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Press Releases 2018 - June

28.06.2018 - Official launch of the project “Support to Regulation of Financial Services”

16.06.2018 - Second day of the Regional Summit of Governors, Finance Ministers, and Tax Administration Directors in Budva

14.06.2018 - Meeting of Governor Žugić with the Management of the Societe Generale Montenegro Bank

13.06.2018 - ANNOUNCEMENT: Regional Summit of Finance Ministers, Governors and Tax Administration Directors opens in Budva

12.06.2018 - Financial Stability Council Session Held

12.06.2018 - Cooperation between the CBCG and the World Bank Commended

11.06.2018 - Minister Radunović and Governor Žugić at the Constitutive meeting of the World Bank

06.06.2018 - Twenty-seventh CBCG Council Session Held

06.06.2018 - Governor of the CBCG meets the representative of Bank of China

05.06.2018 - Governor of the CBCG meets the representative of  Addiko bank

01.06.2018 - The exhibition "Money of the Republic of Italy from 1946 to 2002" opened

01.06.2018 - Training for the students of the Faculty of Economics in Podgorica successfully completed


CENTRAL BANK OF MONTENEGRO
Podgorica, 28.06.2018

Official launch of the project “Support to Regulation of Financial Services”

The conference on the occasion of the official launch of the Twinning project "Support to Regulation of Financial Services" was held on 27th of June at the “Centre Ville” Hotel in Podgorica.

The Twinning project is financed by the European Union and aims to further align the legislation in the area of financial services with the EU acquis and to strengthen regulatory and supervisory capacities. The Central Bank of Montenegro (CBCG), the Capital Market Authority (CMA) and the Insurance Supervision Agency (ISA) are the beneficiaries of this twinning project. The project will be implemented in cooperation with the twinning partners – Deutsche Bundesbank, Croatian National Bank, De Nederlandsche Bank, the German Federal Financial Supervisory Authority (BaFin), and the Croatian Financial Services Supervisory Agency (HANFA).

During the conference it was explained that the project will cover three segments: the banking sector – alignment of the legislative framework with the EU acquis and the strengthening of the CBCG capacities, the insurance market - harmonization of the legislation in the area of insurance market and the strengthening of the ISA capacities, and the capital market – alignment of the legal framework in the area of capital market and the strengthening of the CMA capacities.

Speaking at the conference, Director of the Banking Supervision Department Mr Dejan Vujačić pointed out that this project is of great importance for the CBCG, as its implementation will contribute to the further increase in the level of stability, security and efficiency of the financial system. "The financial system represents the core of every economy and stands as one of the cornerstones of European integration, while the acquis of the European Union in this area is very complex and extensive, and following the global financial crisis, it is exposed to dynamic changes," Vujačić said. Given the above, the CBCG will be fully committed to the project and, in cooperation with the Twinning partners, it will aim towards further harmonisation of the regulatory and operational framework, policies and procedures with the standards and best practices of the central banks of the European Union, with the aim of integrating the Central Bank of Montenegro into the European System of Central Banks.

The twinning project “Support to Regulation of Financial Services” will be implemented over the period of 24 months, and its cost is 1.4 million euros.


CENTRAL BANK OF MONTENEGRO
Bečići, 16.06.2018

Second day of the Regional Summit of Governors, Finance Ministers, and Tax Administration Directors in Budva

Regional Summit of Governors, Finance Ministers and Tax Administration Directors, organized by the Belgrade’s weekly NIN, started in Budva yesterday. This year’s summit topic is “Region’s Financial and Monetary Stability Ten Years since the Crisis Outbreak”.

The panel of Governors was held today under the title "Monetary Policy and Stability of the Banking Systems of the Countries in the Region - One Decade after the Lehman Brothers Bankruptcy". On this panel, the governors and other representatives of the central banks in the region discussed, among other things, the impact of monetary policy of the FED and the ECB on the countries of the region, addressing the issue of non-performing loans as a prerequisite for increasing banks ‘credit activity, the stability of the banking system, possible external shocks, interest rates, as well as a number of other current monetary issues.

In his presentation, Governor Žugić pointed out that the primary responsibility of central banks is to preserve financial stability, but also to stimulate credit activity and strengthen the regulatory framework. In this respect, one of the key challenges for financial market regulators throughout the region is a change of regulation, that is, the implementation of the Basel III and harmonization with the EU directives. Governor Žugić emphasized that it is important to have a proactive approach in these processes, in anticipation of possible events and, accordingly, timely creation of a system that will provide resistance to potential shocks. In addition, he added that it is necessary to ensure the co-operation of monetary and fiscal policy makers, in order to "unlock" the growth potentials and accelerate convergence with the EU.

Panellists supported the opinion that the key role of central banks is to preserve financial stability, and to provide adequate support to economic growth, and agreed on the continuation of cooperation and the exchange of experiences towards achieving these goals.

One part of today's panel was dedicated to the inclusive growth driven by digital economies. Strategic Advisor Intellect Design Arena and University of Maryland (USA) Pradeep Kumar Kapur presented the experience of India that has established digital banking through the modernization of business operations and the use of latest technologies, and provided electronic and mobile services to a significant part of the population, who did not have or had difficult access to financial products.

Panellists agreed that the rapid development of digital innovations and block-chain technologies are bringing significant novelties that have the potential to completely change the current way of doing business, and that central banks must treat these trends with particular care.

The Summit in Bečići is held for the seventh year in a row and aims at developing dialogue and enhancing cooperation between the financial institutions of the region.


CENTRAL BANK OF MONTENEGRO
Podgorica, 14 June 2018

Meeting of Governor Žugić with the Management of the Societe Generale Montenegro Bank

Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the Management of Societe Generale Montenegro Bank, Mr Milorad Katnić, President of the Board of Directors, Mr Miroslav Hiršl, Chief Executive Officer and Mr Radule Raonić, Executive Director for Commercial Affairs.

Representatives of the SGME Bank introduced the Governor with the business results and future plans of the group, as well as with planned changes in corporate governance.

In the first four months of the current year, the SGME Bank generated a profit of 4.2 million euros. According to the level of total loans, this Bank is the leader in relation to the other banks operating in Montenegro, while in the second position, when it comes to the amount of total assets and deposits. The level of NPLs in this Bank is below the average at the system level.

The SGME Bank representatives informed the Governor about planned personnel changes within the Bank. Namely, due to the transfer of Mr. Hiršl on the new position within the Societe Generale Group, Mr Radule Raonić, current Executive Director of Commercial Affairs, shall be nominated as new Chief Executive Officer of the SGME.

Governor Žugić expressed satisfaction with the presented results confirming that this Bank stands out as one of the leaders at the banking market of Montenegro.

It is agreed that the cooperation between the SGME and the CBCG will continue, with the aim of further strengthening of the stability and security of the system, with a full implementation of banking standards.


CENTRAL BANK OF MONTENEGRO
Podgorica, 13 June 2018

ANNOUNCEMENT: Regional Summit of Finance Ministers, Governors and Tax Administration Directors opens in Budva

Regional Summit of Finance Ministers, Governors and Tax Administration Directors organised by the Belgrade’s weekly NIN will be held on 15 and 16 June 2018 in Hotel Splendid in Bečići.

This year’s summit topic will be “Region’s Financial and Monetary Stability Ten Years since the Crisis Outbreak”.

The Summit will start on 15 July, at 9:30 with the finance ministers’ panel titled “Fiscal Consolidation and the Economic Growth”, opened by Mr Darko Radunović, the Minister of Finance in the Government of Montenegro and Mr Aleksandar Vlahović, President of the Serbian Association of Economists.

Montenegro’s Tax Administration director, Mr Miomir Mugoša will hold the tax administration directors’ panel “Tax Administration Reform, Improving Public Revenues Collection, and Combating Shadow Economy” in the second part of the day, starting at 12:00 hours.

The governors’ panel themed “Monetary Policy and Stability of the Banking Systems of the Countries in the Region - One Decade after the Lehman Brothers Bankruptcy” will start the following day (16 June) at 9:30 hours. The panel that will be opened by Mr Radoje Žugić, the Governor of the Central Bank of Montenegro, will provide a platform for the governors and other representatives of regional central banks to discuss the impact of the Fed’s and the ECB’s monetary policy on the countries in the region, non-performing loan resolution as a precondition for boosting banks’ lending activity, banking system stability, region’s exposure to potential external shocks, interest rates, and a vast array of other topical monetary policy issues.

We hereby invite the media representatives to report about this event, aimed at developing dialogue and improving cooperation between regional financial institutions.


CENTRAL BANK OF MONTENEGRO
Podgorica, 12 June 2018

Financial Stability Council Session Held

The Financial Stability Council held the forty session today, chaired by Mr Radoje Žugić, Governor of the Central Bank and the Chairman of the Council. All other members of the Council were present at the session: Mr Darko Radunović, Minister of Finance, Mr Branko Vujović, Mr President of the Council of the Insurance Supervision Agency, and Mr Zoran Djikanović, President of the Capital Market Commission. Mr Predrag Marković, Director of the Deposit Protection Fund, attends the sessions of the Council upon the invitation.

At today's session, the Report on the Work of the Financial Stability Council for 2017 and the information on the financial stability status for the first quarter of 2018 were discussed, as well as current issues under the competence of the Council.

The Report for 2017 includes a review of the activities of the Council in the previous year, as well as current issues regarding policies related to financial stability. Also, the financial stability risk indicators were set out in the Report, based on which an expert assessment of their level was made. On the basis of these estimates, the systemic risk of financial stability is assessed as moderately stable, with the presence of certain real sector risks that continue to affect the increase in pressures in the fiscal area, as well as the risk of insufficient income of the economy and households that slow down the recovery dynamics.

During 2017, the banking sector was highly liquid with the declining credit risk. The insurance market is stable, while the capital market is still recording a moderate recovery. Fiscal risks are still significant, but due to the implementation of fiscal consolidation measures, their intensity and the influence on financial stability have been reduced from rising to moderate.

The Council concluded that it is necessary to continue with the economic policy aimed at consolidating public expenditure, growth and recovery of the economy, to continue investment expenditure in order to achieve long-term prosperity and economic development. It is necessary to define the improvement of the business environment as a priority objective of all competent authorities in the country. In this direction, it is necessary to implement structural reforms, in the domain of creating revenue policy, health and pension insurance sectors, and to further strengthen the stability through harmonization with the acquis communautaire.

Financial Stability Report for the first quarter of 2018 considered the impacts from the international and domestic macroeconomic environment, as well as from the financial sector, including risks and potential vulnerabilities that could have implications for systemic stability.

It was stated that in the first quarter of this year, positive influence from the international environment continued, especially from the European environment. In the countries of the Euro area economic growth amounted to 2.5%, while the ECB did not change the reference interest rates.

Concerning the domestic macroeconomic environment, during the first quarter of the current year, positive trends were recorded in the area of industrial output (growth of 39%) and retail trade (growth of 4.9%), as well as in the construction and tourism sectors. Namely, the number of tourist arrivals in the first three months of 2018 increased by 28.7% compared to the same period of the previous year, while the value of completed construction works increased by 46.8%.

Positive trends have also been recorded in certain fiscal indicators, so the original budget revenues for the first three months of 2018 are 10% higher than in the same period of the previous year.

When it comes to the situation in the financial sector, the indicators of stability and quality of operations at the banking, insurance and capital markets are positive recording positive trends.

The Council concluded that the trends in the first quarter were positive and that they have an impact on the expected recovery of the economy and, consequently, on the stability of the system.

Discussing the current issue of trade in virtual "currencies", the Council members concluded that these "currencies" are characterized by high volatility and unpredictability, and one should be very careful with investing in them. It was emphasized that transactions with these "currencies" are covered neither by a regulatory framework, nor by supervision, and all risks are assumed by individual investors.


CENTRAL BANK OF MONTENEGRO
Podgorica, 12 June 2018

Cooperation between the CBCG and the World Bank Commended

The Governor of the Central Bank of Montenegro, Radoje Žugić and his associates met with the World Bank Country Manager for Bosnia and Herzegovina and Montenegro, Emmanuel Salinas today.

Governor Žugić informed the World Bank representatives about the current macroeconomic situation and the condition of the financial system. He pointed out that the positive trends from the previous year continued in this one as well, contributing to a faster recovery of the economy and strengthening of public finances.

As for the banking sector, growth of all key business indicators was recorded in 2018. The Governor emphasized that the vulnerabilities from the previous period were significantly reduced, first of all, referring to the continuous decline in the level of non-performing loans, as well as the strengthening of lending activities of banks, especially to the real sector.

The possible provision of the World Bank Second Policy-Based Guarantee (PBG2) to Montenegro, which could become operational in 2019, was also discussed at the meeting.

Appreciating the continuous support of the World Bank to our country, the Governor underlined that the CBCG will implement all activities under its competence and within the agreed deadlines, primarily relating to further strengthening of supervision, improvement of the regulatory framework, introduction of the European standards and implementation of best practices, and that, in this way, it will give full contribution to reaching an agreement on the budget support programme.

Saying that the World Bank is particularly satisfied with the cooperation with the CBCG, Mr Salinas pointed out that this institution made a significant contribution to the process of granting World Bank guarantees to Montenegro, primarily through its activities that contributed to the improvement of the stability and safety of the financial system.


CENTRAL BANK OF MONTENEGRO
Podgorica, 11 June 2018

Minister Radunović and Governor Žugić at the Constitutive meeting of the World Bank

Minister of Finance, Mr Darko Radunović and Governor of the Central Bank of Montenegro, Mr Radoje Žugić, participated in the annual Constitutional meeting of the International Monetary Fund and the World Bank, held from 8 to 10 June in Split.

Participants discussed the current issues of monetary, financial and development policy, and the main topic was financial technology, more specifically, the relation between technology and financial industry development, with a focus on changes caused by rapid technological development.

Participating at the panel on relation between technology development and financial inclusion, Governor Žugić pointed out that the rapid development of digital innovations caused the need for accelerated financial inclusion at a global level. Block-chain technology has introduced significant novelties that have the potential to completely change the current way of doing business. "It is important to know that the development of financial technology carries certain risks, and it is necessary to provide adequate infrastructure that will ensure consumer protection and preserve the financial system stability," concluded Žugić.

Recognizing the need to improve financial literacy and inclusion, the CBCG initiates and implements numerous activities aimed at raising the level of information and economic knowledge in the society, with the aim of better understanding of the importance of financial safety and soundness of the banking system.

The meeting in Split was attended by top officials of central banks and ministries of finance from fifteen countries - members of the Dutch-Belgian constituency, as well as the executive directors of the IMF and the World Bank.


CENTRAL BANK OF MONTENEGRO
Podgorica, 06 June 2018

Twenty-seventh CBCG Council Session Held

The Council of the Central Bank of Montenegro held the twenty-seventh session today, chaired by the Governor Mr Radoje Žugić.

The Council discussed and adopted the Business and Implementation Policies of the Central Bank of Montenegro for February, March and April 2018, in which it was concluded that the activities of the Central Bank during this period were realized in accordance with the planned commitments established by the Central Bank's Work Program for 2018. It is estimated that positive trends from the previous year continued in 2018, wherefore the financial system, dominated by banks, has been significantly improved.

The Council adopted the Central Bank of Montenegro Annual Report for 2017, the Financial Stability Report for 2017 and the Price Stability Report for 2017, as well as the Report on Microcredit Financial Institutions Operations for the First Quarter of 2018.

In the Central Bank of Montenegro Annual Report for 2017, it is stated that the Montenegrin economy achieved growth in 2017 in relation to 2016. According to preliminary MONSTAT data, the annual real GDP growth based on quarterly estimates was 4.4%. During the previous year, the banking system of Montenegro was profitable, adequately capitalized and highly liquid, while in the one-year comparative period, key balance positions recorded growth. Total assets of banks increased by 10.34%, loans increased by 11.78%, total bank deposits by 13.77%, while total capital increased by 5.87%. Liquid assets of banks recorded annual growth of 13.92%, and all asset quality parameters improved in 2017.

In the part of the Annual Report related to the implementation of CBCG policy, it was estimated that the activities of this institution in 2017 were aimed at preserving the stability of the financial system by encouraging and maintaining a sound banking system and safe and efficient payment transactions. Accordingly, the banking system was continuously supervised by the CBCG during 2017, while at the same time significant activities were undertaken in the area of harmonization of domestic regulations with the EU regulations. The Council assessed that the operations of the Central Bank were based on high standards of transparency and the principles of social responsibility. Regarding the CBCG's financial performance, net profit in 2017 amounted to 2.73 million euros.

In the Financial Stability Report for 2017, it was stated that the level of systemic risk that affects the stability of the financial system can be assessed as moderate, facing the financial challenges at the individual level. It was concluded that inadequate international competitiveness is the main cause of systemic vulnerabilities and that the level of public debt still represents a risk.

It was pointed out that the banking sector is currently the most stable segment of the economic system, which is significantly reflected in the stability of operational indicators and asset quality, as well as the deposits' trend that rose to 3.27 billion euros in 2017 (which is historically the highest level) and make up the largest share of banks' liabilities (78.1%). Total liquid assets of banks grew by 13.9% to 1.06 billion euros in 2017. Their share in terms of assets and deposits also increased to 25.3% and 32.7%, respectively, and remains high. "These liquid assets, in the context of structural restrictions on the growth of the Montenegrin economy, are currently the best security reserve for banks against the risk of deterioration in asset quality and/or outflow of deposits." It was noted that the level of non-performing loans, although in significant decline, continues to be a leading systemic challenge in the banking sector. The share of non-performing loans, although reduced from 10.3% to 7.3% in 2017, is still relatively high, which adversely affects the banks' preference towards risk, that is, the level of lending activity and lending terms.

In the Price Stability Report for 2017, it was stated that the previous year was characterized by positive annual inflation rates, which is primarily the consequence of the rise in oil prices at the world market as well as the higher prices of certain food products. In December, annual inflation measured by consumer prices was 1.9%, while inflation measured by the harmonized consumer price index (HICP) was 2.9%. The average growth in consumer prices was 2.4%.

A comparative analysis shows that similar trends are present in the region and the Euro area. Annual inflation in all countries of the region was positive: Serbia (3%), Macedonia (2.4%), Slovenia (1.9%), Albania (1.8%), Croatia (1.3%) and Bosnia and Herzegovina (1.2%). In the Euro area, the annual inflation rate amounted to 1.4% in December 2017 and was 0.3 percentage points higher than the annual rate from December 2016.

The Central Bank's survey showed that most banks and businessmen expect inflation in the range from 1.5% to 3% in 2018. According to the expert assessment of the Central Bank, inflation will range from 1.9% to 3.9% at the end of 2018.

In the Report on Microcredit Financial Institutions Operations for the First Quarter of 2018 it was emphasized that this sector is characterized by stability, growth of key balance sheet positions: assets, loans and receivables and capital and improvement of almost all asset quality indicators. The financial result of the seven MFIs is positive at the system level. In the first quarter of the current year, compared to December 2017, total balance sheet grew by 2.66%, growth of total loans and receivables was 3.83% and growth of restructured loans and receivables amounted to 12.22%. On the other hand, the MFI sector recorded a slight decline in interest rates.

The Council discussed and adopted the Macro prudential Policy Framework. This document defines the mandate of the CBCG to guide macro prudential policy, as well as its basic and transitional goals, potential indicators, and instruments for achieving goals. The adoption of this document further focuses on the activities of the CBCG in case of materializing of systemic risks that could jeopardize financial stability in Montenegro.

At today's meeting of the Council, the Proposal of the Decision on the Credit Registry was adopted, which main goal is to improve this CBCG service. Namely, the entry into force of the Decision, as of January 2019, will create conditions for significant improvement of the content, availability and quality of the data of the Credit Registry. Also, as of January next year, leasing, factoring and receivable repurchase companies will be reporting for the needs of the Credit Registry, which significantly increases the existing database of legal persons’ indebtedness in the financial sector. It was concluded that the upcoming improvements will contribute to a better and more reliable risk assessment of individual debtors performed by banks.

At today's meeting, the Council adopted the Deposit Protection Fund Annual Report for 2017 and reviewed other current issues from under its competence.


CENTRAL BANK OF MONTENEGRO
Podgorica, 06 June 2018

Governor of the CBCG meets the representative of Bank of China

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the Deputy Director general at the Bank of China (the branch in Hungary), Mr Guanhan Chen.

Bank of China is a state commercial bank that has been proclaimed globally systemically important bank for six years in a row. The branch in Budapest operates as a regional center, i.e. "covers" the countries of Central and Eastern Europe and has assets of about 6.7 billion US dollars, making it one of the leading banks in Hungary.

At the meeting, the participants discussed the current cooperation between the People's Republic of China and Montenegro, the possibilities for its intensification, as well as the contribution that the Bank of China and the CBCG could provide in this respect.

Mr Chen pointed out that the Bank of China is interested in expanding its business in the region, which is also the aspiration of the People's Republic of China through the already launched initiative "One Belt, One Road", which implementation will connect the infrastructure, economies and nations of Asia, Europe and Africa using the land economic belt and the sea silk route. In that sense, Mr Chen introduced the Governor with the initiative of the Bank of China to sign a Memorandum of Understanding with the CBCG.

Emphasizing the satisfaction with the current cooperation between China and Montenegro, Governor Žugić assessed the initiative as a good opportunity to intensify the future cooperation between the two institutions, which, he said, would result in the valorization of Montenegrin resources and the intensification of economic growth.

A further communication was agreed in order to define next steps towards signing a Memorandum of Understanding between the Bank of China and the CBCG.


CENTRAL BANK OF MONTENEGRO
Podgorica, 05 June 2018

Governor of the CBCG meets the representative of  Addiko bank

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the new Chief Executive Officer of the Addiko Bank AG Vienna, Razvan Munteanu and Chief Executive Officer of the Addiko bank AD Podgorica, Mr Christoph Schoen.

Representatives of the Addiko bank, which operates through six banks and their branches in Croatia, Slovenia, Bosnia and Herzegovina, Serbia and Montenegro, pointed out that the Montenegrin market, although least present in their portfolio, is very important for the Group, and that their plans are focused on further strengthening of the market position and further increase in the efficiency of operations. Mr Munteanu pointed out that this Bank is focused on retail business as well as on supporting the economy, especially micro and small companies.

Governor Žugić stated that the CBCG is satisfied with the positive trends that characterized the business of Addiko bank in the previous year, which created a solid basis for further growth and strengthening of this Bank. "We especially appreciate the support provided by the banking sector in Montenegro to the economy and, in this way, contributes to the valorization of our resources and the intensification of economic growth," said Žugić.

The interlocutors agreed on further improvement of cooperation and communication, with the aim of applying sound banking practice and efficient and successful business, which will contribute to the realization of common interests, especially in the area of further strengthening of the banking system and preservation of financial stability.


CENTRAL BANK OF MONTENEGRO
Podgorica, 01 June 2018

The exhibition "Money of the Republic of Italy from 1946 to 2002" opened

On the occasion of celebrating the day of the Republic of Italy on 2 June, the exhibition "Money of the Republic of Italy from 1946 to 2002" was officially opened at the Central Bank of Montenegro Money Museum in Cetinje. The exhibition was organized in cooperation with the Embassy of the Republic of Italy in Montenegro and the Central Bank of Montenegro. 

The exhibition was opened by the CBCG Governor, Mr Radoje Žugić and H.E. Ambasador of Italy to Montenegro, Mr Luca Zelioli, attended by the Minister of Culture, Mr Aleksandar Bogdanović, Director of the National Museum, Ms Anastazija Miranović, Mayor of the Old royal capital, Mr Aleksandar Kašćelan, Parliament member, Ms Ana Nikolić, members of the CBCG Council and many other officials.

"It is our special honour that the Embassy of Italy has chosen to organize a part of the rich programme of marking its national holiday in the CBCG premises, confirming the high degree of reputation of this institution," emphasized the Governor Žugić, stressing that the CBCG is implementing similar activities with the aim of promoting historical and cultural heritage, as well as financial education of the widest public.

Addressing the present, the Ambassador Zelioli said that this exhibition offers an opportunity "to revive numerous Italian leading figures, from Galileo to Leonardo, from Verdi to Manconi” through the presented coins and banknotes. Ambassador Zelioli donated to the CBCG Money Museum a part of the exhibited material from his private collection, underlining that he is sure this donation will be valued in the best manner.

The Minister Bodganović pointed out in his speech that this exhibition "shows specific cultural and historical canonisation in the development of the Italian society of the second half of the twentieth century". The Mayor Kašćelan expressed his gratitude to the Embassy of Italy for deciding to start the celebration of the statehood day in the Old royal capital.

The exhibition "Money of the Republic of Italy from 1946 to 2002", with the permanent exhibition of the Museum “From Perper to the Euro” is open for public every day from 9:00 to 17:00.


CENTRAL BANK OF MONTENEGRO
Podgorica, 01 June 2018

Training for the students of the Faculty of Economics in Podgorica successfully completed

Thirteen students of the fourth year from the Public Sector and Economic Policy Department at the Faculty of Economics of the University of Montenegro successfully completed their student training in the Central Bank of Montenegro from 28 May to 1 June 2018.

During the five-day training, students were able to get themselves better acquainted with functioning of the CBCG through lectures and presentations on a number of interesting topics, such as monetary statistics, trends in the balance of payments in Montenegro, supervision of the banking system, vault operations, monetary policy instruments, the CBCG international reserves, treasury bills auctions process and other topics presented to them.

In addition to interesting lectures and presentations, a tour through the working premises was organized for the students, in order to meet with the employees and practical work in the Central Bank.

By organizing these types of trainings, the CBCG strives to contribute to improving the financial literacy of young people and supporting the improvement of their knowledge and skills that will be to their benefit in the future professional development.

 

 

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