CBCG Council Meeting

27/12/2024

At today’s session, the Council of the Central Bank of Montenegro, chaired by the CBCG Governor, Ms Irena Radović, adopted the Financial Plan of the Central Bank of Montenegro (CBCG) with the Investment Plan and the Cash Flow Plan for 2025. Adopting these documents provides the conditions for realising the vision and goals defined by the recently adopted CBCG Strategic Plan 2025-2028. The financial plan of the CBCG for 2025 has a developmental character. It supports improving the CBCG operations and its long-term development through modernisation of operations, innovation, research and development.

The CBCG Council adopted the CBCG Macroeconomic Report for the third quarter of 2024. The Report states that MONSTAT’s preliminary data point to real GDP growth of 3.1% from January to September 2024. Data for the first nine months of 2024 show positive trends in the transport, trade and construction sectors while tourism and industrial production declined.

Data on banking operations for the first nine months of the current year show that the banking sector operated safely and stably, with annual growth in key balance sheet positions.

Based on the Inflation Report for Q3 2024, adopted at today’s meeting, consumer prices grew 0.3% during Q3 2024. The Report further states that inflation in 2024, according to the projection of the CBCG model, will range from 2.6% to 4.3%, with a central projection of 3.3%. According to the CBCG expert assessment, this year’s inflation rate will range from 2% to 3%, with a central projection of 2.5%.

The Council adopted acts governing the internal audit work of the CBCG, aligning them with global internal audit standards, the implementation of which will start on 9 January 2025.

In addition, the Council adopted the decision issuing a license to the microcredit financial institution “Mikrokreditiranje” DOO Podgorica.

In addition to these materials, the Council also discussed other ongoing issues within its competence.