactory capital adequacy, significant liquid reserves and further increase in profitability. The IMF Mission chief also had insight into CBCG regulatory activities, i.e. dynamics of production and adoption of the new laws, including the Central Bank of Montenegro Law, the Banking Law, Bank Resolution and Recovery Law, Law on Financial Institutions. The regulatory framework of supervision in line with the best European practice will be significantly improved through these activities. Technical assistance for introducing International Financial Reporting Standards (IFRS) in 2018 which would result in more rigid provisions practice and significantly improve strengthening of financial stability was also agreed with the IMF.

It was also mentioned in the discussion with Mr Tomasz Telma, director of IFC for Europe and Central Asia that a recently approved project for construction of the bypass in Podgorica additionally improved cooperation between Montenegro and IFC. Moreover, the IFC shows interest in projects concerning sustainable tourism, infrastructure and agriculture business in Montenegro, as well as providing technical assistance to the Government of Montenegro in preparing public-private partnership projects.

The second day of the Spring Meetings is scheduled for meetings of Montenegrin delegation with Ms Ellen Goldstein, director of the World Bank for Eastern Europe, Mr Cyril Muller, World Bank Vice-President for Europe and Central Asia, Mr Tao Zhang, IMF Vice-President and Mr Paul Thomsen, director of the IMF European Department.


CENTRAL BANK OF MONTENEGRO
Podgorica, 11 April 2017

Annual Central Bank of Montenegro awards presented

On the occasion of the Day of the Central Bank of Montenegro – 11 April, ceremonial presentation of the 2017 Annual Central Bank of Montenegro award was held today.

The competent commission comprised of the prominent university professors and CBCG experts decided to grant the awards for the best diploma, master`s and doctoral thesis. The Central Bank Governor, Mr Radoje Žugić, PhD, presented the awards to the winners.

The best diploma thesis award was equally granted to both Milica Vukčević for her paper Ranking Banks in Montenegrin Market by Applying Analytical Hierarchy Process Model and Filip Ćirović for his paper Recovery of Banks in Accordance with European Union Directives. Both papers were defended at the Faculty of Economics, University of Montenegro.

The best master`s thesis award was granted to Jovan Radunović for his paper Analysis of Denationalization of Money Concept by Hayek, defended at the Faculty for International Economics, Finance and Business, University of Donja Gorica.

The best doctoral thesis award was granted to Ana Mugoša from the Faculty of Economics, University of Montenegro. Her paper was named Capital Structure in the Function of Decision Making on Mergers and Acquisitions.

Addressing the present audience, the Governor Žugić emphasized this was only one segment of corporate social responsibility of the CBCG and that “this institution endeavours to give contribution to development of scientific thought and promote young professionals in Montenegro, therefore promoting the value of knowledge as an universal category, enabling progress with individuals and prosperity with the society those individuals act in”. 

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


CENTRAL BANK OF MONTENEGRO
Podgorica, 11 April 2017

Exhibition of documents „Montenegrin Bank 1919 – 1949“ opens

On the occasion of the Day of the Central Bank of Montenegro, 11 April, the exhibition of documents “Montenegrin Bank 1919 – 1949” was ceremonially opened last night in the Money Museum in Cetinje. The CBCG Governor, Mr Radoje Žugić, PhD, opened the exhibition, the authors being CBCG Money Museum employees.

“The exhibition we ceremonially open now, represents a selection from a valuable numismatic collection and stands as a proof of the history of money and decades long development of banks and banking in Montenegro, enabling for all of us to learn more on our past, preserving tradition and cherishing previous values, but looking forward towards the future and making all which is good for us and the new generations in Montenegro” said the Governor Žugić.

Among others, the following guests attended the exhibition opening: Mr Janko Ljumović, Minister of Culture in the Government of Montenegro, Mr Aleksandar Bogdanović, Mayor of Cetinje, CBCG Council members, Mr Pavle Pejović, Director of the National Museum of Montenegro and others. Beside a number of guests, Mr Ian Whitting, United Kingdom Ambassador to Montenegro was also present at the exhibition opening. The Governor Žugić presented an award from the Central Bank of Montenegro jubilee collection to Mr Whitting as a sign of appreciation for his contribution to improving bilateral relations between the two countries and supporting Montenegro on its path towards Euro-Atlantic integration. 

The exhibited museum collection is unique in Montenegro and contains all banknotes and coins from the historic period it relates to, with over thousands of exhibits being stored at the Museum depot. All interested persons may visit the documents exhibition “Montenegrin Bank 1919 – 1949” during next month (business days from 9 to 15 hours).


CENTRAL BANK OF MONTENEGRO
Podgorica, 10 April 2017

Central Bank of Montenegro employees donated blood
Some 30 employees took part in the action

On the occasion of the Day of the Central Bank, our institution, in cooperation with the Blood Transfusion Institute of Montenegro, organized the voluntary blood donor action.

Some 30 employees of the Central Bank of Montenegro took part in this action, organized in the Blood Transfusion Institute premises.

CBCG contributes to promoting development of a voluntary blood donor actions in Montenegro, at the same time showing responsibility towards the community it does business in. Through such and actions alike, CBCG promotes solidarity with those needing the help most and endeavours to incite other firms and individuals to give their contribution as well.


CENTRAL BANK OF MONTENEGRO
Podgorica, 10 April 2017

Meeting of the CBCG Governor and the new CKB Chief Executive Officer

Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD, with his associates met with Mr Pal Kovacs, Chief Executive Officer of Crnogorska Komercijalna Bank.

This was the first meeting between the newly appointed CBK Director and the CBCG Governor and at the same time the chance for the two to exchange views on the current situation and trends characterizing the banking sector in Montenegro.

Mr Kovacs presented his up-to-date professional biography to Governor Žugić. CKB has stable performance and its future plans, according to Mr Kovacs, are related to strengthening the position of this financial institution in the Montenegrin market.

With welcoming the CKB Director Mr Kovacs to Montenegro and wishing him a successful engagement, the Governor Žugić emphasized that CBCG is open for stable and intensive communication with all banks operating in our market, with the aim of reaching mutual interests, specifically in improving the banking system and maintaining financial stability.

The two concluded that CKB met the prescribed parameters and mutually agreed that in the upcoming period they should be focused to further improvements in order for the banking system to contribute to Government of Montenegro economic policy implementation, i.e. more dynamic economic growth through the active role and providing economic support.

More frequent communication and continuation of cooperation in reaching mutual interests was agreed at the meeting.


CENTRAL BANK OF MONTENEGRO
Podgorica, 10 April 2017

Ceremonial Presentation of the Annual Central Bank of Montenegro Award

On the occasion of the Day of the Central Bank of Montenegro, 11 April, the annual Central Bank of Montenegro award for the best doctoral, master`s and diploma thesis will be granted tomorrow at the ceremony.

The Central Bank of Montenegro Governor, Mr Radoje Žugić will present the awards to this year`s winners. The event is open for public and will be held in the CBCG Governor`s Hall, starting at 11 hours.

The CBCG annual award is established in 2007 with the aim of stimulating development of scientific though and promoting young professionals in Montenegro and it consists of the plaque and the cash amount of 2/3/4 thousand euro for the best diploma/master`s/doctoral thesis.


CENTRAL BANK OF MONTENEGRO
Podgorica, 7 April 2017

Opening the exibition of documents „Montenegrin Bank 1919 – 1949“

The exibition of documents „Montenegrin Bank 1919 – 1949“ will be open in the Money Museum in Cetinje on Monday 10 April at 19 hours, marking the Central Bank of Montenegro Day – 11 April.

Mr Radoica Luburić, CBCG Executive Director will open the exibition. The authors of the exibition are Mr Miodrag Kirsanov, Museum Director and Mr Jovan Muhadović, Museum Curator.

This event is open for public.


CENTRAL BANK OF MONTENEGRO
Podgorica, 3 April 2017

Central Bank of Montenegro carried out Global Money Week successfully

Central Bank of Montenegro marked the Global Money Week with a number of activities organised last week. The aim of this manifestation was to further strengthen financial literacy as well as expand financial knowledge and skills, primarily with children and youth.

The activities CBCG prepared on the occasion of the Global Money Week which was marked this year under the slogan “Learn, Save, Earn!” were attended by a lot of children and youth from different Montenegrin cities. Students from primary schools “Maksim Gorki”, “Vlado Milić” and the grammar school “Slobodan Škerović” in Podgorica visited the Central Bank of Montenegro and they were given the lectures on financial products and detecting counterfeit money.

Also, students from the grammar school and two other schools in Cetinje “Njegoš” and “Lovćenski partizanski odredi” visited the Money Museum as a part of these activities, while the representatives of the Central Bank of Montenegro visited the Secondary Maritime School and Resource Centre for Education and Rehabilitation of Children and Youth with Hearing and Speech Impairments in Kotor, as well as the primary school “Vuko Jovović” in Danilovgrad and the primary school “Mileva Lajović Lalatović” in Nikšić. Primary and secondary school students had a chance to attend the lectures covering the topics “How to Detect Counterfeit Money” and “Introduction to Money World”.

CBCG representatives also visited two kindergartens “Suncokrili” - pre-school public institution “Ljubica Popović” and “Vrela Ribnička” - pre-school public institution “Đina Vrbica” in Podgorica where creative workshops were organised in order to introduce the world of finance to the youngest ones, through games and socializing.

Central Bank of Montenegro supports financial education, i.e. strengthening of financial literacy by initializing and implementing these educational and socially responsible activities, which is a pre-requisite for responsible money management.

 

 

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