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09/02/2017

The Central Bank of Montenegro passed a new Decision on Keeping Separate Records on Foreign Current and Capital Transactions and their Reporting to the Central Bank of Montenegro. Pursuant to the Decision, residents – legal persons are obliged to keep separate records on foreign current and capital transactions and submit information from the records in prescribed forms and timeframes to the CBCG. 

Compared to the decision which was previously in force, the main change is that the forms are submitted to the Central Bank on a quarterly and annual basis electronically, via Internet portal of the Central Bank titled “Resident Reporting”, in line with the user instruction regarding the resident reporting on foreign current and capital transactions, which is published on the Central Bank’s web site. 

Residents – legal persons shall submit to the Central Bank the information from the separate records on direct investments, foreign credit operations, and residents` foreign account balances and turnover. In addition, information under this Decision shall also be submitted to the Central Bank by: subsidiaries of foreign companies registered with the competent authority in Montenegro, entrepreneurs and natural persons – residents, classified by the type of entity in line with this decision. Such manner of reporting will enable recording the balance of direct investments and private external debt, increase the comprehensiveness and quality of the balance of payment statistics.

Residents shall be held responsible for the accuracy of information under this decision and they shall allow the verification of accuracy of this information at the Central Bank’s request. The Central Bank shall use the information specified in this decision for the purpose of compiling the balance of payments statistics, and for the purpose of monitoring the private external debt balance. The Central Bank shall make the information public only in aggregate form.

The adopted Decision and the relevant forms are available here.