FAQ


What does a moratorium on loan repayment offered by banks enable?


The loan repayment moratorium enables any interested natural and legal person to delay the loan repayment for up to 90 days. Therefore, entities who accept the moratorium do not have an obligation to pay their loan obligations (principal, default interest, fees, etc.) for up to 90 days.


The moratorium is an opportunity for any natural and legal person affected by the current situation to delay the payment of their obligations temporarily, ease their financial situation, and avoid their debts becoming due.



Who is entitled to the moratorium?


Users of all bank loans types (cash, housing, loans to pensioners, consumer, investment, working capital loans, liquidity loans, credit products related to card usage, etc.), and users of financial leasing recipients and loans granted by micro-lending financial institutions have the right to the moratorium. 



How do I exercise the right to a moratorium?


The loan beneficiary wishing to exercise the right to a moratorium does not need to visit the bank’s branch.


Citizens submit a request to activate the moratorium by phone, sending an email, or sending the application by registered post. The websites of individual banks’ provide more detailed instructions on how to apply, including contacts through which interested parties can exercise the right.


The bank is obliged to ensure the moratorium execution within five working days of the request receipt. The beneficiary also sends the moratorium acceptance notice to the employer or other person through whom the loan is repaid, in the same way as to the bank (by phone, email, or registered mail). During the moratorium, the employers and other persons through whom the loan is repaid have to suspend payments related to the loan repayment granted by the banks within five working days.


Even though the moratorium applies to all clients, clients with a relatively stable income not affected by the crisis adversely can continue to repay their obligations without exercising the right to a moratorium.



What is the repayment model after the moratorium?


The contracted conditions for loan beneficiaries exercising the right to the moratorium will not change, while the repayment term will be extended for the moratorium duration.


During the moratorium, the bank will calculate a regular contracted interest rate. When the moratorium ends, the calculated interest rate will be added to the main debt and distributed evenly over the remaining loan repayment period.


Loan beneficiary will continue to repay the loan after the moratorium expiry under the new repayment plan provided by the bank.


The bank shall not require or charge from the Borrower any administrative costs related to the moratorium use, including any cost of any Collateral Agreement annexation.



Do bank customers have any other benefits during the interim measures?


The decision of the CBCG leaves clients affected by the coronavirus impact the opportunity to agree with the bank to restructure the loan if they consider that such a solution is more acceptable. To relax the banks in the process, the CBCG decided to treat these loans as newly approved loans, thus relaxing the banks’ expenses on provisions.


Another measure of the CBCG facilitates the acquisition of additional financial resources for the portion of loan beneficiaries affected by the current crisis. It provides an incentive to continue their operations. Specifically, through the granting of loans or otherwise, banks are allowed to increase their exposure to one person or a group of related parties beyond the statutory exposure limits (25% of the bank’s own funds), with the prior approval of the CBCG.


Damaged euro money (banknotes and coins) or euro money that is unfit for future use can be exchanged in the Central Bank of Montenegro. The exchange is done without compensation at the business premises in Novaka Miloševa bb Street in Podgorica.


The basic prerequisites for exchanging the euro banknotes is to present over 50% of the banknote in one piece or that the complete banknote is torn to a number of pieces, that it is authentic and that its origin is undisputed. If the above conditions are met, the Central Bank will exchange the damaged money.


The identification of the person who brought the money for exchange is performed, and information about the person is registered as well as the serial numbers of banknotes.


The Central Bank of Montenegro may exchange banknotes with a higher degree of damage (decomposed, soiled, stained, impregnated etc.) in a special procedure, in cooperation with the competent authorities in Montenegro or abroad.


The Central Bank of Montenegro shall not exchange unfit euro banknotes and coins in case of a deliberate damage, damage with dishonest intentions, if there is a suspicion of euro banknotes and coins coming as the result of a criminal act, significant loss of weight of coins and the like.


For more details please refer to the Decision on Authenticity and Fitness Checking and Recirculation of Euro Banknotes and Coins (OGM 35/11, 61/18).

Pursuant to Article 294 of the Law on Enforcement and Securing of Claims, the CBCG performs the enforcement on monetary assets on accounts of legal entities and entrepreneurs.


The CBCG does not perform enforcement on monetary assets on accounts of natural persons.

You have to submit a written request (signed by the authorized person and sealed) to the CBCG Archives, either in person or by mail, with the obligatory proof of payment of a 5 euro fee to the business account of the CBCG (acc. no. 907-92001-82) in accordance with the tariff heading 7.4 of the Decision on Determining Tariff for Calculating Fees Charged for the Central Bank of Montenegro Services.


If you own a qualified digital certificate for your company, you may submit/download your request form/data electronically. The User Guide on Electronic Access And Using Service For Accessing Data From Enforced Collection System and Central Register of Transaction Accounts can be downloaded from the CBCG website. (Link)

Pursuant to Article 65 of the Payment System Law, in the course of enforced collection procedure, the CBCG publishes the names of legal persons and/or entrepreneurs, their register/personal identification numbers, the amounts frozen, and the number of days of uninterrupted account freeze.


These data are published on the CBCG website on monthly basis, on the first business day of the following month with the balance as at the last day in the previous month, in alphabetical order. (Link)

You have to submit a written request (signed by the authorized person and sealed) to the CBCG Archives, either in person or by mail, with the obligatory proof of payment of a 5 euro fee to the business account of the CBCG (acc. no. 907-92001-82) in accordance with the tariff heading 7.4 of the Decision on Determining Tariff for Calculating Fees Charged for the Central Bank of Montenegro Services.


If you own a qualified digital certificate for your company, you may submit/download your request form/data electronically, personally at the CBCG Archive Room or by mail. The User Guide on Electronic Access And Using Service For Accessing Data From Enforced Collection System and Central Register of Transaction Accounts can be downloaded from the CBCG website. (Link)

Pursuant to Article 208 of the Law on Enforcement and Securing of Claims, upon request of judgement debtor and creditor, the CBCG may issue the following certificates and overviews:


  • a certificate that the company/entrepreneur does not have recorded enforced collection grounds or orders;
  • a certificate on the number of days the judgment debtor’s account has been blocked (as at the specific date or during the specific period); 
  • a certificate on total outstanding liabilities to individual judgment creditors;
  • an overview of number of executed and partially executed enforced collection orders;
  • an overview of the number of non-executed enforced collection orders;
  • a certificate about the priority order of the claim.

The Consumer Protection Policy of the CBCG is aimed at improving the regulatory framework and ensuring an adequate level of protecting rights of consumers’ (consumer loan users) through monitoring the compliance with applicable legislation and good business practices of creditors (banks and financial service providers) in their relations with customers.


To provide assistance to consumers in attaining their rights and interests, the CBCG has established a consumer protection institute through a separate organizational unit - the Financial Consumer Protection Service.


If you deem that the creditor has not complied with the obligations from the concluded contract or that any of your statutory rights have been violated, you may file a written complaint to the creditor’s organisational unit or body responsible for deciding on complaints filed by clients. The creditor is obliged to respond to the complaint immediately and in more complex cases within eight days as of the date of filing the complaint.


If the creditor does not decide on the consumer’s complaint within the prescribed deadlines or rejects the complaint, the consumer may submit a request the CBCG to conduct the supervisory procedure of the creditor and credit intermediaries.


The request for conducting the supervisory procedure may be submitted in writing to the following address:


Centralna banka Crne Gore

Bulevar Sv. Petra Cetinjskog 6

Podgorica



Additional information


For any additional information or questions concerning the areas within the CBCG`s jurisdiction, please email your inquiry to info@cbcg.me. We will do our best to respond as soon as possible.