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24/01/2024

The Law Amending the Central Bank of Montenegro Law, which the Parliament of Montenegro adopted on 29 December 2023, established a different treatment of unrealised revaluation profits and losses for financial assets measured at fair value through other comprehensive income of not covering but keeping them on the account of unrealised revaluation reserves until the moment of their sale or maturity. It created the conditions for distributing the 2022 CBCG financial result. Thus, the Council of the Central Bank of Montenegro adopted the Decision on Allocating the CBCG Profit for 2022.

According to the Decision, 50% of the CBCG profit from 2022, amounting to 2.6 million euros, is transferred to the state budget, while the remaining 2.6 million euros is distributed to the general CBCG reserves. It contributes to the state budget’s liquidity and strengthens the capital position of the CBCG.

The Council of the Central Bank of Montenegro proposed to appoint Ivana Joličić, Head of the Directorate for Regulation within the Supervision Department of the CBCG, as a member of the Management Board of the Deposit Protection Fund. According to the Deposit Insurance Law, the President of Montenegro appoints the members of the Management Board.

The Council also adopted a decision on issuing approval for payment services provision to the payment institution “Alta Pay Group” d.o.o. Budva, with the registered office in Budva, and discussed other issues within its jurisdiction.