Excellent cooperation between the Central Bank of Montenegro and the World Bank

31/01/2020

Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, and his associates met today with the Executive Director of the World Bank's Dutch Constituency, Mr. Koen Davidse.

Governor Žugić briefed Mr. Davidse on the current economic situation in the country, focusing in particular on the banking sector's condition. He said that the banking system was stable and that the vulnerabilities from the previous period were resolved, with positive trends in all balance sheet positions at the system level. The Governor also informed Director Davidse on the activities of the CBCG regarding the improvement of legislation, conducting an independent asset quality review (AQR) in Montenegro, and the prevention of money laundering. He noted that the CBCG was entirely “dedicated to the implementation of the activities mentioned above and of other activities that would contribute to an even stronger, more stable and healthier banking sector”.

Director Davidse pointed out that the World Bank was highly satisfied with the cooperation with the CBCG, and that they particularly welcomed efforts on implementing AQR and on the prevention of money laundering. Davidse added that Montenegro had good economic prospects, but that the challenge of slowed global growth should certainly be kept in mind.

Montenegro is a member of the Dutch Constituency representing the interests of Montenegro in the World Bank and comprising 12 other countries: the Netherlands, Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Moldova, Northern Macedonia, Romania, and Ukraine.