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23/01/2018

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

The Governor Žugić presented to Mr Sprey the situation in the banking sector, with all business parameters being improved in the previous year, as well as the system itself concerning the higher level of stability and security. The Governor pointed out the CBCG will continue to give full support to the fiscal consolidation objectives and measures through its numerous activities during the current year, which have already come to life and give their first expected results, both in the field of harmonization of the regulatory framework with the best standards and practices of the European central banking, as well as through strengthening of their supervisory and institutional capacities.

The CBCG Governor stressed that, despite the observed vulnerabilities in the system that were treated and evidently reduced in the previous period, the Montenegrin economy is promising, and also expressed his expectations that the EBRD will support further strengthening of the competitiveness of the Montenegrin economy, i.e. contribute to enhancing the value of its numerous resources in the forthcoming period through its initiatives and projects.

Mr Spray congratulated the Governor and the CBCG on the contribution the Central Bank made by taking all the necessary measures under its competence in order to strengthen confidence in the overall financial system, which, as he said, will certainly contribute to the additional increase in the confidence of international financial institutions and foreign investors in Montenegro.

EBRD is the largest financial investor in Montenegro as it invested more than EUR 530 million in about 50 projects since 1991. The current portfolio for our country amounted to around EUR 350 million.

In Montenegro, the EBRD is focused on strengthening the competitiveness of the private sector including the tourism sector, further integration of the economy into the region through better roads and energy networks, and the promotion of the green economy through the development of sustainable energy and resource efficiency. The current strategy of EBRD for Montenegro also points out the importance of access to finance for businesses including SMEs and the EBRD is ready to expand its cooperation with the local banking sector through dedicated and targeted credit lines.