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11/03/2019

The Council of the Central Bank of Montenegro (CBCG) held its forty-first meeting chaired by the Governor, Radoje Žugić.

The Council also discussed and adopted the Report on the Central Bank of Montenegro Business Activities and Policy Implementation for January 2019. The Report noted that the activities of the CBCG conducted in this period had been implemented in line with the Central Bank Work Programme for 2019.

The Council members were also informed on the activities of the interim administration in the Atlas Bank and of the bankruptcy administrator in the Invest Bank Montenegro.

At today’s meeting, the Council passed the Decision Amending the Decision on Credit Registry. The passed amendments provide with the preconditions for the banks under bankruptcy or liquidation proceeding to comply with the obligation to report to the CBCG Credit Registry.

The Council also passed the Decision Amending the Decision on Keeping Separate Records on Foreign Current and Capital Transactions and Their Reporting to the Central Bank of Montenegro. Compared to currently applicable Decision, this Decision lays down new reporting forms for foreign trade in services related to performing construction (investment) works in the country and abroad and to loans referring to commercial transactions and service providing (trade loans). This provides further alignment of balance of payment and external debt statistics with international standards and obligations defined in the pre-accession negotiations.

On today’s meeting, the Council issued the licence to the factoring company Faktor ONE. This company performed factoring operations as at the date when the Law on Financial Leasing, Factoring, Purchase of Receivables, Micro-Lending and Credit-Guarantee Operations entered into force (11 May 2018). Consequently, the company was obliged to bring its organisation, internal documents and operations into compliance with the provisions of the Law on Financial Leasing, Factoring, Purchase of Receivables, Micro-Lending and Credit-Guarantee Operations within six months following the day this entry into force, which it complied with.

By considering the Banking Ombudsman Annual Report 2018, the Council members were informed of the protection of financial rights of clients and guarantors in our banking sector and of the activities of the Ombudsman and other entities on the protection of these rights.

At the session held today, the Council also discussed other current issues under its competence.