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Press Releases 2018 - September

28.09.2018 - The technical assistance project concerning financial education officially launched

26.09.2018 - Meeting with the Country Manager for Bosnia and Herzegovina and Montenegro of the World Bank, Emmanuel Salinas

24.09.2018 - Turkey interested in investing in Montenegro

24.09.2018 - Professor Shachmurove from the City University of New York visits Montenegro

20.09.2018 - Governor Žugić attending the meeting of the Central Bank Governor's Club of the Central Asia, Black Sea Region and Balkan Countries

19.09.2018 - A high-level dialogue with the European Central Bank

18.09.2018 - Cooperation on anti-money laundering agreed

12.09.2018 - Announcement - Technical Assistance Project

10.09.2018 - Nobel Laureate Finn E. Kydland visiting Montenegro

07.09.2018 - Thirty-first CBCG Session Held

07.09.2018 - ANNOUNCEMENT: Nobel Laureate Kydland to visit Montenegro

06.09.2018 - Executive Director at the Board of the World Bank Group, Frank Heemskerk, in a farewell visit to Montenegro

06.09.2018 - Intensified activities in the field of financial education announced

05.09.2018 - Meeting with the representatives of Lovćen banka AD


CENTRAL BANK OF MONTENEGRO
Podgorica, 28 September 2018

The technical assistance project concerning financial education officially launched

The Central Bank of Montenegro delegation, headed by the Governor, Mr Radoje Žugić, attended a meeting in The Hague, officially opening a technical assistance project in the area of financial education. The project is implemented as a part of the IMF Dutch Constituency programme and with the financial support of the Ministry of Finance of the Netherlands, coordinated by the Organization for Economic Co-operation and Development (OECD).

In his presentation, the Governor Žugić pointed out that the technical assistance project will be of great importance to Montenegro and will enable us, through the mutual learning and exchange of knowledge and experiences with the participating countries, to contribute to raising the level of financial literacy in society. "The implementation of financial education has many benefits, from promoting financial inclusion and providing incentives for the growth of the economy to reducing the level of poverty in the country," said Governor Žugić.

The technical assistance project will last five years (2018-2022) and will include seven countries from the Dutch Constituency programme (Bulgaria, Croatia, Georgia, Macedonia, Moldova, Montenegro and Romania). It is envisaged that the technical assistance, in case of Montenegro, will be used for the preparation of financial education programmes and national strategies for financial education.


CENTRAL BANK OF MONTENEGRO
Podgorica, 26 September 2018

Meeting with the Country Manager for Bosnia and Herzegovina and Montenegro of the World Bank, Emmanuel Salinas

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

Governor Žugić informed the representatives of the World Bank about the current macroeconomic situation and the situation in the financial system. He pointed out that positive trends from the first half of the year continued, which contributes to faster recovery of the economy and strengthening of public finances.

The banking system continues to record positive trends. There was a growth of total assets, loans, deposits and total capital of banks, followed by reduction of non-performing loans. Following the adoption of new regulations as of 1 January 2018, the conditions for the implementation of IFRS 9 have been met, so that banks operating in Montenegro assess financial assets and liabilities in accordance with this standard.

In the course of this year, the CBCG continues intensive activities to harmonize banking regulations with the EU legislation and international standards, as well as activities to improve existing solutions in order to achieve positive effects for the economy as a whole within the Twining project. The Governor pointed out that the Central Bank undertakes all activities within its competence to comply with the regulatory deadlines envisaged by the Twining project.

Provision of the second part of the budget support program of the World Bank to Montenegro (PBG2) which could be operational in 2019 was also discussed. Mr Salinas expressed his satisfaction that the Central Bank has good co-operation with the World Bank aimed at securing the implementation of the PBG2.

Thanks to continued support of the World Bank to our country, the Governor emphasized that the CBCG will implement all activities within its competence within the agreed deadlines, which primarily relate to further strengthening of supervision and improvement of the regulatory framework, and that it will continue to provide full contribution to reaching an agreement on the budget support program.


CENTRAL BANK OF MONTENEGRO
Podgorica, 24 September 2018

Turkey interested in investing in Montenegro

The Governor of the Central Bank of Montenegro, Radoje Žugić, met today with the Ambassador of the Republic of Turkey in Montenegro, Serhat Galip, and Turkish businessman Veysi Erdoğan.

Mr Erdoğan informed the Governor on its company's intention to invest in Montenegro, primarily in the areas of tourism, banking and insurance.

Governor Žugić pointed out that over the past period there was an increased interest of Turkish investors for Montenegro, which resulted in increased investments from this country.

"The Central Bank is open to communication and support to companies that intend to invest in Montenegro and, in this way, contribute to intensifying the economic growth and development of our country," said Governor Žugić.

In that sense, the continuation of the communication was agreed in order to concretize the proposals for cooperation, which were discussed today.


CENTRAL BANK OF MONTENEGRO
Podgorica, 24 September 2018

Professor Shachmurove from the City University of New York visits Montenegro

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić and his associates received today Professor Yochanan Shachmurove from the City University of New York, who is visiting Montenegro at the invitation of the Central Bank of Montenegro.

Governor Žugić pointed out that the CBCG, in addition to performing its basic functions, is paying great attention to the process of raising awareness about the importance of developing scientific and professional thought, especially in the field of banking, monetary policy and theory.

"Through the very initiation and actual visits of the recognized world experts in these fields, the CBCG is striving to contribute to the development of scientific thought and affirmation of professional staff in Montenegro, therefore confirming the responsible behaviour towards the community in which it does business," said Governor Žugić. 

During his visit to Montenegro, Professor Shachmurove will hold lectures for students from two Montenegrin universities, as well as for the CBCG employees.

The lecture titled "Emotions in Financial Decision Making" will be held at the Faculty of Economics in Podgorica on 25 September at 11:00, while a lecture on the same topic will be held at the Faculty of Tourism and Business in Budva on 27 September at 10:00.

Professor Shachmurove has a rich professional and scientific biography - he worked as a lecturer at many prestigious universities around the world, among others at the University of Pennsylvania and Harvard University, and published a significant number of papers in the field of economics, finance and management.


CENTRAL BANK OF MONTENEGRO
Podgorica, 20 September 2018

Governor Žugić attending the meeting of the Central Bank Governor's Club of the Central Asia, Black Sea Region and Balkan Countries

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, took part at the 40th meeting of the Central Bank Governor’s Club of the Central Asia, Black Sea region and Balkan countries, which is being held in Bucharest from 19 to 21 September.
 
This year's Governor's Club meeting is devoted to issues related to monetary policy and financial stability, with particular reference to the impact of the strengthening of the US dollar.

The participants of the meeting agreed that it is very difficult to predict the future dollar trend, given the frequency of changes in the exchange rate in the previous period. Therefore, it was specified that the dollar could affect financial stability and, further, the growth potential, but it is not expected to have a long-term impact, given that a strong currency can undermine competitiveness and have other negative consequences for the US economy. Specifically, there are different opinions about whether and to what extent a strong dollar contributes to the US economy, and for that reason some officials even think that a strong dollar burdens the US economy through the increasing competitiveness of Chinese companies.

"The interest rates that are higher in the United States than in the European Union and Japan, significantly low unemployment rate, and strong growth recorded this year all contribute to strengthening of the dollar, while its weakening is further affected by high levels of current account deficit, budget deficit and public debt in America", said Governor Žugić, adding that the dollar trend cannot endanger stability and soundness of the banking system in Montenegro, as the share of loans in this currency is negligible.    
 
Governors and other top officials from area of monetary policy and finance exchanged views on other current issues and further improvement of mutual cooperation during the meeting.
 
The Central Bank of Montenegro is a member of Central Bank Governor’s Club of the Central Asia, Black Sea region and Balkan countries since 2005.


CENTRAL BANK OF MONTENEGRO
Podgorica, 19 September 2018

A high-level dialogue with the European Central Bank

The delegation of the Central Bank of Montenegro, headed by the Governor, Mr Radoje Žugić, participated at the meeting in Frankfurt today, dedicated to a high-level dialogue with the European Central Bank (ECB). The ECB delegation was headed by Mr Benoît Cœuré, a member of the Executive Board.

Governor Žugić presented to the ECB representatives the current macroeconomic situation as well as the condition of the financial system in Montenegro.

"According to MONSTAT estimates, the Montenegrin economy grew by 4.3% in 2017. This trend continued this year as well, in particular as a result of strong investment activity, growth of domestic demand and private consumption, as well as increased tourism traffic", said Governor Žugić, adding that Montenegro must continue to diversify its economy in order to reduce its dependence on weather conditions.

As for the banking sector, it is characterized by stability, high liquidity and solvency. Non-performing loans are continuously decreasing and currently stand at 217.9 million euro (7.4%). This is a significant drop compared to 2011, when the NPL level equalled 25.9%. Lending interest rates tend to fall further, although, as the Governor mentioned, they represent a set of inputs for the real economy. On the other hand, despite low deposit interest rates, deposits are growing, which is a proof of trust in the banking system. 

The Governor also briefed on the CBCG's activities on improving the regulatory framework, in order to fully harmonize it with EU standards and best banking practice.

As the meeting continued, the CBCG Vice-Governors Mr Nikola Fabris and Mr Miodrag Radonjić presented to the representatives of the ECB the framework for managing macro-prudential policy with potential instruments in the function of further financial stability strengthening, followed by preliminary results of the survey on the credit activity of banks, as well as the policy of managing international reserves and effects of the reserve requirement implementation, as a monetary policy instrument.

Macroeconomic situation and development of the banking sector in the Euro area, the ECB monetary policy, as well as the dollar increase and its impact on stability were discussed during the dialogue.

High-level dialogue confirms the excellent cooperation between CBCG and the largest monetary institution of the European Union and aims at preparing Montenegro and other candidate countries for membership in the European System of Central Banks.


CENTRAL BANK OF MONTENEGRO
Podgorica, 18 September 2018

Cooperation on anti-money laundering agreed

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the Ambassador of Great Britain to Montenegro, Ms Alison Kemp. Mr John Howell and Ms Sarah McAveety, members of an expert team in Montenegro on providing support in the fight against organized crime were also present at the meeting.

The expert team will conduct an analysis aimed at gaining insight into the current state of the fight against organized crime, based on which recommendations for future project initiatives in the fight against this phenomenon will be provided for both Great Britain and the countries covered by the analysis. To that effect, support to the Central Bank on the strengthening of supervisory capacities and the improvement of anti-money laundering and terrorist financing mechanisms was agreed.  

"CBCG is fully committed to activities in the area of anti-money laundering and terrorist financing, therefore each recommendation to improve these processes is very useful," Governor Žugić said, showing appreciation to Ambassador Kemp for her support.


CENTRAL BANK OF MONTENEGRO
Podgorica, 12 September 2018

Announcement - Technical Assistance Project

The Governor of the Central Bank of Montenegro and his associates met today with the Director of the Deutsche Bundesbank Centre for Technical Central Bank Cooperation, Martin Dinkelborg.

Mr Dinkelborg visited the Central Bank of Montenegro regarding the implementation of the upcoming regional program for central banks of the countries of the Western Balkans (Albania, Bosnia and Herzegovina, FYR Macedonia, Montenegro, Serbia and Kosovo), which will be managed by the Deutsche Bundesbank. This project, financed by the European Union, aims to strengthen monetary and financial stability in the region and to prepare beneficiary institutions for membership in the European System of Central Banks.

Governor Žugić expressed satisfaction with the fact that the project will be coordinated by the Deutsche Bundesbank, which is a guarantee of quality and success. "Our two institutions have outstanding bilateral cooperation in many areas," Žugić said, adding that the realization of the upcoming project will be very significant for the CBCG.

It is expected that the project, which will last 24 months, will start in January 2019.


CENTRAL BANK OF MONTENEGRO
Podgorica, 10 September 2018

Nobel Laureate Finn E. Kydland visiting Montenegro

The Governor of the Central Bank of Montenegro with associates met with Professor Finn E. Kydland, Nobel Laureate for economics. Professor Kidland is visiting Montenegro on call and in organization of the Central Bank of Montenegro.

Governor Žugić pointed out that the CBCG has the great honour to host Professor Kydland, an outstanding global economist and winner of the Nobel Prize for contributing to the theory of dynamic macroeconomics.

"Studying how changes in economic policy and technology affect business development, Professor Kydland has made a huge contribution not only to economic theory, but also to the creation of economic policy and institutional reforms in many countries," said Governor Žugić.

Professor Kydland thanked for the invitation to visit Montenegro and expressed special satisfaction with the fact that the CBCG has an active socially responsible role.

After the meeting in the CBCG, Professor Kydland will deliver a lecture at the  Faculty of Economics, organized by the Central Bank of Montenegro and the Faculty of Economics, on the topic "Economic Policy and the Rise of Nations" (Mediteran Hall, at 12:00), and then visit the Money Museum in Cetinje.

Supporting such and similar projects that open up new perspectives and enrich knowledge, the CBCG proves its socially responsible operations.


CENTRAL BANK OF MONTENEGRO
Podgorica, 07 September 2018

Thirty-first CBCG Session Held

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

The Council discussed and adopted the Reports on operations and on the implementation of the CBCG policy for May, June and July 2018, which state 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 in 2018.

The Council adopted a Decision on reproduction of banknotes regulating reproduction requirements for euro banknotes as a legal tender in Montenegro. By adopting this Decision, the ECB's Decision on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (ECB / 2013/10) was fully implemented in the part relating to the reproduction of euro banknotes.

In order to fully comply national regulations with new and/or innovated EU regulations, in the part of securing the protection of the euro against counterfeiting, the Council adopted the Decision Amending the Decision on medals and tokens similar to euro coins, Decision Amending the Decision on the handling of suspect euro notes and coins and other activities aimed at protecting the euro against counterfeiting and Decision Amending the Decision on authenticity and fitness checking and recirculation of euro notes and coins.

The Council also discussed the Macroeconomic Report of the Central Bank of Montenegro (Q1 2018). The Report pointed out that in the first quarter of 2018, the Montenegrin economy, according to the preliminary data of MONSTAT, grew by 4.5%. Positive trends were recorded in almost all sectors, with particular emphasis on construction, tourism and industrial production, where after the fall in 2016 and 2017, growth was recorded in the first quarter of 2018 (39%) if compared to the same period of 2017. The largest contribution to the growth of industrial production was provided by the strong growth recorded in the electricity supply sector. The Report also noted that the banking sector in Montenegro is characterized by stability, liquidity and solvency. The non-performing loans amounted to 200.4 million euros at the end of March 2018 and accounted for 7.3% of total loans. At the annual level, their fall was 19.3%.

In the Inflation Report (Q1 2018), consumer prices continued to rise in the first quarter of the current year, continuing the trend from 2017. This trend is a consequence of the increase in excise duties on tobacco products, the rise in oil prices on the global level, which also affected the rise of fuel prices in Montenegro, as well as an increase in the VAT rate. As for the inflationary expectations, a survey conducted by the CBCG shows that most banks expect inflation in the range of 2.5% to 3%, while the largest number of respondents expect inflation in the range of 2% to 2.5%. According to the CBCG's expert projection, inflation will range from 1.9% to 3.9% in 2018 with a central projection of 2.9%.

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


CENTRAL BANK OF MONTENEGRO
Podgorica, 07 September 2018

ANNOUNCEMENT: Nobel Laureate Kydland to visit Montenegro

At the invitation of the Central Bank of Montenegro, Professor Finn E. Kydland, who won the Nobel Prize for Economics, will visit Montenegro.

On 10 September, as part of the visit, Professor Kydland will meet with the Governor of the Central Bank of Montenegro and his associates, visit the Money Museum in Cetinje and hold a lecture at the Faculty of Economics titled “Economic Policy and the Growth of Nations”.

The lecture, attended by the Governor of the CBCG and the Dean of the Faculty of Economics, will be held in the Mediterranean hall, starting at 12:00.

Professor Kydland is a Norwegian economist who, along with Edward Prescott from the United States, was awarded the Nobel Prize in 2004 for contributing to the Dynamic Macroeconomics Theory. The two macroeconomists have been awarded for their work on determining how the changes in economic policy and technology affect the development of business.

Finn Kydland is currently teaching at the University of California in Santa Barbara, USA.


CENTRAL BANK OF MONTENEGRO
Podgorica, 06 September 2018

Executive Director at the Board of the World Bank Group, Frank Heemskerk, in a farewell visit to Montenegro

Governor of the Central Bank of Montenegro, Mr Radoje Žugić, with his associates, hosted the Executive Director at the Board of the World Bank Group, Frank Heemskerk. Mr Heemskerk’s mandate expires as of 1 November of the current year, when another person will be elected to perform this function in the following period.

Governor Žugić expressed gratitude to Mr Heemskerk on the cooperation and personal contribution in securing the strong support of the World Bank to Montenegro in many areas. "Your support to the Central Bank of Montenegro, along with our activities, resulted in the improvement of the banking sector, which is now characterized by positive operations' parameters," said Governor Žugić.

Mr Heemskerk thanked the Governor and the CBCG team for excellent cooperation in the previous period and expressed the expectation that the support of the World Bank to Montenegro would be even stronger through increasing the portfolio for future projects.


CENTRAL BANK OF MONTENEGRO
Podgorica, 06 September 2018

Intensified activities in the field of financial education announced

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić and his associates met with delegation of the Organization for Economic Co-operation and Development (OECD), Ms Adele Atkinson and Mr Andrea Grifoni, analysts for financial education.

The topic of the meeting was the technical assistance project in the field offinancial education, which was offered to Montenegro through the IMF Dutch Constituency programme, with financial support of the Ministry of Finance of the Netherlands. It is planned that technical assistance will be used to conduct research on the financial literacy in Montenegro, followed by the preparation of a financial education programme and a national strategy for financial education. 

Governor Žugić announced that CBCG, in performing its basic functions, is dedicated to social responsibility in business dealings, with financial education being its important segment. Namely, in order to better understand central banking and the importance of financial stability and safety of the banking system, the CBCG initiates and carries out number of activities of raising the level of information and economic knowledge in the society.

"We will very much appreciate the technical assistance project that will enable us, through mutual learning and exchange of knowledge and experiences with the participating countries, to contribute to raising the level of financial literacy in Montenegro," said Governor Žugić.

It is envisaged the technical assistance to be the five-year project (2018-2022) including seven countries from the Dutch Constituency programme (Bulgaria, Croatia, Georgia, Macedonia, Moldova, Montenegro and Romania).


CENTRAL BANK OF MONTENEGRO
Podgorica, 05 September 2018

Meeting with the representatives of Lovćen banka AD

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with the representatives of Lovćen banka AD, Mr Aleksandar Popović, Chairman of the Board of Directors, and Mr Vinko Nikić, Chief Executive Officer, as well as Susanne Decker, Vice President of DEG - German Investment and Development Corporation, which is a strategic partner of Lovćen banka.

Governor Žugić pointed out that the CBCG is interested in intensive communication with banks, as the mutual interests aimed at further strengthening of the banking system and preservation of financial stability are best achieved in this manner.

"Lovćen banka is profitable, liquid and meets the prescribed parameters" the Governor said, adding that minor improvements were needed, primarily in the area of capital strengthening. 

Ms Decker pointed out that DEG is satisfied with the growth and development of Lovćen banka and that it will continue to support its activities through the investment of additional capital and other activities aimed at strengthening the position of this bank in the local market.

A continuation of intensive cooperation and dialogue on all important issues of the vision and strategy of Lovćen banka, as well as support to the planned activities within the CBCG competence were agreed.

 

 

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