A Meeting with the Executive Director of the Belgian-Dutch Constituency in the IMF Held
14/09/2017
The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD with the associates met with the Executive Director of the Belgian-Dutch Constituency in the International Monetary Fund (IMF), Mr Anthony De Lannoy, who was for the first time in the official visit to Montenegro.
After receiving a welcome and gratefulness on the so far, very successful cooperation with the IMF, Governor Žugić introduced to Director De Lannoy the basic macroeconomic indicators and the situation in the financial sector, as well as the CBCG plans and activities related to further strengthening of financial stability.
The governor pointed out that, according to preliminary data, in the first half of the year, the growth was about 4%, and expressed the belief that the official data will confirm even higher growth rate, and that this trend will continue until the end of this year and in the course of the next year, as projected by the CBCG.
Speaking about the banking sector, the governor stated that the same is stable, that liquidity and solvency are above the prescribed level, and that the previous year and this year are characterized by continuous growth of assets, capital and deposits. On the other hand, interest rates and the level of non-performing loans are in continuous decline. Governor Žugić informed Mr De Lannoy about the activities that CBCG is implementing in terms of improving the process of financial restructuring, in order to free up the potential for credit growth and interest rate cuts, which would provide even stronger support to the real sector.
De Lannoy appreciated hospitality and said that Montenegro, although the smallest member of the Belgian-Dutch Constituency, significantly contributes to the work of this organization. De Lannoy also mentioned that the IMF recognizes the quality of Montenegro's macroeconomic, monetary and fiscal policy and thanks to which it makes continuous progress in these areas.
Montenegro is a member of the Belgian-Dutch Constituency representing the Montenegrin interests in the IMF, which it is composed of 14 other countries: the Netherlands, Belgium, Luxembourg, Armenia, Bosnia and Herzegovina, Croatia, Israel, Macedonia, Bulgaria, Cyprus, Georgia, Moldova, Romania and Ukraine.