Governor Žugić meets the Head of the EBRD Resident Office in Montenegro: Potential and need for intensifying cooperation


The Governor of the Central Bank of Montenegro (CBCG), Mr Radoje Žugić, met today with the Head of the Resident Office of the European Bank for Reconstruction and Development (EBRD) in Montenegro, Jaap Sprey.

Governor Žugić informed Mr Spray about the effects of the measures implemented by the CBCG. These measures include preserving financial stability since the beginning of the COVID-19 pandemic, and measures at strengthening the CBCG function in providing liquidity in case of fast liquidity sources need. Moreover, they include liquidity support to the most vulnerable who lost their job or faced a wage reduction and support in maintaining the liquidity of legal entities, especially those in tourism and agriculture.

The Head of the EBRD Office pointed out the strong partnership the EBRD is developing with institutions and the private sector in Montenegro. He also said that the EBRD was available to deepen cooperation given the estimated impact of the COVID-19 pandemic on the Montenegrin economy.

In this regard, during the meeting, they discussed the possibilities and potential modalities of cooperation between the EBRD and the CBCG in implementing the Asset Quality Review (AQR) project, the implementation of instant payments and digitalisation of enforced collection, as the key CBCG projects planned for next year.