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Press Releases 2017 - December

19.12.2017 - Meeting with the OTP Group and Crnogorska komercijalna banka representatives

16.12.2017 - Nobel Prize winner Orhan Pamuk at the CBCG Money Museum

15.12.2017 - PUBLIC NOTICE to persons who have submitted a bill of exchange for enforcement pursuant to Article 218a of the Law on Enforcement and Securing of Claims

15.12.2017 - A meeting with the IMF Technical Mission Held

14.12.2017 - A Meeting with the Management of Nova banka and Azmont Investments Held

14.12.2017 - ANNOUNCEMENT: Symposium on the work of Orhan Pamuk at the Money Museum

12.12.2017 - Meeting of the CBCG Governor and the President of the Deutsche Bundesbank

06.12.2017 - A Meeting with Representatives of the IMF Technical Mission Held

05.12.2017 - Financial Stability Council Session Held

05.12.2017 - Conclusions of the conference "A Community Strategy to Protect the Euro in the Mediterranean Area"


CENTRAL BANK OF MONTENEGRO
Podgorica, 19 December 2017

Meeting with the OTP Group and Crnogorska komercijalna banka representatives

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD met today with the Vice-President of the OTP Group, Mr Laszlo Wolf and Chief Executive Officer of Crnogorska komercijalna banka, Mr Pal Kovacs.

Vice-President Wolf and CEO Kovacs presented to the governor the results of the OTP Group and Crnogorska komercijalna banka in 2017, as well as the further business plans.

It was noted that the CKB functions stable, it is well capitalized, profitable and highly liquid bank, with other parameters of business activities being positive. Governor Žugić expressed his pleasure with the results presented and pointed out that CKB stands out as one of the leaders in the banking market of Montenegro.

Vice-President Wolf announced that strengthening of the stability and safety of the banking sector in Montenegro is visible, which is contributed by the CBCG activities in improving the regulatory framework.

Continued cooperation in implementing the common objectives was agreed at the meeting, especially in the area of further strengthening of the banking system and financial stability, as well as contributing to the dynamism of economic growth.


CENTRAL BANK OF MONTENEGRO
Podgorica, 16 December 2017

Nobel Prize winner Orhan Pamuk at the CBCG Money Museum

A scientific symposium on the work of Turkish writer Orhan Pamuk was held at the Central Bank of Montenegro Money Museum today.

The Symposium was opened by the Governor of the CBCG, Mr Radoje Žugić, PhD with the Nobel Prize winner Mr Pamuk and the professor of the Belgrade University, Mr Aleksandar Jerkov and attended by about twenty eminent university professors from Montenegro and the region.

Governor Žugić pointed out that the CBCG was very honoured to be the host of this event presenting the creative literary opus of Orhan Pamuk, one of the most popular writers of today and winner of numerous awards, such as the 2006 Nobel Prize for Literature and the most prestigious German Peace Prize for 2005. "I want to point out the expectation that many of the socially responsible activities and initiatives of the CBCG, such as the organization of Orhan Pamuk's visit to the Money Museum, will contribute to the even more effective work of this museum," said Governor Žugić, adding that the CBCG will continue to support projects that open new perspectives and improve knowledge.

Mr Pamuk was particularly pleased with the fact that the event was held in the Money Museum, as he said, museums were extremely important for his way of thinking and his view of the world. "In many of my novels I am writing exactly about the fact that museums should inspire." Mr Pamuk himself opened the Museum of Innocence in Istanbul, inspired by the plots and characters from his novel, and also wrote the Manifesto for Museums, where he presented his views on what museums should represent and how humanity should be preserved through them. "I consider that museums, in particular the Money Museum, should link the banknotes to what people have used them for, not to the rulers," Pamuk said.

Mr Pamuk`s stay in Montenegro was organized by the publishing house "Nova knjiga".


CENTRAL BANK OF MONTENEGRO
Podgorica, 15 December 2017

PUBLIC NOTICE to persons who have submitted a bill of exchange for enforcement pursuant to Article 218a of the Law on Enforcement and Securing of Claims

Persons who have submitted a bill of exchange for enforcement to the Central Bank of Montenegro as the enforced collection organization pursuant to Article 218a of the Law on Enforcement and Securing of Claims ("Official Gazette of Montenegro" No. 36/11, 28/14, 20/15 and 22/17), which was abolished by the Constitutional Court of Montenegro in its Decision No. U-I No. 22/15, are hereby invited to collect the submitted bills of exchange in the Central Bank of Montenegro premises - the Enforced Collection Department, each business day from 9  to 14 hours, in order that their enforcement could be carried out in accordance with other provisions of the Law on Enforcement and Securing of Claims.


CENTRAL BANK OF MONTENEGRO
Podgorica, 15 December 2017

A meeting with the IMF Technical Mission Held

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD, met with the International Monetary Fund (IMF) team providing technical support to the Ministry of Finance in the development of a medium-term public debt management strategy in Montenegro.

The IMF representatives presented to the Governor certain conclusions reached after several meetings held in the Ministry of Finance. It was mutually stated there is a basis for optimism regarding the outlook of the Montenegrin economy, through several important aspects, such as: strong fiscal consolidation, improved macroeconomic and financial situation, change in the outlook of credit rating agencies, the expected adoption of a positive decision concerning the World Bank support to Montenegro, and good ratings given by the IMF.

The present agreed it is necessary to intensify activities in the field of representation of Montenegro in the international financial market. Successful representation of the country to foreign investors, which implies full transparency and availability of all necessary information, affects the reputation of the country and, consequently, the conditions of its borrowing in the international market. In this context, the IMF representatives appreciated openness and transparency of the CBCG, as well as the website of this institution, which, in their words, was very comprehensive, good designed and maintained.

The Governor expressed his appreciation to the IMF team for their support, highlighting the willingness of the CBCG to contribute to the implementation of the public debt management strategy through the engagement of its employees, as well as to the activities in the design of Montenegro's emergence in the international financial market.


CENTRAL BANK OF MONTENEGRO
Podgorica, 14 December 2017

A Meeting with the Management of Nova banka and Azmont Investments Held

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met with the management of Nova Banka AD Podgorica and Azmont Investments today.

Representatives of Nova banka and Azmont Investments presented to the governor the strategy of further development of the bank and activities in the Porto Novi project implementation.

According to the Chairman of the Board of Directors of Azmont Investments, Mr Ahmet Erentok, this company is also interested in supporting the development of the overall economy in Montenegro besides focusing on this important investment, which will significantly contribute to the better positioning of Montenegro on the tourist map in the future. The strategy of Nova Banka is aimed at sustainable growth and gradual expansion of the network in Montenegro. The present agreed that small and medium-sized enterprises are the backbone of economic development in Montenegro, and that it is necessary to find ways for even stronger support to this sector.

Governor Žugić presented to the guests the most important indicators of the banking sector, as well as the activities of the CBCG, aimed at creating the preconditions for continuing the positive trends observed in this area.

The Governor expressed his pleasure with the presented Azmont Investments development plan, which includes further expansion of Nova Banka and strengthening its position in the Montenegrin market, at the same time emphasizing that the CBCG should support these activities within its mandate.


CENTRAL BANK OF MONTENEGRO
Podgorica, 14 December 2017

ANNOUNCEMENT: Symposium on the work of Orhan Pamuk at the Money Museum

The scientific symposium on the work of Turkish writer Mr Orhan Pamuk will be held at the Central Bank of Montenegro Money Museum in Cetinje on 16 December 2017. The Symposium will be opened by the Governor of the CBCG, Mr Radoje Žugić, PhD with the Nobel Prize winner Mr Pamuk and the professor of the Belgrade University, Mr Aleksandar Jerkov. The event will be attended by twenty eminent university professors from Montenegro and the region. It is planned that the symposium lasts from 10 to 14 hours and the event will be open to the media.

During his stay in Montenegro (14-17 December), Mr Pamuk will open the Winter Book Fair organized by the publishing house "Nova knjiga" on 14 December 2017 as well as visit several cities in Montenegro with the purpose of getting acquainted with cultural and historical sights.


CENTRAL BANK OF MONTENEGRO
Podgorica, 12 December 2017

Meeting of the CBCG Governor and the President of the Deutsche Bundesbank
Further strengthening of bilateral cooperation agreed

The Central Bank of Montenegro (CBCG) delegation headed by the Governor, Mr Radoje Žugić, met with the President of the Deutsche Bundesbank, Mr Jens Weidmann and his associates in Frankfurt.

One of the topics discussed was the economic situation in Germany and Montenegro. Governor Žugić pointed out that all parameters of the banking sector in Montenegro were improved in 2017 and emphasized the enhanced credit activity, as well as a very dynamic decline in the level of non-performing loans compared to other countries in the region.

President Weidmann referred to successful cooperation with the CBCG in a number of areas and suggested extending the bilateral cooperation program. Governor Žugić showed appreciation to President Weidmann for his support on behalf of the Deutsche Bundesbank, as well as for supporting Montenegro on the path to European integration.

Governor Žugić invited President Weidmann to visit Montenegro in the upcoming period.


CENTRAL BANK OF MONTENEGRO
Podgorica, 06 December 2017

A Meeting with Representatives of the IMF Technical Mission Held

The Governor of the Central Bank of Montenegro met with members of the International Monetary Fund (IMF) Technical Mission today, who is staying in Montenegro to provide support to the Ministry of Finance in drafting a public debt management strategy. The IMF Technical Mission was headed by Mr Thordur Jonasson.

Governor Žugić presented to the IMF representatives the latest indicators in the banking sector and the results of the CBCG's activities concerning financial sector vulnerability recovery, as well as a document titled Recommendations to the Government of Montenegro for 2018 Economic Policy. A special segment of the document relates to recommendations for fiscal policy, where the CBCG supported Government activities in the fiscal consolidation process. "The responsible approach the Government has shown for public spending was particularly encouraging, as well as its planning in line with budget revenues, which guarantees a downward trend in public debt in the medium term," said Governor Žugić.

The IMF representatives announced that Montenegro, recorded very good results in terms of improving the situation in public finances by decisive implementation of fiscal consolidation measures, and owing to the achieved economic growth, but special attention should be paid to public debt. To that end, the IMF Mission will work with the Ministry of Finance team to find ways for more efficient public debt management, in order to reduce the borrowing risks and improve the reputation of Montenegro in the international financial market.

Governor Žugić showed appreciation to the IMF representatives for their cooperation and expressed the CBCG willingness to provide support not only in the process of drafting the public debt strategy, but also in its implementation, through the engagement of its personnel capacities and within its mandate.


FINANCIAL STABILITY COUNCIL
Podgorica, 05 December 2017

Financial Stability Council Session Held

The 37th session of the Financial Stability Council was held today, chaired by Mr Radoje Žugić, Governor of the Central Bank and Chairman of the Council. All other members of the Council also attended the session, Mr Darko Radunović, Minister of Finance, Mr Branko Vujović, President of the Insurance Supervision Agency Council and Mr Zoran Djikanović, President of Securities and Exchange Commission. Upon invitation, Mr Predrag Marković, Director of Deposit Protection Fund, is present at the Council sessions.

In order to assess the financial stability, trends that characterize the domestic macroeconomic environment and the financial system were discussed at today`s session, including events and potential risks that may have consequences for systemic stability.

It was stated that the growth of economic activity continued in the third quarter. Growth in construction, tourism, transport and retail trade was achieved in the first nine months of this year. Despite the many positive trends that characterize the real sector, its liquidity remains a risk.

The growth trend is accompanied by foreign direct investments, with net inflow, according to preliminary data, amounting to EUR 311.7 million in the first nine months of 2017, being an increase of 10.6% over the same period last year. Risks arising from the economic foreign trade were moderate.

As for the banking sector, growth trend of both approved loans and deposits continued in the third quarter. On the other hand, the level of non-performing loans registered a fall, which was contributed by the implementation of amendments to the Law on Voluntary Financial Restructuring of Debt towards Financial Institutions. Therefore, non-performing loans amounted to EUR 194.2 million at end-October this year, accounting for 7.1% of total loans, which is a decrease of 25.9% on an annual basis. Indicators in the insurance market have a positive trend, while the situation on the capital market has remained unchanged.

Based on the analysis of the impact of all mentioned factors on the position of overall economic stability, with particular emphasis on the stability of the financial system, the Council concluded that the financial system is relatively stable and that there are moderate risks.

It was agreed to continue with activities to cope with the vulnerability of the real economy, primarily through continued implementation of measures aimed at narrowing the informal economy zone, as well as by considering the possibility of reducing the contribution rates on wages and a slightly increasing the minimum wage. To that end, it was emphasized as being necessary to prepare a detailed analysis and quantification of the impact of the proposed measures on generating public revenues in order to harmonize the objectives of improving competitiveness and fiscal consolidation, that is, not to reduce public revenues on that basis.


CENTRAL BANK OF MONTENEGRO
Podgorica, 05 December 2017

Conclusions of the conference "A Community Strategy to Protect the Euro in the Mediterranean Area"

An international conference titled "A Community Strategy to Protect the Euro in the Mediterranean Area" was held from 22 to 24 November 2017 in Podgorica. The conference, organized by the Ministry of Finance and Economy of the Republic of Italy and the European Commission, with the support of the Central Bank of Montenegro, was attended by officials of the European Central Bank, the European Commission, Europol, representatives of the Embassy of Italy to Montenegro, as well as a large number of representatives of central banks and governments from the Mediterranean countries.

The main topics of the conference, discussed by the participants for the three days, related to the latest European Commission measures aimed at protecting the Euro against counterfeiting, the role of central banks and other institutions in this process, and the safeguard mechanisms that are available to the Mediterranean countries in the fight against counterfeiting of the Euro.

The conference, the conclusions of which can be downloaded here, is organized within the Pericles 2020 Program, which aims to prevent counterfeiting of the Euro and related frauds through organized fight, therefore improving the competitiveness of the EU economy and ensuring the sustainability of public finances in the Mediterranean region and beyond.

 

 

 

 

 

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