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Press Releases 2017 - May

31.05.2017 - The CBCG Governor Meets the Addiko Bank Management

31.05.2017 - Meeting with the IMF Mission held

26.05.2017 - Tenth CBCG Council Session Held

19.05.2017 - Governor of the CBCG meets the Minister of Education

19.05.2017 - ANNOUNCEMENT: Money Museum Takes Part in the Museums at Night Event

19.05.2017 - Money Museum marks the International Museum Day

18.05.2017 - Meeting with the World Bank Vice President Held

18.05.2017 - The CBCG Governor at the European Fund for Southeast Europe Advisory Group Meeting

17.05.2017 - ANNOUNCEMENT: The Exhibition „Montenegro – Ecological State as a Money Motive“ Opens in the Money Museum

12.05.2017 - Meeting with the World Bank delegation

11.05.2017 - Plans on intensifying cooperation between CBCG and the National Bank of Belgium

10.05.2017 - First official visit of the Palestinian Ambassador to the Central Bank of Montenegro

08.05.2017 - The CBCG Governor meets SGM Bank Management

03.05.2017 - Guvernor Žugić attended the summit “Europe Reconsidered – Can Montenegro Achieve Stability and Growth?”


CENTRAL BANK OF MONTENEGRO
Podgorica, 31 May 2017

The CBCG Governor Meets the Addiko Bank Management

The CBCG Governor, Mr Radoje Žugić, PhD, met with the Chief Executive Officer of Addiko Bank AG Vienna, Mr Ulrich Kissing. Both Chief Executive Officer of Addiko Bank AD Podgorica, Mr Christopher Schoen and President of the Board of Directors of Addiko Bank AD Podgorica, Mr Johannes Proksch were present at the meeting as well.

The chief executive officer of Addiko Bank AG Vienna, Mr Kissing presented to the Governor the business activities of the Bank and policy this Group pursues with the aim of further improving its market position in Montenegro and the region. Mr Kissing underlined that the Addiko Bank is developing in line with the planned dynamics, recording positive financial results in all countries it deals in, therefore continuously strengthening the trust of its clients while improving business.

The Governor Žugić supported Addiko Bank business activities and the plans for the upcoming period, specifically when it comes to further lowering the level of non-performing loans as well as activities representing a stronger real sector support.

Extending the intensive cooperation on operational level and a full support to the planned activities of Addiko Bank, in line with the CBCG competences, have been agreed.


CENTRAL BANK OF MONTENEGRO
Podgorica, 31 May 2017

Meeting with the IMF Mission held

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, with his associates met with the International Monetary Fund (IMF) Mission today, headed by Mr Martin Petri, Mission Chief to Montenegro, who is visiting our country as a part of regular member country consultations, according to Article IV of the IMF Articles of Association. The meeting today was also a final one with the IMF expert team dealing with monetary and capital market, staying in Montenegro for the past few days and providing technical assistance to the Ministry of Finance in creating public debt management policy.

To that effect, the requirement to produce the Strategy for public debt management was discussed at the meeting, which will contribute to improvement of the public debt structure and the additional stabilization of public finances. The Ministry of Finance, with full support of the IMF expert team will coordinate this process, while the CBCG will give its contribution in implementing activities under its competence. 

The Governor Žugić presented to the IMF representatives the latest innovation in the banking sector, proving a continuous improvement in the financial system of Montenegro while giving an incentive to economic growth and development. He mentioned that the CBCG will principally focus on promoting higher level of standardization, improving banking practice and complying local with the European regulation in the upcoming period. 

The IMF Mission Chief, Mr Petri underlined he encourages developments in Montenegro, primarily when it comes to the defined and announced fiscal consolidation measures. He also brought up that the banking sector was characterized by favourable parameters, supporting the announced CBCG measures aimed at further decreasing the level of non-performing loans, introducing the International Financial Reporting Standard (IFRS 9) in 2018 and strengthening regulatory framework.

The IMF delegation will be staying in Montenegro until 7 June 2017 when the common press conference, organized by the IMF, Ministry of Finance and the CBCG will be held.


CENTRAL BANK OF MONTENEGRO
Podgorica, 26 May 2017

Tenth CBCG Council Session Held

The Central Bank of Montenegro Council held its tenth session today, chaired by the Governor Mr Radoje Žugić, PhD.

The Council adopted the Governor`s Report on Central Bank of Montenegro Business Activities and Policy Implementation for March 2017, Central Bank of Montenegro Macroeconomic Report 2016 as well as Quarterly Report on Banks and MFI`s Operations for the first quarter of 2017.

The Governor’s Report for March 2017 stated that the activities of the Central Bank in this period were carried out in line with the obligations planned under the Central Bank of Montenegro Work Programme for 2017. The Report indicated that credit activity of banks during the first three months in 2017 was higher by 5.5% when compared to the same period of the previous year. Encouraging fact is that the banks approved EUR 146.8 million new loans during March, which was 56.3% more than in the month before, i.e. 21.6% more than in March 2016. A growth in deposits and total capital of banks recorded increase in March while lending and deposit interest rates recorded downtrend on an annual level, for that reason the effective interest rate for the newly approved loans amounted to 7.09% in March, the same being 8.04% in the same month the previous year.

The Council also adopted the Central Bank of Montenegro Macroeconomic Report 2016 giving overview of the most important developments in the previous year recorded in the real, fiscal and financial sector. According to the MONSTAT estimation, Montenegrin corporate sector recorded a growth of 2.5% in 2016, being a small and open system, exposed to overspill from the foreign markets. Increased activities in construction, electric power supply, tourism and transport were recorded in 2016 while the drop was recorded in industrial output and forestry. The annual inflation rate, measured against the consumer price index was 1% in December 2016 while the annual inflation rate in 2016 equalled -0.3%. The banking sector was stable and liquid in 2016, recording a positive financial result at an aggregate level. 

Quarterly Report on Banks and MFI`s Operations for the first quarter of 2017 stated the bank activities in this period were characterized by an increase in assets, loans and receivables as well as a slight drop of 0.5% in deposits. Credit activity of banks was intensified while the share of non-performing loans in total loans amounted to 9.9% at end-March, representing a decrease of 12.8% at an annual level. Solvency ratio amounted to 15.9% at an aggregate level, being over the regulatory minimum of 10%. High level of the banking sector liquidity and solvency, with the mentioned tendencies, contributed to its smooth functioning, thereby preserving financial stability as well. The banks recorded the positive financial result during Q1 amounting to EUR 7.8 million.

The Council members also adopted the Annual Deposit Protection Fund Report 2016 at today`s session.

The Council members closely reviewed The Banking Ombudsman Annual Report 2016 examining the condition in the protection of financial rights of clients and guarantors in our banking sector and the activities undertaken by the Ombudsman and other entities, concerning the protection of the mentioned rights.

The Council also passed the Decision on custody operations, defining the receiving, safekeeping and returning bailments for state bodies and organizations, legal entities, representative offices of foreign countries and international organizations in the CBCG vaults. The very important segment of vault operations will be additionally improved with the implementation of the Decision.

The Council also reviewed other current issues under its competence at its session held today.


CENTRAL BANK OF MONTENEGRO
Podgorica, 19 May 2017

Governor of the CBCG meets the Minister of Education

Today, a meeting was held between the Minister of Education, Damir Šehović and Governor of the Central Bank of Montenegro, Radoje Žugić.

At the centre of the meeting was the issue of financial education of youth, primarily primary school students, secondary school students and university students, as well as vulnerable groups. Participants also discussed possible ways to intensify this process.

In this respect, participants discussed the idea of signing a Memorandum of Understanding between the Central Bank of Montenegro, the Ministry of Finance and the Ministry of Education, which would specify the activities and responsibilities of these institutions in terms of developing and implementing a National strategy for financial education and financial inclusion.

Minister Šehović expressed his readiness to promote the idea of financial education through the existing curricula within certain teaching units, with the support of experts from the CBCG.

It was agreed to intensify cooperation between the Ministry of Education and the CBCG, with a view to implementing the agreed activities.


CENTRAL BANK OF MONTENEGRO
Podgorica, 19 May 2017

ANNOUNCEMENT: Money Museum Takes Part in the Museums at Night Event

Money Museum in Cetinje joined the marking of international event – Museums at Night organized since 2015 on the initiative and in cooperation with the French Museum Directorate and under the auspices of the Council of Europe and UNESCO ICOM.

The Money Museum will be open on Saturday, 20 May from 18 to 24 hours. Entrance is free for all visitors.


CENTRAL BANK OF MONTENEGRO
Podgorica, 19 May 2017

Money Museum marks the International Museum Day

Money Museum in Cetinje marked the International Museum Day yesterday with opening the exhibition “Montenegro – Ecological State as a Money Motive“.

The exhibition was organized by the CBCG Money Museum in cooperation with the Secondary Art School “Petar Lubarda” in Cetinje. Its students prepared works on the exhibition topics, visually designing money through combination of sketches, watercolours, digitally designed compositions and sculptures. 

“Rich and unique Montenegrin natural and cultural heritage binds us all, particularly you, the young generations, to preserve and cherish it and this exhibition stands as a proof that you are doing so in the most beautiful manner, while expressing your creativity and your indisputable talent” – said Mr Todor Cicmil, the CBCG Vault Director, who opened the exhibition.

The Money Museum Director, Mr Miodrag Kirsanov delivered both the awards for the best works and the letters of gratitude to all competition participants. Ms Zorana Đukić was awarded the first prize, Mr Aleksa Vuksanović and Ms Mila Stojanović shared the second prize equally, while Mr Marko Bulatović was awarded the third prize.

The Money Museum, i.e. the CBCG appreciates the educational component and incites financial education while strengthening financial literacy with children and the youth.


CENTRAL BANK OF MONTENEGRO
Podgorica, 18 May 2017

Meeting with the World Bank Vice President Held

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, with his associates met with the World Bank delegation headed by Mr Cyril Muller, Vice President for Europe and Central Asia, who officially visited Montenegro for the first time.

After the welcome greetings, the Governor Žugić presented the basic economic indicators and conditions in the financial sector to the World Bank representatives, as well as the plans and activities of the CBCG for further strengthening of financial stability.


The Vice President Muller was pleased with cooperation between the World Bank and the CBCG, welcoming the progress made on establishing and maintaining financial system stability. He pointed out that the CBCG activities in area of harmonizing local regulations with the EU directives are very important, at the same time appreciating a significant drop in share of non-performing loans in the total assets of Montenegrin banks, recorded in the past years. “Fiscal stability, on one hand, and robust and resilient financial sector on the other are key elements in constructing and strengthening trust in creditworthiness of the country, as well as introducing component of predictability which, further on, give a strong incentive to accelerated economic growth” – said the World Bank Vice President.

The two exchanged their views on the future economic development in Montenegro and agreed that the economic policy should be created to release a huge growth potential available in our country and get focused, inter alia, on development of small and medium-sized businesses, which will contribute to opening of the new working positions, improving living quality of citizens and consequently, more abundant budgetary revenues.

The possibilities of arranging the budgetary support programme for Montenegro as well as activities and measures to be implemented with the aim of making the arrangement more concrete, were also discussed at the meeting. The Governor Žugić mentioned that the CBCG will implement all activities in the agreed terms, primarily related to further strengthening of regulatory framework, assessment of assets quality, introduction of the European standards and implementation of best practices, therefore giving full support to reaching the agreement on the budgetary support programme in such way.


CENTRAL BANK OF MONTENEGRO
Podgorica, 18 May 2017

The CBCG Governor at the European Fund for Southeast Europe Advisory Group Meeting

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, attended the European Fund for Southeast Europe (EFSE) Advisory Group meeting and the Fund Annual Assembly held on 17 and 18 May 2017 in Split.

The Advisory Group, as the Fund main organizational body, consisted of the regional central bank representatives, gathers annually with the aim of making connection between the local market and the Fund. Namely, Luxembourg-based EFSE Fund, established in 2005 at the German KfW development bank initiative, functions on the public-private partnership principle, collecting donators and investors funds which are then placed with clients in transitional countries through commercial banks and microfinance institutions. The EFSE Fund provides loans for small and medium-sized enterprises, agricultural and housing loans, as well as a technical assistance.

The plans of the Fund for the upcoming period were discussed at this year`s EFSE Advisory Group meeting. Their implementation, through sustainable funding, will contribute to strengthening of economic growth and prosperity in the region.

The Governor Žugić pointed out in his speech that it would be necessary for the Fund to promote the demonopolization principle when allocating support. “Providing support to individual clients, especially in microcredit institutions sector, characterized by high level of interest rates, does not contribute to healing of these vulnerabilities, but only to their extending” – said the Governor Žugić and acknowledged the Fund management for their continuous support provided to Montenegro. 

Since its establishment in 2005, the EFSE Fund invested EUR 190.6 million in Montenegro, mainly in industries and services, as well as in trade and agriculture.


CENTRAL BANK OF MONTENEGRO
Podgorica, 17 May 2017

ANNOUNCEMENT: The Exhibition „Montenegro – Ecological State as a Money Motive“ Opens in the Money Museum

On the occasion of the International Museum Day, the exhibition “Montenegro – Ecological State as a Money Motive” will be opened tomorrow 18 May 2017 at 19 hours in the Money Museum in Cetinje.

The CBCG Money Museum will organise the exhibition in cooperation with Secondary Art School “Petar Lubarda” in Cetinje. Its students were preparing works on the exhibition topics during previous weeks.

The best papers will receive the awards and letters of gratitude will be given to all participants.

The Money Museum will be opened from 19 to 23 hours on 18 May – International Museum Day. Entrance will be free for all visitors.


CENTRAL BANK OF MONTENEGRO
Podgorica, 12 May 2017

Meeting with the World Bank delegation

The Central Bank of Montenegro Governor, Radoje Žugić, Phd with his associates met with the World Bank delegation headed by Ms Tatiana Proskuryakova, the World Bank Country Manager for Montenegro and Bosnia and Herzegovina.

The possibilities of arranging budgetary support programme for Montenegro were discussed at the meeting. To that effect, activities and measures needed to be implemented with the aim of making the arrangement concrete were also considered.

When it comes to the activities under the CBCG competence, full agreement was accomplished and a timeline for implementing measures, soon to be formally harmonized was agreed, primarily relating to further strengthening of regulatory framework, assessment of assets quality, introduction of the European standards and implementation of best practices. 

The Governor Žugić praised the fiscal consolidation plan prepared by the Ministry of Finance, expecting the World Bank to recognize the Government commitment to implementing the plan by authorizing the budgetary support programme.

The Governor also pointed out that the CBCG will fully contribute to reaching the agreement on the budgetary support programme through carrying out the agreed activities that represent continued efforts in improving financial stability.


CENTRAL BANK OF MONTENEGRO
Podgorica, 11 May 2017

Plans on intensifying cooperation between CBCG and the National Bank of Belgium

The Central Bank of Montenegro Governor, Mr Radoje Žugić, Phd, met with the technical assistance coordinator from the National Bank of Belgium, Mr Xavier Hawia who visited CBCG today. The intention of the visit was to define areas in which cooperation between CBCG and the National Bank of Belgium could be intensified.

To that effect, possible aspects of the future cooperation between the CBCG and the National Bank of Belgium were discussed at the meeting today. The Governor Žugić expressed his gratitude for the given chance, pointing out that this proposal comes at the right moment, having in mind the fact that the CBCG initiated and carried out a number of activities with the aim of implementing the best practice and introducing European standards. In this respect, the Governor emphasized it would be very useful and important if the CBCG could receive support in the segments of supervision function, payment operations, financial and banking operations, as well as in the area of communications. 

The National Bank of Belgium representative showed his respect for organizing numerous meetings in the CBCG in the past days, this being the occasion to get acquainted more closely with the activities this institution carries out, as well as for identifying areas cooperation beetwen the two banks can be intensified to the mutual content.


CENTRAL BANK OF MONTENEGRO
Podgorica, 10 May 2017

First official visit of the Palestinian Ambassador to the Central Bank of Montenegro

The Central Bank of Montenegro Governor Mr Radoje Žugić, PhD, met today with the ambassador of Palestine Mr Rabii Alhantouli, This was the first official visit of the Palestinian representative to the Central Bank of Montenegro since this country opened its first embassy in Podgorica seven months ago.

Ambassador Alhantouli presented the key monetary policy trends and monetary authority organisation in his country to the Governor Žugić, while the latter expressed the CBCG readiness to provide full support to Palestine in strengthening further its monetary authority, sharing his experience from the previous period.

The two exchanged views on economic trends analysis and banking sector condition in both countries at the meeting held today.

The Governor Žugić was assured the mission of the first resident ambassador of Palestine will be successful and eventful, leading to more intensive cooperation between Montenegro and Palestine in a number of areas, primarily in finance and economy.


CENTRAL BANK OF MONTENEGRO
Podgorica, 08 May 2017

The CBCG Governor meets SGM Bank Management

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, met today with Mr Milorad Katnić, President of Board of Directors of Societe Generale Montenegro Bank (SGM) and Mr Miroslav Hiršl, Chief Executive Officer of the Bank.

SGM Bank representatives presented the 2016 business results to the Governor. According to the President of Board of Directors, the SGM Bank made profit of some EUR 7.8 million in 2016. Positive trends in SGM Bank business activities continued during Q1-2017, with Bank recording credit portfolio net growth of more than EUR 25 million.

Mr Katnić informed the Governor that the Bank already initiated International Financial Reporting Standards (IRFS 9) implementation, this being a legal obligation for all banks in Montenegro as of 1 January 2018. Introduction of the standard, with stricter provisioning, will significantly contribute to strengthening of financial stability. 

The President of Board of Directors and the CEO of the SGM Bank presented ambitious plans of the Bank, aimed at further strengthening of market position and additional increase in business efficiency.

Governor Žugić showed his delight with the SGM business results and the future plans, mentioning that this Bank, by implementing a sound banking practice, efficient and effective dealing, provides immeasurable contribution to preserving stable and sound banking system in Montenegro. Proactive approach, when it comes to introducing financial reporting standards, proves professionalism and confirms reputation of the SGM Bank as one of the leading banks in the local market.

Further cooperation between the SGM Bank and the CBCG in areas of strengthening stability and system safety, fully complying with the banking standards, was agreed.


CENTRAL BANK OF MONTENEGRO
Podgorica, 3 May 2017

Guvernor Žugić attended the summit “Europe Reconsidered – Can Montenegro Achieve Stability and Growth?”

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD, attended the sixth European Union – South East Europe summit organized by the renowned London-based magazine The Economist held in Hilton hotel in Podgorica today.

Many representatives of the NATO, European Commission, South East Europe governments, corporate sector and other important institutions and organizations from the regional countries and Europe took part at today’s summit called “Europe Reconsidered – Can Montenegro Achieve Stability and Growth?”

Governor Žugić opened the panel topic “Rethinking the Financial Services Sector in South East Europe”.

Entire speech given by the Governor Žugić can be downloaded both in Montenegrin and English here.

 

 

 

 

 

 

 

 

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