CBCG Council Meeting: CBCG Transfers 4.9 Million Euros of Profit to the State Budget
15/04/2025
The Council of the Central Bank of Montenegro held a meeting today chaired by Governor Irena Radović.
The Council members discussed and adopted the Annual Financial Statements with the Independent External Auditor’s Report for 2024.
Data from the financial statements show that the CBCG recorded a net profit of 12.2 million euros in 2024. According to the Decision on Allocating the CBCG Profit for 2024, which the Council adopted today, 4.9 million euros will be allotted to the State Budget, and the remaining amount will be distributed to the general and special CBCG reserves. Such distribution contributes to the state budget’s liquidity, strengthens the CBCG’s financial position, and provides funds for implementing the CBCG’s strategic projects, such as introducing a modern instant payment system in Montenegro.
The objectivity and quality of the reported results were also confirmed by the positive opinion of the independent external auditor, who assessed that “the attached financial statements truthfully and objectively show the Central Bank’s financial condition as of 31 December 2024, the operating results and cash flows for the year ending on that day, in accordance with International Financial Reporting Standards.”
It is important to note that the independent external auditor did not give recommendations to the institution’s financial operations for the fourth consecutive year. It additionally confirms the quality of the CBCG’s financial reports and the transparency of the institution’s operations.
At today’s meeting, the Council approved the draft of the Law Amending the Bank Bankruptcy and Liquidation Law, which the CBCG expert team prepared. These changes aim further to harmonise the national regulations with the EU legislation. They are significant in fulfilling the obligations from the negotiation chapter 9 - Financial Services. The proposed changes enhance banks’ bankruptcy and liquidation procedures, harmonising them with EU countries’ practices and regulatory frameworks.
The Annual Report on the Payment Systems Oversight for 2024, which the Council also discussed today, stated that the availability of the CBCG payment system in the previous year was 99.94%, while the number and value of executed transactions increased by 7% and 12.9%, respectively, compared to 2023. This level of efficiency and stability of payment systems is a strong basis for successfully migrating the domestic payment system to the latest ISO 20022 standard and implementing the announced TIPS Clone project.
At today’s meeting, the Council adopted the Governor’s Report on Operations and Implementation of the CBCG Policy for February 2025, quarterly reports on the operations of banks and non-banking institutions (for Q4 2024), annual reports on the progress of bankruptcy proceedings for Atlas banka AD Podgorica in bankruptcy and Invest banka Montenegro AD Podgorica in bankruptcy and other current issues.