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08/07/2013

The Governor of the Central Bank of Montenegro, Mr. Milojica Dakić, and his associates, met Mr. Frank Heemskerk on his first official visit to Montenegro since his appointment as the Executive Director of the Dutch Constituency in the World Bank on 8 April 2013. In addition to Montenegro, Mr. Heemskerk represents the interests of 13 other countries in the World Bank.

The meeting focused on the current economic and financial situation in Montenegro, with a particular overview of the situation in the banking sector.

The Governor highlighted that the banks are liquid and solvent, that a number of banks has been recapitalised in the previous year and that there is an upward trend in deposits and loans. He also pointed out that the annual inflation rate in May this year amounted to 3% and that the estimated GDP growth in Q1 amounted to 4.3%. Mr. Heemskerk commended the CBCG efforts on preserving the stability of the banking system and emphasized the importance of the fact that a relatively low inflation rate has been preserved.

The Governor also expressed his gratitude for the support that Montenegro and the CBCG has been continuously receiving from the World Bank through various investment projects.

It was stated at the meeting that on 1 August Montenegro will take over the advisory position in the office of the Executive Director of the World Bank for the first time since becoming a member of the World Bank Group in 2007. The envisaged term of office for this advisory position is two years.