IMF Mission Visits Montenegro

17/06/2019

The International Monetary Fund (IMF) team, led by Mr Srikant Seshadri, Head of the IMF Mission to Montenegro, is staying in Podgorica from 17 to 28 June with the aim of conducting regular consultations under Article IV of the IMF Articles of Association. Specifically, according to the above mentioned Article, the IMF conducts regular consultations with all member states. 

On the first day of the visit, the IMF representatives had a meeting with the Governor of the Central Bank of Montenegro, Mr Radoje Žugić and his associates.

Governor Žugić briefed representatives of the IMF with key trends that characterise the banking sector in Montenegro. "Since December 2018, when the issue in Atlas and IBM Bank started to be resolved, by the end of May 2019, all key banking parameters recorded positive tendencies" said Governor Žugić, adding that in the aforementioned period banks’ assets at the systemic level grew by almost 4%, loans grew by more than 7%, deposits grew almost 3%, and capital exceeded 5%. The profitability of banks increased by almost 23% in the same period.  

The Governor also presented the activities that CBCG is carrying out in the area of improving the regulatory framework and strengthening supervision, especially in prevention of money laundering, as well as the activities aimed at improving payment system operations. 

The overall economic situation in the country and the fiscal and monetary policy measures will be analysed and evaluated during the Mission’s visit, and the prospects and projections for the upcoming period will be discussed, alongside other relevant topics. 

The findings of the Mission will be presented to the public on 28 June, when a joint media conference of the IMF, the Ministry of Finance and the CBCG will be held.