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21/06/2017

Central Bank of Montenegro, as the institution accountable for balance of payment statistics, and in accordance with the Law on Foreign Current and Capital Transactions, passed the Decision on keeping separate records on foreign current and capital transactions and their reporting (“Official Gazette of Montenegro” No. 8/17).

Pursuant to the Decision, the residents are obligated to provide the CBCG with the data on direct investments, foreign credit operations as well as the balance and turnover on foreign accounts. Once received, the CBCG compiles them in line with the Law on Official Statistics and System of Official Statistics. The number of foreign direct investments and private foreign debt is determined in such way and these statistical data are being used for planning and implementing economic policy measures.

In accordance with the aforementioned Decision, the residents were obligated to provide the Central Bank with the data on direct investments and foreign credit transactions for 2016 in electronic form, using the CBCG website section “Residents Reporting” by 28 April 2017. Simultaneously, the residents were also obligated to provide the CBCG with the data on balance and turnover on foreign accounts on a monthly basis, by the tenth day in a month for the previous month at the latest.

Having in mind the fact that a number of legal entities did not provide the required data in specified terms, the CBCG hereby appeals to those entities to provide the required data in the shortest possible term. Otherwise, the CBCG will be forced to file a request for initiation of offence proceedings against those ignoring the appeal and not performing their legal obligations. The Article 88 of the Central Bank of Montenegro Law prescribed the fine of EUR 10,000 for those not providing the required data. Please note that paying the fine does not release the entity from performing its legal obligation to provide the required data.

The list of legal entities that have not provided the required data in the specified terms is being prepared and will be posted on the CBCB website shortly.

We also mention that the CBCG is obliged to use the received data exclusively for statistical purposes, keeping them confidential, with the aim of protecting survey participants and in line with the Law on Official Statistics and System of Official Statistics.

The reporting forms are enclosed with the Decision on keeping separate records on foreign current and capital transactions and their reporting and can be downloaded on the Central Bank of Montenegro website at the following link.