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Press Releases 2018 - November

27.11.2018 - Thirty-fourth session of the CBCG Council held

26.11.2018 - Cooperation between Montenegro and Poland to be strengthened

22.11.2018 - The Embassy of Italy presented the Award to the Central Bank of Montenegro

19.11.2018 - MEDIA STATEMENT

08.11.2018 - Savings Week implemented successfully

06.11.2018 - Thirty-third session of the CBCG Council held

05.11.2018 - The CBCG Governor Meets the Addiko Bank AG Vienna Management

Podgorica, 27 November 2018

Thirty-fourth session of the CBCG Council held

The Council of the Central Bank of Montenegro held its thirty-fourth session, chaired by the Governor, Radoje Žugić.

The Council discussed and adopted the Governor`s Report on Central Bank of Montenegro Business Activities and Policy Implementation for October 2018, which noted that the activities of the CBCG conducted during the reporting period were implemented in line with the planned commitments established by the CBCG Work Programme for 2018.

At the meeting held today, the Council determined the Central Bank of Montenegro Policy in 2019, which defines the objectives for pursuing the CBCG functions to be implemented during the next year. The documents defines that, with a view to further strengthening of the whole financial system, the CBCG will continue to follow the policy of monetary and financial stability based on taking all necessary activities and using all available instruments and measures within its competence.

The Council also adopted the Central Bank of Montenegro Financial Plan for 2019, which was prepared based on the implementation of the financial plan for the nine months of 2018 and the projections of expected revenues and expenditures in the next year. Prepared in accordance with the principles of rational and responsible business activities, the Financial Plan provides the necessary conditions for the achievement of the objectives and the performance of the CBCG functions.

Today, the Council also discussed and adopted the working drafts of the Law on the comparability of fees related to payment accounts and of payment account switching and of the Law on interchange fees and special operation rules for card-based payment transactions. The drafting of these laws was conditioned by the harmonisation of domestic legislation on payment system with the new EU legislation. With a view to meeting these obligations, the Council agreed to send the working drafts of the laws to the Ministry of Finance for further procedure.

With a view to timely compliance with the obligations from the Law on Investment and Development Fund of Montenegro that stipulates the obligation of the CBCG to supervise the Fund’s operations, the Council passed the Decision on the manner of calculating capital adequacy ratio of the Investment and Development Fund of Montenegro and the Decision on minimum standards for risk management for the Investment and Development Fund of Montenegro.

The Council also adopted the Quarterly report on banks’ operations and the Quarterly report of micro-credit financial institutions (MFIs). The report indicates that the banking system was recording favourable trends in Q3 2018, with banks experiencing growth in assets, loans, deposits, and capital. During the first nine months of 2018, the banking system operated with profit of 29.8 million euros. The MFI sector experienced stability, growth in key balance sheet positions and growing liquidity, with mild decline in loans and slight increase in interest rates. The financial result at the system level was positive.

On today’s meeting, the Council adopted the Decision on terminating the bankruptcy proceeding over the Ekos Banka AD Podgorica and the Decision on issuing approval for issuing electronic money and for providing payment services to MTEL d.o.o Podgorica.

Along with aforementioned documents, the Council also discussed other current issues from the domain of its competence at today's session.

Podgorica, 26 November 2018

Cooperation between Montenegro and Poland to be strengthened

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with Mr Budimir Šegrt, the newly appointed ambassador of Montenegro to Poland. The meeting was organized as part of the preparations for the appointment of Mr Šegrt as the Ambassador Extraordinary and Plenipotentiary of Montenegro to the Republic of Poland.

The current economic cooperation between Montenegro and Poland, as well as the possibilities for its intensification in the upcoming period, especially in the part of goods and services exchange were discussed at the meeting. Considering the fact that Poland continuously achieves accelerated economic growth, taking over the role of one of the drivers of the European economy, there is a huge opportunity for strengthening economic cooperation with this country, Žugić and Šegrt concluded. Mr Šegrt emphasized that he will endeavour to provide full contribution to the further development of bilateral cooperation, with the intensification of economic diplomacy during his forthcoming mandate.

The possibilities for increasing the cooperation between the CBCG and the National Bank of Poland, which primarily reflects through membership in the Governors’ Club of Central Asia, Black Sea region and Balkan countries were also discussed at the meeting.

Podgorica, 22 November 2018

The Embassy of Italy presented the Award to the Central Bank of Montenegro

The Italian Embassy presented the award "Italia 2018" to the Central Bank of Montenegro for the best proposal for cultural cooperation in 2018 and for the success in its realization. The award relates to the initiation and realization of the idea of preparing the exhibition "Money of the Republic of Italy".

We recall that this exhibition was opened at the Money Museum in Cetinje on June 1 of the current year, as a part of celebrating the Day of the Republic of Italy and the seventieth anniversary of the entry into force of the Constitution of the Republic of Italy. Through the presentation of the Italian lira from 1946 onwards, the public became acquainted with the cultural and historical values that Italian painters, writers, researchers and scientists have left as a heritage to their country, Europe and the world.

Having received the award on behalf of the CBCG, Governor Radoje Žugić thanked Ambassador Luca Zelioli, pointing out that the award was the result of successful cooperation between the Money Museum and the Embassy of Italy. "Our intention was to strengthen the cooperation of our countries in the field of history and culture through the initiation and realization of this exhibition, but also to confirm the role of a socially responsible institution supporting the opening projects enriching the spreading of knowledge as well as international cooperation," said Governor Žugić.

The Governor added that the CBCG remains open to the realization of other initiatives that would contribute to the preservation of historical and cultural heritage in the field of numismatic values in Montenegro.

Podgorica, 19 November 2018


Regarding the increased media interest on the condition of two vulnerable banks, which is primarily aimed at circulation boosting, we point out that neither the Governor nor the CBCG shall make public any irregularity disclosed during the examination or measures imposed against the supervised banks as this would imply the breach of the Banking Law and of the Rulebook on Secrecy. Instead, the CBCG will endeavour to recover vulnerable banks by performing its supervisory function in a responsible and professional manner and thus contribute to the stability of the banking sector and the financial sector in general.

In reference to the audit reports, upon receiving annual financial statements accompanied by external auditor’s report with balance as at 31 December 2017 for all banks, the CBCG will publish them on its website. This is in line with the former practice to publish financial statements for all banks simultaneously, and not individually. We also use an opportunity to inform the public that the unaudited quarterly financial statements of all banks operating in Montenegro are being published on the CBCG website, including the latest one with balance as at 30 September 2018.

We also remind that the Decision on public disclosure of data and information by banks provides that banks are obliged to disclose annual financial statements, with an opinion produced by an external auditor. Moreover, the Banking Law stipulates that banks have to publish a shorter version of the external auditor’s report in at least one of daily newspapers distributed on the territory of Montenegro. Therefore, we bring to notice that 14 of 15 banks operating in Montenegro fulfilled this obligation. As specified above, the public is aware of the prepared external auditors’ opinions on financial statements with balance as at 31 December 2017 for 14 banks.

The CBCG also acted responsibly regarding the non-submission of audited annual financial statements by one bank. Specifically, after initiating and holding several meetings with engaged auditor of the subject bank, based on the additional information that we expect, it will be assessed whether, according to the Banking Law, the auditor will be granted approval for performing future audits of banks operating in Montenegro. Moreover, pursuant to the Law on Audit, the CBCG will submit all relevant information on auditor’s performance in this case to the responsible body for further procedure. If it determines that the bank is responsible for non-submitting of audited financial statements in the deadlines stipulated by the law, the CBCG shall impose all statutory measures against the bank.

Podgorica, 08 November 2018

Savings Week implemented successfully

Through the design and realization of numerous activities, Central Bank of Montenegro organized marked the Savings Week in the period 31 October – 6 November.

In addition to the traditional campaign for the allocation of savings books for children born from 31 October to 6 November 2018, which the CBCG conducts with all banks operating in Montenegro, a comprehensve program of educational activities was realized in order to celebrate the Savings Day, in which many children and young people were included. These activities were primarily related to visits to educational institutions where lectures for children were held, due to better understand of the importance of savings and introduction with the basic financial concepts and categories.

In the period from 31 October to 6 November, the CBCG representatives visited the primary schools "Sutjeska" and "Oktoih" in Podgorica, "Lovćenski partizanski odred " in Cetinje and "Dušan Obradović" in Žabljak, Secondary School in Cetinje, as well as high schools in Podgorica and Cetinje. The Central Bank provided books as a donation to school libraries to all abovementioned schools. The CBCG responded to the invitation of the young librarians at the „Petar Petrović Njegoš“ high school in Danilovgrad, who, on the occasion of the School Day, launched a campaign for collecting books for the library and donated a significant number of titles to this institution.

During the aforementioned period, children from the Children's Home "Mladost" from Bijela and children from the Cetinje kindergarten visited the Money Museum, where they were given lectures on money and savings, appropriate to their age and interests.

By initiating and implementing such activities, the CBCG seeks to point out the importance of knowledge enrichment and contribute to the strengthening of financial literacy, which is a prerequisite for responsible money management and the financial stability of the individual and the society as a whole.

Podgorica, 06 November 2018

Thirty-third session of the CBCG Council held

Thirty-third session of the Council of the Central Bank of Montenegro was held today, chaired by the Governor Mr Radoje Žugić.

The Council discussed and adopted the Report on the Operations and Implementation of the Central Bank of Montenegro's Policy for September, which provides an overview of key activities of the Central Bank during the said month. It was stated that the activities of the Central Bank carried out during September 2018 were realized in accordance with the planned obligations established by the Central Bank's Work Program for the current year.

According to the final data of MONSTAT, the real growth rate of Montenegro's GDP in 2017 is 4.7%, while according to the preliminary data in the first and second quarters of 2018; the growth was 4.5% and 4.9% % compared to the same period of 2017. It was noted that international institutions (European Commission, IMF, World Bank, EBRD and others) forecast the growth of Montenegrin GDP in 2018 and that their projections from 3% to 3.8%.

According to data from the Report, the real sector records positive trends expressed through high growth rates, especially in the sectors of energy, tourism, construction and transport.

Regarding the banking sector, a further decline in non-performing loans was recorded in September, thus the share of NPLs declined to 6.7%. Also, the fall in the weighted average effective interest rate was registered, which amounted to 6.4% at end-September 2018, which is 0.58 percentage points lower than in September of the previous year.

The Council discussed and adopted the Report on Survey on Banks’ Lending Activity for the second quarter of 2018. This is a new type of publication that will be published regularly by the Central Bank of Montenegro on a quarterly basis with the aim of gaining insight into the key determinants of supply and demand for loans of the corporate sector and households.

The results of the survey indicate that in the second quarter of 2018, according to banks' estimates, credit standards for the corporate sector and households have been alleviated. Banks expect easing of standards for micro, small and medium-sized enterprises and households also during the next quarter, while lending to large companies expect a slight tightening of lending standards.

The easing of credit standards was largely affected by competition in the banking sector and increased willingness to take risks.

In the second quarter, lending conditions for the corporate sector and households were more favourable compared to the previous quarter, especially on the basis of lower margins, commissions and fees. Banks expect a continuation of easing lending conditions in the next quarter, except for the requirements for collateral in lending to the corporate sector, where they anticipate tightening.

Banks estimate that in the second quarter demand for loans of the corporate sector and households has increased. The demand of the corporate sector was driven by the need to finance capital investments, working capital and restructuring of existing debts, while the main factors of demand growth in the households’ sector was the need for refinancing the existing debts, as well as the purchase of real estate and durable consumer goods.

At today's session, the Council also discussed other current issues from the domain of its competence.

Podgorica, 05 November 2018

The CBCG Governor Meets the Addiko Bank AG Vienna Management

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met with the delegation of Addiko Bank, Mr Razvan Munteanu, Chairman of the Management Board of Addiko Bank AG Vienna, Ms Maida Karalić, Head of Group Organization and TOM of Addiko Bank AG Vienna and Mr Christoph Schoen, Chief Executive Officer of Addiko Bank AD Podgorica.

Representatives of Addiko Bank presented to the Governor Žugić the business results of this financial institution, as well as the plans aimed at further improvement of customer service, and the additional strengthening of the market position.

Governor Žugić expressed satisfaction with the positive trends that characterize the business of Addiko Bank, pointing out that the results achieved in key business segments represent a good basis for further sustainable and profitable growth.

The frequent and open communication between Addiko Bank and the Central Bank of Montenegro is a good example of efficient cooperation between the commercial bank and the regulator and of full transparency of operations, it was concluded at the meeting today.



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