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10/11/2017

The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, PhD, and the associates met with the mission of the International Monetary Fund (IMF) today, headed by Mr Martin Petri, Head of IMF Mission to Montenegro, who is visiting our country in order to collect information needed for the preparation of regular missions under Article IV of the IMF Articles of Agreement.

Governor Žugić briefed the IMF representatives with the latest indicators of the banking sector, which confirm the continuous improvement of the financial system in Montenegro. While categories of assets, capital, loans and deposits recorded growth, the level of non-performing loans is continuously decreasing and currently stands at 7.4%. The level of non-performing loans was reduced to more than EUR 10 million through the intensification of activities related to the implementation of the amendments to the Law on Voluntary Financial Restructuring. In addition, the macroeconomic trends recorded this year, as well as the fiscal consolidation resultes, are positive and encouraging, said the Governor.

As for the CBCG activities, they are currently and predominantly focused on improving the regulatory framework governing the banking sector, which will ensure harmonization of domestic with the EU regulations, as well as strengthen the resilience of banks and the overall real sector to potential risks.

The IMF delegation is staying in Montenegro until 15 November 2017, when the scope of the topics for the upcoming Mission will be defined in accordance with Article IV.