Centralna banka Crne Gore Central Bank of Montenegro Bilten Centralne banke Crne Gore Decembar Bulletin of Central Bank of Montenegro December 2

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1 Centralna banka Crne Gore Central Bank of Montenegro Bilten Centralne banke Crne Gore Bulletin of Central Bank of Montenegro

2 IZDAVAČ: WEB ADRESA: Centralna banka Crne Gore Bulevar Svetog Petra Cetinjskog br Podgorica telefon / fax / SAVJET CENTRALNE BANKE: dr Radoje Žugić, guverner dr Nikola Fabris, viceguverner Miodrag Radonjić, viceguverner dr Milorad Jovović Ruždija Tuzović dr Nikola Milović dr Zorica Kalezić GRAFIČKO UREĐIVANJE: Odjeljenje za publikacije Podaci objavljeni u ovom Biltenu su preliminarni i moguće su korekcije nakon dobijanja konačnih podataka. Molimo korisnike ove publikacije da prilikom korišćenja podataka iz izvještaja obavezno navedu izvor. Bilten Centralne banke Crne Gore ii

3 PUBLISHED BY: WEBSITE: CENTRAL BANK COUNCIL: Central Bank of Montenegro Bulevar Svetog Petra Cetinjskog Podgorica Telephone: Fax: Radoje Žugić, PhD, Governor Nikola Fabris, PhD, Vice-Governor Miodrag Radonjić, Vice-Governor Milorad Jovović, PhD Ruždija Tuzović Nikola Milović, PhD Zorica Kalezić, PhD TRANSLATED BY: DESIGNED BY: Translation Services Division Publications Division Data published in this Bulletin are preliminary and subject to revision as final data become available. Users of this publication are requested to make reference to the source of information whenever they use data from the Report. iii Bulletin of Central Bank of Montenegro

4 Bilten Centralne banke Crne Gore predstavlja mjesečnu publikaciju koju priprema Centralna banka Crne Gore. Bilten je pregled najvažnijih statističkih podataka koji predstavljaju dobru bazu za sadašnje i buduće analize kretanja u crnogorskom bankarstvu i privredi. Osnovni akcenat je na podacima čiji je izvor Centralna banka Crne Gore, vezanim za monetarna kretanja, bankarski sistem, platni bilans i platni promet. Takođe je napravljena statistička baza drugih makroekonomskih pokazatelja iz realnog i fiskalnog dijela, emisije državnih zapisa i tržišta kapitala, kao i neki uporedni podaci o zemljama koje su u procesu Evropskih integracija. Sadržajno se sastoji iz dva dijela: kratkog pregleda kretanja i statističkog pregleda sa metodološkim objašnjenjima tabela. Bilten Centralne banke Crne Gore iv

5 The Bulletin of Central bank of Montenegro is a monthly publication prepared by the Central Bank of Montenegro. Bulletin has been envisaged as an overview of the most important statistical data that represent a good base for current and future analyses of developments in the Montenegrin banking system and economy. The emphasis was put on data whose source is the Central Bank of Montenegro and which are related to monetary developments, banking developments, the balance of payments, and the payment operations. There is also a statistical base of other macroeconomic indicators in the real and the fiscal sphere, issued Treasury bills and the capital market, as well as some comparative data on countries undergoing the European integration process. The content consists of two parts: a short overview of developments and a statistical overview with methodological explanations of tables. v Bulletin of Central Bank of Montenegro

6 Sadržaj MAKROEKONOMSKA KRETANJA 8 STATISTIČKI BILTEN 30 Monetarna statistika 30 Statistika kamatnih stopa 38 Emisija državnih zapisa 40 Tržište kapitala 40 Platni bilans 44 Platni promet 46 Realni sektor 48 Fiskalni sektor 50 Bilten Centralne banke Crne Gore vi

7 Contents MACROECONOMIC ENVIRONMENT 9 STATISTICAL BULLETIN 31 Monetary Statistics 31 Interest Rates Statistics 39 Issued Treasury bills 41 Capital Market 41 Balance of Payments 45 Payment System Transactions 47 Real Sector Developments 49 Fiscal Developments 51 vii Bulletin of Central Bank of Montenegro

8 Makroekonomska kretanja Inflacija se nalazi na projektovanom nivou. Registrovan je porast aktivnosti u oblasti turizma i industrijske proizvodnje, dok je nivo aktivnosti opao u šumarstvu. Situacija u bankarskom sistemu u novembru je nepromijenjena u odnosu na prethodni mjesec. Kretanje cijena 1 Potrošačke cijene su u novembru godine u odnosu na prethodni mjesec, zabilježile rast od 0,2%. Najveći rast cijena zabilježen je u kategoriji hrana i bezalkoholna pića (0,7%), najviše zbog rasta cijena povrća (5,3%). Rast cijena zabilježen je i u kategorijama: stanovanje, voda, struja, gas i druga goriva, rekreacija i kultura i ostala dobra i usluge po (0,2%) i alkoholna pića i duvan (0,1%). Mjesečni pad cijena zabilježen je u kategorijama: prevoz (-0,7%), namještaj, oprema za domaćinstvo i rutinsko održavanje stana (-0,2%) i odjeća i obuća (-0,1%). Cijene su ostale nepromijenjene u kategorijama: zdravlje, komunikacije, obrazovanje i hoteli i restorani. Godišnja inflacija u novembru godine, mjerena potrošačkim cijenama iznosila je 2%, dok je inflacija mjerena harmonizovanim indeksom potrošačkih cijena iznosila 1,7%. Grafik br. 1 Potrošačke cijene Izvor: MONSTAT 1 Preliminarni podaci Bilten Centralne banke Crne Gore 8

9 Macroeconomic environment Inflation is within the projected framework. Tourism and industrial production picked up pace whereas forestry saw a decline. As for the situation in the banking sector, we saw no changes in November as compared to the previous month. Prices 1 In November 2018, consumer prices recorded the month-on-month increase of 0.2%. The highest price increase was recorded by the categories: food and non-alcoholic beverages (0.7%), mainly due to a 5.3% increase in the prices of vegetables. Monthly price growth was recorded in the categories of housing, water, electricity gas and other fuels (0.2%), miscellaneous goods and services (0.2%), and alcoholic beverages and tobacco (0.1%). Month-onmonth decline was seen in the categories: transport (-0.7%), furnishing, household equipment and routine household maintenance (-0.2%), and clothing and footwear (-0.1%). Prices remained unchanged in the categories of health care, communications, education, and hotels and restaurants. The annual CPI inflation amounted to 2%, while the HICP inflation amounted to 1.7% in November Graph 1 Consumer prices Source: Monstat 1 Preliminary data 9 Bulletin of Central Bank of Montenegro

10 Cijene proizvođača industrijskih proizvoda 2 Cijene proizvođača industrijskih proizvoda su u novembru godine ostvarile rast od 0,1% u odnosu na prethodni mjesec, zbog rasta cijena u sektoru prerađivačka industrija (0,2%). Pad cijena je zabilježen u sektoru vađenje ruda i kamena (-0,2%), dok u sektoru snabdijevanje električnom energijom, gasom i parom nije bilo promjena u odnosu na oktobar godine. Na godišnjem nivou, cijene proizvođača industrijskih proizvoda zabilježile su rast od 2,9%, zbog rasta cijena u sva tri sektora: prerađivačka industrija od 2,4%, snabdijevanje električnom energijom, gasom i parom od 4,4% i vađenje ruda i kamena 1,3%. Grafik br. 2 Cijene proizvođača industrijskih proizvoda Izvor: MONSTAT Industrijska proizvodnja 3 U novembru godine industrijska proizvodnja zabilježila je rast od 14,1% u odnosu na prethodni mjesec. Rast proizvodnje je zabilježen u sektorima prerađivačka industrija (15,9%) i snabdijevanje električnom energijom, gasom i parom (17,6%), dok je u sektoru vađenje ruda i kamena zabilježen pad proizvodnje (-7,5%). Industrijska proizvodnja je u prvih jedanaest mjeseci godine, u odnosu na isti period godine, zabilježila rast od 22,8%. Rast proizvodnje je zabilježen u sektorima prerađivačka industrija (10,1%) i snabdijevanje električnom energijom, gasom i parom (70,2%). Pad proizvodnje zabilježen je u sektoru vađenje ruda i kamena (-21,6%). U prerađivačkoj industriji, u uporednom periodu, devet oblasti bilježi rast proizvodnje pri čemu je najveći rast zabilježen u oblasti proizvodnja proizvoda od ostalih nemetalnih minerala (53,1%), zatim proizvodnja namještaja (24,3%), proizvodnja hemikalija i hemijskih proizvoda (19,6%), proizvodnja prehrambenih proizvoda (8,5%), proizvodnja odjevnih predmeta (4,9%), proizvodnja osnovnih metala (2,4%), proizvodi od drveta, plute i sl. (2,1%), proizvodnja mašina i opreme na drugom mjestu nepomenute (1,3%) i proizvodnja metalnih proizvoda, osim mašina i uređaja (1%). Najveći pad ostvaren je u oblasti proizvodnja kože i predmeta od kože (-77,8%), a najmanji u oblasti proizvodnja proizvoda od gume i plastike (-0,3%). U oblasti proizvodnja duvanskih proizvoda u novembru nije zabilježena proizvodnja. 2 Preliminarni podaci 3 Preliminarni podaci Bilten Centralne banke Crne Gore 10

11 Producers prices of manufactured products 2 In November 2018, the producers prices of manufactured products recorded monthly growth of 0.1% due to price increase in manufacturing industry (0.2%). The prices in the mining and quarrying sector dropped by 0.2% while those in the electricity, gas and steam supply sector remained unchanged if compared month-on-month. The producers' prices of manufactured products recorded the annual growth of 2.9% due to price increase in all three sectors: manufacturing industry (2.3%), electricity, gas and steam supply (4.4%) and mining and quarrying (1.3%). Graph 2 Producers' prices of manufactured products Source: Monstat Industrial output 3 Industrial output recorded the month-on-month increase of 14.1% in November Output growth was recorded in manufacturing industry and electricity, gas and steam supply sectors of 15.9% and 17.6%, respectively, while the mining and quarrying sector recorded output decrease of -7.5%. In the first eleven months of 2018, industrial output recorded the year-on-year growth of 22.8%. Output increase was recorded in manufacturing industry (10.1%), and electricity, gas and steam supply (70.2%). Prices in the mining and quarrying sector recorded price decline of -21.6%. Seven branches of manufacturing industry recorded output growth in the comparative period, with the highest being recorded in the production of other non-metal mineral products (53.1%), followed by the production of furniture (24.3%), the production of chemicals and chemical products (19.6%), the production of food products (8.5%), the production of apparel (4.9%), the production of basic metals (2.4%), the production of wood products, cork and the like (2.1%), the production of machinery and equipment otherwise not mentioned (1.3%), and the production of metal products other than machinery and equipment (1%). The biggest decline was recorded in the production of leather and leather products (-77.8%), while the lowest was in the production of rubber and plastic products (-0.3%). The production of tobacco products did not record any production in November Preliminary data 3 Preliminary data 11 Bulletin of Central Bank of Montenegro

12 Grafik br. 3 Industrijska proizvodnja Izvor: MONSTAT Šumarstvo U šumarstvu je u prvih jedanaest mjeseci godine, proizvedeno ukupno m³ šumskih sortimenata, što je za 15% 4 manje nego u istom periodu godine. Turizam Broj dolazaka turista, u kolektivnom smještaju 5, u prvih jedanaest mjeseci godine iznosio je što je za 13% više u odnosu na isti period prethodne godine. Ukupno je ostvareno 4,1 miliona noćenja, što je za 8,4% više nego u istom periodu godine. Tržište rada U novembru godine, prema evidenciji MONSTAT-a, bilo je zaposleno lica, što je za 0,1% više u odnosu na prethodni mjesec, a za 9,4% više u odnosu na novembar godine. Najveći broj lica zaposlen je u sljedećim djelatnostima: trgovina na veliko i malo, popravka motornih vozila i motocikala (19,7%), državna uprava i odbrana, obavezno socijalno osiguranje (11,2%), obrazovanje (7,7%), usluge smještaja i ishrane (7,6%), građevinarstvo (6,8%), zdravstvena i socijalna zaštita i prerađivačka industrija po (6,5%), saobraćaj i skladištenje (6,2%) i administrativne i pomoćne uslužne djelatnosti (6%). Broj nezaposlenih lica u novembru godine u odnosu na prethodni mjesec veći je za 2,3%, a u odnosu na isti mjesec prethodne godine manji je za 17,9%. Prosječne bruto i neto plate su u novembru godine u odnosu na prethodni mjesec veće za 0,4%. Prosječna realna zarada bez poreza i doprinosa u novembru godine zabilježila je rast od 0,2% na mjesečnom nivou. 4 Iskazano ponderisanim indeksom, a neponderisanim proizvodnja je manja 13,9% za isti period. 5 MONSTAT, shodno EU regulativi 692/2011, od februara godine na mjesečnom nivou objavljuje podatke o dolascima i noćenjima turista samo za kolektivni smještaj. Bilten Centralne banke Crne Gore 12

13 Graph 3 Industrial output Source: Monstat Forestry Some 281,243 m³ of wood products were produced in the first eleven months of 2018, which was 15% 4 less than in the same period of the previous year. Tourism In the first eleven months of the current year, the number of occupancy of tourist accommodation establishments 5 amounted to 1,044,999, which is the year-on-year increase of 13%. Tourist overnights amounted to 4.1 million, which is the year-on-year increase of 8.4%. Labour market Monstat records show that there were 194,756 employed persons in November 2018, which is the month-on-month increase of 0.1% and no less than 9.4% year-on-year increase. The highest number of persons was employed in the wholesale and retail trade; repair of motor vehicles and motorcycles (19.7%), public administration and defence, compulsory social security (11.2%), education (7.7%), accommodation and food service activities (7.6%), construction (6.8%), human health and social work activities (6.5%), manufacturing industry (6.5%), transport and warehousing (6.2%), and administrative and ancillary service activities (6%). Unemployment rose 2.3% m-o-m in November 2018 yet it declined year-on-year by 17.9%. In November 2018, the average gross and net wages and salaries recorded an increase of 0.4% each as compared to the previous month. The average real wage and salary without taxes and contributions recorded monthly increase of 0.2% in November this year. 4 Presented in the weighted index, while presented in the non-weighted index the output was 13.9% lower in the same period. 5 In line with the Regulation (EU) No. 692/2011, as of February 2017, Monstat has started publishing monthly data on tourist arrivals and overnights only for tourist accommodation establishments. 13 Bulletin of Central Bank of Montenegro

14 Grafik br. 4 Struktura zaposlenih po sektorima, novembar godine Izvor: MONSTAT Ukupna aktiva i pasiva banaka Bilansna suma banaka na kraju novembra godine iznosila je 4.405,8 miliona eura i manja je nego na kraju prethodnog mjeseca za 0,1%, dok u odnosu na novembar godine bilježi rast od 6,9%. U strukturi aktive banaka, u novembru godine dominantno učešće od 67,8% ostvarili su ukupni krediti, nakon kojih slijede novčana sredstva i računi depozita kod centralnih banaka sa 18,4%, dok se 13,8% odnosilo na preostale stavke aktive. U strukturi pasive, dominantno učešće od 78,4% ostvarili su depoziti, nakon kojih slijedi kapital sa 12%, pozajmice sa 6,7%, dok se na ostale stavke odnosilo 2,9% ukupne pasive. Ukupan kapital banaka na kraju novembra godine iznosio je 526,5 miliona eura i bilježi rast od 0,8% na mjesečnom nivou, dok na godišnjem nivou bilježi rast od 0,5%. Krediti Ukupno odobreni krediti banaka na kraju novembra godine iznosili su 2.986,8 miliona eura i bilježe rast na mjesečnom nivou od 0,1% i rast od 9,9% na godišnjem nivou. Koeficijent krediti/depoziti iznosio je 0,87 na kraju novembra godine, i viši je nego u novembru godine kada je iznosio 0,85. Po osnovu kredita banke su na kraju novembra godine najviše (76%) potraživale od nefinansijskog sektora i stanovništva 6. 6 Od juna godine podaci u okviru monetarne statistike sastavljaju se u skladu sa novom metodologijom. Bilten Centralne banke Crne Gore 14

15 Graph 4 Employment structure by sectors, November 2017 Source: Monstat Total assets and liabilities of banks At end-november 2018, total assets and liabilities of banks amounted to 4,405.8 million euros, recording the month-on-month decrease of 0.1% and the year-on-year increase of 6.9%. In the structure of banks assets, total loans accounted for the main share with 67.8%, followed by cash and deposits with central banks with 18.4%, while other asset items accounted for the remaining 13.8%. In the structure of liabilities and capital, the main share of 78.4% referred to deposits, followed by capital with 12%, borrowings with 6.7%, while other liabilities items accounted for 2.9% of total liabilities. At end-november 2018, total capital of banks amounted to million euros and it recorded monthly growth of 0.8% and also the annual increase of 0.5%. Loans At end-november 2018, total banking loans amounted to 2,986.8 million euro, recording monthly growth of 0.1% and the annual increase of 9.9%. At end-november 2018, the loans to deposits ratio amounted to 0.87, and it was higher than a year ago when it amounted to Loans disbursed to the nonfinancial and household sectors accounted for the main share of 76% in banks` loan receivables as at end-november this year. 6 6 As of June 2018, monetary statistics data are compiled in accordance with the new methodology. 15 Bulletin of Central Bank of Montenegro

16 Grafik br. 5 Krediti i depoziti, u 000 eura Grafik br. 6 Krediti stanovništvu, nefinansijskom sektoru i ukupni krediti banaka, u 000 eura Depoziti Depoziti u bankama u novembru godine iznosili su 3.452,2 miliona eura, i manji su za 0,2% u odnosu na prethodni mjesec, dok u odnosu na novembar godine bilježe rast od 8,3%. U ročnoj strukturi ukupnih depozita na kraju novembra najveće učešće od 64% imali su depoziti po viđenju, dok su oročeni depoziti činili 34% ukupnih depozita. Preostalih 2% odnosilo se na sredstva na escrow računu. U strukturi ukupnih oročenih depozita najveće učešće imali su depoziti ročnosti od tri mjeseca do jedne godine (48%) i jedne do tri godine (38,9%). Tabela br. 1 Ročna struktura depozita, kraj perioda, % XI X XI Depoziti po viđenju 60,3 64,1 64,0 Oročeni depoziti 38,9 33,7 34,0 do tri mjeseca 1,5 2,1 1,4 od tri mjeseca do jedne godine 19,5 15,6 16,3 od jedne do tri godine 14,7 13,0 13,2 Preko tri godine 3,2 3,0 3,1 Sredstva na escrow računu 0,8 2,2 2 Bilten Centralne banke Crne Gore 16

17 Graph 5 Loans and deposits, in thousand euros Graph 6 Loans to households, nonfinancial sector, and total banking loans, in thousand euro Deposits Total bank deposits amounted to 3,452.2 million euros in November 2018, which is the month-on-month decline of 0.2% and the year-on-year increase of 8.3%. The maturity structure of total deposits shows that demand deposits accounted for the main share of 64% and time deposits accounted for 34% of total deposits. The remaining 2% referred to funds in escrow accounts. In the structure of time deposits, the highest share was of deposits with agreed maturity from 3 months up to one year (48%) and deposits with agreed maturity from one up to three years (38.9%). XI 2017 X 2018 XI 2018 Demand deposits Time deposits Up to 3 months From 3 months up to 1 year From 1 up to 3 years Over 3 years Funds in escrow accounts Table 1 Maturity structure of deposits, period-end, % 17 Bulletin of Central Bank of Montenegro

18 Posmatrano po sektorima, na kraju novembra godine u ukupnim depozitima dominirali su depoziti stanovništva sa 38,2%. Tabela br. 2 Sektorska struktura depozita, kraj perioda XI X XI XI X XI u 000 EUR u % Finansijski sektor ,1 1,0 0,9 Nefinansijski sektor ,3 32,2 31,4 Opšta vlada ,3 6,0 6,6 Stanovništvo ,0 37,9 38,2 Nevladine i druge neprofitne organizacije ,5 1,5 1,5 Nerezidenti ,8 21,4 21,4 UKUPNO DEPOZITI Depoziti stanovništva Depoziti stanovništva na kraju novembra godine iznosili su miliona eura i veći su za 0,6% u odnosu na prethodni mjesec, dok su u odnosu na novembar godine viši za 8,8%. U ročnoj strukturi depozita stanovništva depoziti po viđenju činili su 54,4%, a oročeni depoziti 45,6%. Grafik br. 7 Depoziti stanovništva po ročnosti, u 000 eura Likvidnost banaka Likvidna aktiva banaka u novembru godine iznosila je 982,8 miliona eura i bila je za 21,5 miliona eura ili 2,1% manja nego u prethodnom mjesecu, dok je u odnosu na novembar godine bila manja za 46,4 miliona eura ili 4,5%. U novembru godine koeficijenti likvidnosti za bankarski sistem u cjelini na dnevnom i dekadnom nivou bili su iznad propisanih minimuma, izuzev jedne banke koja je imala dnevne i dekadne koeficijente likvidnosti ispod propisanog nivoa. Bilten Centralne banke Crne Gore 18

19 Observed by sectors, household deposits accounted for the main share of 38.2% in total deposits at end-november XI 2017 X 2018 XI 2018 XI 2017 X 2018 XI 2018 in thousand euros in % Financial sector 33,552 34,796 32, Nonfinancial sector 1,060,495 1,113,227 1,083, General government 202, , , Households 1,212,650 1,312,454 1,319, Non-governmental and other non-profit institutions 47,687 49,934 49, Non-residents 632, , , Total deposits 3,188,553 3,459,041 3,452, Table 2 Structure of deposits by sectors, period-end Household deposits Total household deposits amounted to 1,320 million euros at end-november 2018 and they recorded the month-on-month growth of 0.6%, as well as the year-on-year growth of 8.8%. The maturity structure of household deposits shows that demand deposits accounted for 54.4% and time deposits accounted for the remaining 45.6%. Graph 7 Retail deposits by maturity, in million euros Banks Liquidity Liquid assets of banks amounted to million euros in November this year, which is the month-on-month decrease of 21.5 million euros or 2.1% and the year-on-year decrease of 46.4 million euros or 4.5%. In November this year, both daily and ten-day liquidity ratios for the entire banking system stood above the statutory minimum except those of one bank in the system whose respective ratios were below the prescribed minimum. 19 Bulletin of Central Bank of Montenegro

20 Obavezna rezerva Na kraju novembra godine ukupno izdvojena obavezna rezerva banaka kod Centralne banke iznosila je 253,4 miliona eura i bilježi pad od 4,9 miliona eura ili 1,9% na mjesečnom nivou, dok u odnosu na novembar godine bilježi rast od 20,8 miliona eura ili 8,9%. Od ukupnog iznosa izdvojene obavezne rezerve, na račun obavezne rezerve u zemlji izdvojeno je 55,3%, dok je na račun Centralne banke u inostranstvu izdvojeno 44,7%. Efektivna stopa obavezne rezerve mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita iznosila je 7,34% na kraju novembra tekuće godine i imala je veću vrijednost nego u novembru godine kada je iznosila 7,30%. Grafik br. 8 Izdvojena obavezna rezerva u 000 eura (lijeva skala), efektivna stopa obavezne rezerve, u % (desna skala) Mikrokreditne finansijske institucije (MFI) Ukupna bilansna suma MFI-a na kraju novembra godine iznosila je 65,4 miliona eura i u odnosu na prethodni mjesec bilježi pad od 1,2%, dok u odnosu na isti period prethodne godine bilježi rast od 6,2%. U novembru godine krediti MFI-a iznosili su 63,5 miliona eura i veći su u odnosu na prethodni mjesec za 0,9%, dok u odnosu na isti period prethodne godine bilježe rast od 2,4%. MFI-e su tokom novembra godine poslovale sa pozitivnim finansijskim rezultatom u ukupnom iznosu od 4,4 miliona eura. Aktivne kamatne stope Kamatne stope banaka na ukupno odobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na ukupno odobrene kredite u novembru godine iznosila je 5,78%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 6,37%. Na mjesečnom nivou nominalna kamatna stopa zabilježila je pad od 0,01 p.p, dok je efektivna kamatna stopa zabilježila pad od 0,02 p.p. Na godišnjem nivou nominalna kamatna stopa bilježi pad od 0,46 p.p, dok efektivna kamatna stopa bilježi pad od 0,53 p.p. Bilten Centralne banke Crne Gore 20

21 Reserve requirement At end-november 2017, total allocated reserve requirement of banks held with the Central Bank of Montenegro amounted to million euros and they dropped by 4.9 million euros or 1.9% in relation to the previous month, yet they increased 20.8 million euros or 8.9% compared to the same month in Of total allocated reserve requirement, 55.3% was allocated to the reserve requirement account in the country, and the remaining 44.7% was in the CBCG account held abroad. The effective reserve requirement rate, measured as the ratio of allocated reserve requirement to total deposits, amounted to 7.34% in November this year and it was above the rate recorded in the same month in 2017 when it was 7.30%. Graph 8 Allocated reserve requirement in thousand euros (left-hand scale), effective reserve requirement rate in % (right-hand scale) Microcredit financial institutions (MFIs) Total MFIs assets and liabilities amounted to 65.4 million euros at end-november 2018, showing monthly decline of 1.2% yet a 6.2% growth y-o-y. In November this year, total MFIs loans amounted to 63.5 million euros, recording a 0.9% monthly increase and a growth of 2.4% in relation to the same month last year. During November 2018, MFIs operated with a positive financial result in the total amount of 4.4 million euros. Lending interest rates Lending interest rates on total loans granted In November 2017, the weighted average nominal interest rate (WANIR) on total loans granted amounted to 5.78% while the weighted average effective interest rate (WAEIR) amounted to 6.37%. Both rates recorded monthly declines of 0.01 and 0.02 percentage points, respectively. The WANIR recorded the annual decline of 0.46 percentage points, while the WAEIR dropped 0.53 percentage points. 21 Bulletin of Central Bank of Montenegro

22 Kamatne stope banaka na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na novoodobrene kredite u novembru godine iznosila je 5,83%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 6,46%. Na mjesečnom nivou nominalna kamatna stopa ostvarila je pad od 0,31 p.p, dok je efektivna kamatna stopa ostvarila pad od 0,46 p.p. Na godišnjem nivou nominalna kamatna stopa zabilježila je rast od 0,02 p.p, dok je efektivna kamatna stopa zabilježila pad od 0,04 p.p. Kamatne stope mikrokreditnih finansijskih institucija na ukupno odobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na ukupno odobrene kredite u novembru godine iznosila je 20,61%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,38%. U odnosu na prethodni mjesec nominalna i efektivna kamatna stopa veće su za 0,03 p.p. U odnosu na isti period prethodne godine prosječna ponderisana nominalna kamatna stopa veća je za 0,15 p.p, dok je efektivna kamatna stopa veća za 0,10 p.p. Kamatne stope mikrokreditnih finansijskih institucija na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na novoodobrene kredite u novembru godine iznosila je 21,19%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 25,27%. Na mjesečnom nivou nominalna kamatna stopa veća je za 0,06 p.p, dok je efektivna stopa veća za 0,04 p.p. U odnosu na novembar godine nominalna kamatna stopa veća je za 0,44 p.p, dok efektivna kamatna stopa bilježi rast od 0,40 p.p. Pasivne kamatne stope Prosječna ponderisana pasivna efektivna kamatna stopa (PPPEKS) iznosila je 0,58% u novembru godine i ostala je na istom nivou kao u prethodnom mjesecu, dok je na godišnjem nivou zabilježila pad od 0,14 p.p. Tabela br. 3 PPEKS na ukupne depozite banaka po ročnosti, u % Ročnost XI X XI Depoziti po viđenju 0,03 0,05 0,04 Oročeni depoziti Do 3 mjeseca 1,55 1,77 1,55 Od 3 mjeseca do 1 godine 1,57 1,47 1,49 Od 1 do 3 godine 1,97 1,58 1,56 Od 3 do 5 godina 2,07 1,93 1,95 Preko 5 godina 3,34 2,78 2,72 Razlika između aktivnih (na ukupno odobrene kredite) i pasivnih kamatnih stopa u novembru godine iznosila je 5,79 p.p. i manja je u odnosu na prethodni mjesec kada je iznosila 5,81 p.p, kao i u odnosu na isti period prethodne godine kada je iznosila 6,18 p.p. Bilten Centralne banke Crne Gore 22

23 Lending interest rates on new loans In November 2018, the weighted average nominal interest rate (WANIR) on new loans amounted to 5.83% while the weighted average effective interest rate (WAEIR) amounted to 6.46%. The nominal interest rate recorded monthly decline of 0.31 percentage points, while the effective interest rate grew 0.37 percentage points. Also, the first rate recorded the annual growth of 0.02 percentage points and the latter declined 0.04 percentage points. MFIs interest rates on total loans In November 2018, the WANIR on total MFI loans granted amounted to 20.61% while the WAEIR amounted to 24.38%. Both nominal and effective interest rates recorded monthly growths of 0.03 percentage points. The year-on-year comparison shows that the WANIR and the WAEIR increased by 0.15 and 0.10 percentage points, respectively. MFIs interest rates on new loans In November this year, the WANIR on new MFI loans granted amounted to 21.19% while the WAEIR stood at 25.27%. The WANIR recorded monthly growth of 0.06 percentage points, while the WAEIR rose 0.04 percentage points. Compared to November 2017, the WANIR increased by 0.44 percentage points while the WAEIR went up 0.40 percentage points. Deposit interest rates In November this year, the weighted average deposit effective interest rate (WADEIR) amounted to 0.58%, remaining the same as in the previous month but it recorded the annual decline of 0.14 percentage points. Maturity XI 2017 X 2018 XI 2018 Demand deposits Time deposits Up to 3 months From 3 months up to 1 year From 1 to 3 years From 3 to 5 years Over 5 years Table 3 WAEIR on banks total deposits, by maturity, % In November 2018, the difference between the lending interest rates (on total loans granted) and the deposit interest rates amounted to 5.79 percentage points, being lower in relation to the previous month when it amounted to 5.81 percentage points, as well as when compared year-on-year (when it amounted to 6.18 percentage points). 23 Bulletin of Central Bank of Montenegro

24 Tržište kapitala U novembru godine na Montenegroberzi ostvaren je promet od eura kroz 176 transakcija. Ostvareni promet je bio 88,4% manji nego na kraju prethodnog mjeseca, dok je u odnosu na isti mjesec prethodne godine manji za 52,7%. U strukturi trgovine ostvarenoj u novembru godine najveće učešće od 53,9% odnosilo se na promet akcijama kompanija, 44,7% odnosilo se na promet raznim vrstama obveznica, dok se 1,4% odnosilo na promet akcijama fondova zajedničkog ulaganja. Cjelokupni promet ostvaren je kroz sekundarnu trgovinu. Berzanski indeks MONEX čija je vrijednost na kraju novembra godine bila ,72 indeksnih poena, bilježi rast od 0,4% u odnosu na kraj prethodnog mjeseca, dok je na godišnjem nivou zabilježio rast od 6,8%. Indeks MNSE10 iznosio je 847,45 indeksnih poena i bilježi rast u odnosu na prethodni mjesec od 0,5%, dok je u odnosu na novembar prethodne godine ostvario rast od 6,3%. Grafik br. 9 Kretanje indeksa MONEX, MONEX PIF i MNSE10 Tržišna kapitalizacija na dan godine iznosila je 3.010,7 miliona eura i na mjesečnom nivou bilježi rast od 0,1%, dok je na godišnjem nivou veća za 7,4%. Koeficijent obrta sredstava na Montenegroberzi u novembru tekuće godine iznosio je 0, i manji je u odnosu na prethodni mjesec kada je iznosio 0, Grafik br. 10 Koeficijent obrta sredstava Bilten Centralne banke Crne Gore 24

25 Capital market In November 2017, the Montenegro stock exchange recorded a 1.4 million euros turnover that was achieved through 316 transactions. The turnover was 88.4% lower than at the end of the previous month and 52.7% lower than in the same month last year. In the structure of trade recorded in November 2018 company shares accounted for the main share of 53.9, 44.7% referred to various types of bonds, and 1.4% were joint investment funds' shares. The entire turnover was achieved through secondary trade. The SE MONEX index, which stood at 10, index points at end-november 2018, increased by 0.4% in relation to the previous month and by 6.8% at the annual level. The MNSE10 index amounted to index points and it grew on monthly level by 0.5%, while it increased by 6.3% year-on-year. Graph 9 MONEX, MONEX PIF and MNSE10 indices As at 30 November 2018, market capitalization amounted to 3,010.7 million euros, recording a 0.1% monthly increase and a 7.4% annual growth. The turnover coefficient at the Montenegro stock exchange amounted to in November this year, showing a decrease in relation to the previous month (when it was ). Graph 10 Turnover ratio 25 Bulletin of Central Bank of Montenegro

26 Platni promet Vrijednost realizovanog platnog prometa u RTGS sistemu i DNS sistemu iznosila je 1.207,6 miliona eura u novembru godine što je za 1,9% manje nego u prethodnom mjesecu, odnosno za 10,9% više nego u istom periodu prethodne godine. U strukturi ukupno realizovanog platnog prometa u Platnom sistemu Centralne banke 94,24% odnosilo se na vrijednost platnog prometa realizovanog u RTGS sistemu. Posmatrano prema učešću realizovanih naloga u Platnom sistemu Centralne banke Crne Gore, dominantno učešće od 61,42% ostvarili su nalozi u DNS sistemu sa realizovanih naloga. Strane direktne investicije Prema preliminarnim podacima, u periodu januar-novembar godine neto priliv stranih direktnih investicija iznosio je 303,6 miliona eura, što je 22,3% manje u poređenju sa istim periodom godine. Ukupan priliv stranih direktnih investicija iznosio je 747,6 miliona eura, što je rezultat povećanja priliva po osnovu vlasničkih i dužničkih ulaganja. Grafik br. 11 Ukupan priliv stranih direktnih investicija, u hiljadama eura Izvor: CBCG U formi vlasničkih ulaganja ostvaren je priliv od 450,8 miliona eura, što čini 60,3% ukupno ostvarenog priliva (rast od 58,1%). U strukturi vlasničkih ulaganja 289,1 milion eura se odnosilo na investicije u kompanije i banke (rast od 89,2%), dok je priliv po osnovu ulaganja u nekretnine iznosio 161,7 miliona eura (rast od 22,2%). Priliv SDI u formi interkompanijskog duga iznosio je 276 miliona eura ili 36,9% ukupnog priliva (rast od 27,9%). Ukupan odliv stranih direktnih investicija u periodu januar-novembar godine iznosio je 444 miliona eura, što je tri puta više nego u istom periodu prethodne godine (144,3 miliona eura). Odliv po osnovu ulaganja rezidenata u inostranstvo iznosio je 51,1 milion eura, dok su povlačenja sredstava nerezidenata investiranih u našu zemlju iznosila 392,8 miliona. Bilten Centralne banke Crne Gore 26

27 Payment operations The value of the transactions in teh RTGS and DNS systems amounted to 1,207.6 million euros in november this year, and it recorded monthly decline of 1.9% and the year-on-year growth of 10.9%. In the structure of total recorded payment transactions in the Payment System of the Central Bank, 94.24% referred to the value of payment transactions realized in the RTGS system. Observed by the share of executed orders in the Payment System of the Central Bank of Montenegro, the prevailing share of 61.42% was recorded by orders in the DNS system with 573,440 executed orders. Foreign Direct Investments (FDIs) Preliminary data for the period January-November 2018 indicate a net FDI inflow of million euros or 22.3% less than in the comparative period last year. Total FDI inflow stood at million euros, primarily due to an increase in equity and debt investments. Graph 11 Total FDI inflow, in thousand euro Source: CBCG The inflow in the form of equity investments amounted to million euros or 60.3% of total recorded FDI inflow (which is a 58.1% increase). In the structure of equity investments, investments in companies and banks accounted for million euro (an 89.2% increase), while the inflow arising from investments in real estates amounted to million euros (a 22.2% growth). FDI inflow in the form of intercompany debt amounted to 276 million euros or 36.9% of the total FDI inflow ( a 27.9% increase). The total outflow of foreign direct investments in the period January-November 2018 amounted to 444 million euros, which is three times more than in the same period of the previous year (144.3 million euros). The outflow arising from residents' investments abroad amounted to 51.1 million euros, while the withdrawal of non-residents' funds invested in Montenegro amounted to million euros. 27 Bulletin of Central Bank of Montenegro

28 Grafik br. 12 Struktura ukupnog priliva stranih direktnih investicija u periodu januar-novembar godine Izvor: CBCG Budžet Crne Gore Izvorni prihodi budžeta Crne Gore i državnih fondova u novembru godine, prema procjeni Ministarstva finansija, iznosili su 142,8 miliona eura ili 3,1% procijenjenog BDP-a 7, i bili su viši za 4,3% u poređenju sa planiranim, dok su u odnosu na novembar godine ostvarili rast od 13,8%. U strukturi izvornih prihoda, u novembru, najveće učešće, 57,3%, ostvarili su prihodi od poreza, zatim doprinosi 31,5%, donacije 3,5%, primici od otplate kredita i sredstva prenesena iz prethodne godine 3%, ostali prihodi 2,4%, naknade 1,4% i takse 0,9%. Prihodi od poreza su u novembru bili viši u odnosu na isti period prethodne godine za 9,6%, dok je u odnosu na plan zabilježen pad od 0,8%. Naplata akciza ostvarena je u iznosu od 19,8 miliona eura, što je više za 1,9% u poređenju sa planom za novembar, a za 6,3% u odnosu na isti mjesec godine. Najznačajnije pozitivno odstupanje u odnosu na plan, u toku novembra, ostvareno je kod primitaka od otplate kredita i sredstava iz prethodne godine i donacija. Izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova), u novembru godine, iznosili su 187,4 miliona eura, ili 4,1% BDP-a, što je više za 19,1% u odnosu na isti period prethodne godine, a za 7,2% u poređenju sa planom. Najveće izvršenje izdataka zabilježeno je kod izdataka za bruto zarade (45,3 miliona eura) i penzije (34,8 miliona eura). U novembru kapitalni budžet iznosio je 24,7 miliona eura. Budžet Crne Gore, u novembru godine, zabilježio je deficit od 44,6 miliona eura ili 1% BDP-a. 7 Ministarstvo finansija; procijenjeni BDP za godinu iznosi 4.604,5 miliona eura. Bilten Centralne banke Crne Gore 28

29 Graph 12 Structure of total FDI inflow, January-November 2018 Source: CBCG Budget of Montenegro In November 2018, according to the Ministry of Finance estimates, source revenues of the Budget of Montenegro and state funds amounted to million euros or 3.1% of the estimated GDP 7, and they were 4.32% higher than planned for this month and 13.8% higher than in November In the structure of source revenues in November this year, tax revenues accounted for the main share of 57.3%, followed by contributions with 31.5%, donations with 3.5%, receipts from loan repayment and funds transferred from the previous year with 3%, other revenues with 2.4%, fees with 1.4%,and duties with 0.9%. Tax revenues were 9.6% higher in November this year than a year ago, yet 0.8% lower than planned. Excise duties were collected in the amount of 19.8 million euros or 1.9% more than planned for this month and 6.3% more than in November The most positive deviation from the plan was recorded with receipts from loan repayments and funds transferred from the previous year, as well as with donations. In November 2018, budget expenditure (total expenditure less debt repayment) amounted to million euros or 4.1% of GDP, which is 19.1% more compared year-on-year and 7.2% more than planned. The highest expenditure execution referred to the cost of gross wages and salaries (45,3 million euros) and pensions (34,8 million euros). The capital budget amounted to 24.7 million euros in November this year. The budget of Montenegro recorded a deficit of 44.6 million euros or 1% of GDP in November this year. 7 Ministry of Finance; estimated GDP for 2018 amounts to 4,604.5 million euros. 29 Bulletin of Central Bank of Montenegro

30 Statistički bilten Metodologija Monetarna statistika Monetarne finansijske institucije Monetarne finansijske institucije sastoje se od svih institucionalnih jedinica uključenih u podsektore centralne banke i društava koja primaju depozite osim centralne banke (banke). Tabele preuzmi tabele Izvori podataka za izradu monetarne statistike monetarnih finansijskih institucija su bilans Centralne banke Crne Gore (CBCG) i podaci koje banke dostavljaju u skladu sa Odlukom o izvještajima koji se dostavljaju Centralnoj banci Crne Gore 1. Svi monetarni pregledi (Tabele ) prikazuju stanje bilansnih pozicija CBCG i banaka na posljednji dan bilansa. Tabela 1.1: Monetarni pregled - Bilans stanja Centralne banke Crne Gore U pregledu su prikazana potraživanja i obaveze Centralne banke Crne Gore. Neto strana aktiva CBCG predstavlja razliku potraživanja i obaveza prema nerezidentima. Potraživanja od nerezidenata obuhvataju držanje specijalnih prava vučenja (SPV) i kamate i naknade za držanje SPV, gotovinu, depozite CBCG kod ino-banaka, ulaganja u strane hartije od vrijednosti (osim akcija), potraživanja po osnovu članstva u međunarodnim finansijskim institucijama i ostala potraživanja. Obaveze CBCG prema nerezidentima vezane su za članstvo u međunarodnim finansijskim institucijama. Potraživanja CBCG od banaka odnose se na potraživanja po osnovu naknada za usluge platnog prometa, potraživanja za kontrolu poslovanja banaka, kreditnog registra i ostala potraživanja, kao i potraživanja po osnovu odobrenih kredita iz primarne emisije od strane monetarne ustanove prethodnice CBCG (čija je potraživanja i obaveze naslijedila CBCG). Obaveze CBCG prema bankama obuhvataju obračunski račun banaka kod CBCG, izdvojenu obaveznu rezervu i obaveze za obračunatu kamatu na dio izdvojene obavezne rezerve. Neto potraživanja CBCG od centralne Vlade predstavljaju razliku potraživanja i obaveza prema centralnoj Vladi. Potraživanja od centralne Vlade obuhvataju potraživanja po osnovu odobrenih kredita od strane monetarne ustanove prethodnice CBCG (čija je potraživanja i obaveze naslijedila CBCG), potraživanja po osnovu obavljanja poslova fiskalnog agenta, potraživanja po osnovu naknada za usluge platnog prometa i ostala potraživanja. Obaveze prema centralnoj Vladi obuhvataju depozite po viđenju i oročene depozite centralne Vlade kod CBCG. Potraživanja CBCG od ostalih sektora odnose se na potraživanja iz poslovnih aktivnosti od nebankarskih domaćih sektora. 1 Sl.list Crne Gore, br. 64/12 i 83/17. Statistički bilten 30

31 Statistical bulletin Methodology Monetary statistics Monetary financial institutions Monetary financial institutions in Montenegro consist of all institutional units included in the sub-sectors of the Central Bank and companies receiving deposits other than the Central Bank (banks). Tables download tables Data sources for the compilation of monetary statistics of monetary financial institutions are the balance sheet of the Central Bank of Montenegro (CBCG) and data submitted by banks in accordance with the Decision on Reporting to the Central Bank of Montenegro. 1 All monetary overviews (Tables ) show the balance of balance sheet positions of the CBCG and banks as at the last the balance sheet date. Table 1.1: Monetary Overview - Balance Sheet of the Central Bank of Montenegro The overview shows assets and liabilities of the Central Bank of Montenegro. The CBCG net foreign assets represent the difference between claims on, and liabilities to, non-residents. CBCG claims on non-residents include SDR holdings and interest and remunerations on SDR holdings, cash in vault, CBCG deposits in foreign banks, investments in foreign securities, claims arising from the membership in international financial institutions and other claims. CBCG liabilities to non-residents arise from its membership of international financial institutions. The CBCG claims on banks refer to fees for payment operation services, supervision fees, credit register fees and other claims, as well as claims arising from loans granted from the primary issue by the monetary predecessor of the CBCG (which claims and liabilities were inherited by the CBCG). The CBCG liabilities to banks include banks` settlement accounts with the CBCG, allocated reserve requirements, and liabilities for interest calculated on a part of the allocated reserve requirements. The CBCG net claims on the Central Government represent the difference between claims on, and liabilities to, the Central Government. Claims on the Central Government refer to claims arising from loans granted by the monetary predecessor of the CBCG (whose claims and liabilities were inherited by the CBCG), claims arising from the performance of the activities of a fiscal agent, fees for payment system services and other claims. The CBCG liabilities to the Central Government include demand deposits and time deposits by the Central Government held with the CBCG. The CBCG claims on other sectors are receivables from business operations of the nonbanking domestic sectors. 1 OGM 64/12 and 83/17 31 Statistical Bulletin

32 Neto ostale stavke obuhvataju depozite banaka u stečaju i likvidaciji i neraspoređena sredstva i neto poziciju ostalih obaveza i ostale aktive CBCG. Depoziti ostalih sektora položeni kod CBCG obuhvataju depozite domaćih finansijskih institucija, osim banaka. Ukupan kapital CBCG obuhvata osnivački kapital CBCG, neraspoređenu dobit i rezerve i dobit iz tekućeg perioda. Tabela 1.2: Monetarni pregled Bilans banaka U pregledu su prikazana potraživanja i obaveze banaka koje posluju u Crnoj Gori. Neto strana aktiva banaka predstavlja razliku potraživanja i obaveza prema nerezidentima. Potraživanja od nerezidenata obuhvataju gotovinu, depozite banaka kod ino-banaka/finansijskih institucija, ulaganja u strane hartije od vrijednosti (osim akcija), kredite odobrene nerezidentima i ostala potraživanja. Obaveze banaka prema nerezidentima obuhvataju depozite nerezidenata, obaveze po osnovu hartija od vrijednosti (osim akcija), obaveze po osnovu kredita koje banke koriste od ino- banaka/finansijskih institucija i ostale obaveze. Potraživanja banaka od CBCG odnose se na potraživanja po osnovu obračunskog računa i izdvojene obavezne rezerve. Obaveze banaka prema CBCG obuhvataju obaveze po osnovu kredita koji je odobrila monetarna ustanova prethodnica CBCG. Neto potraživanja banaka od centralne Vlade predstavljaju razliku potraživanja i obaveza prema centralnoj Vladi. Potraživanja od centralne Vlade obuhvataju potraživanja po osnovu kupljenih državnih zapisa i odobrenih kredita. Obaveze prema centralnoj Vladi obuhvataju depozite po viđenju i oročene depozite centralne Vlade kod banaka. Potraživanja banaka od ostalih sektora odnose se na potraživanja od nebankarskih domaćih sektora po osnovu odobrenih kredita i hartija od vrijednosti. Neto ostale stavke obuhvataju zaduženje banaka od domaćih nebankarskih sektora, neto poziciju ostalih obaveza i ostale aktive banaka i konsolidovana prilagođavanja između banaka. Depoziti kod domaćih banaka ostalih sektora obuhvataju depozite po viđenju i oročene depozite domaćeg nebankarskog sektora. Ukupan kapital banaka obuhvata osnivački kapital banaka, neraspoređenu dobit i rezerve i dobit iz tekućeg perioda. Tabela 1.3: Monetarni pregled Bilans depozitnih institucija U pregledu su prikazana konsolidovana potraživanja i obaveze depozitnih institucija Centralne banke Crne Gore i banaka. Tabela 1.4: Agregatni bilans stanja banaka U pregledu su prikazana potraživanja i obaveze banaka u Crnoj Gori. U pojedinim kolonama obuhvaćene su sljedeća potraživanja i obaveze: Statistički bilten 32

33 Other items net include deposits by banks under bankruptcy and liquidation and undisbursed funds, and the net position of other liabilities and assets of the CBCG. Deposits of other sectors with the CBCG include deposits by domestic financial institutions, except banks. Total CBCG capital includes the CBCG founding capital, undistributed profit and reserves, and profit retained for the current period. Table 1.2: Monetary Overview Balance sheet of Banks The overview shows claims and liabilities of banks operating in Montenegro. Net foreign assets of banks represent the difference between claims on, and liabilities to, non-residents. Claims on non-residents comprise cash in vault, banks` deposits in foreign banks/financial institutions, investments in foreign securities (except shares), loans disbursed to non-residents and other claims. Banks` liabilities to non-residents include deposits by non-residents, liabilities for securities (except shares), liabilities for loans taken from foreign banks/financial institutions and other liabilities. Banks` claims on the CBCG refer to claims arising from their settlement accounts and allocated reserve requirements held with the CBCG. Banks` liabilities to the CBCG include liabilities for loans granted by the monetary predecessor of the CBCG. Banks` net claims on the Central Government represent the difference between claims on, and liabilities to, the Central Government. Claims on the Central Government are comprised of receivables for purchased Treasury bills and disbursed loans. Banks liabilities to the Central Government include demand deposits and time deposits of the Central Government held in banks. Banks` claims on other sectors refer to claims on domestic non-banking sectors for disbursed loans and securities. Other items net include banks borrowings from domestic non-banking sectors, net position of other liabilities and assets of banks, and consolidation adjustments among banks. Deposits in domestic banks comprise demand and time deposits of the domestic nonbanking sector. Total capital of banks covers banks` founding capital, undistributed profits and reserves and profit retained for the current period. Table 1.3: Monetary Overview Balance Sheet of Depository Institutions The overview shows consolidated claims on, and liabilities to depositary institutions the Central Bank of Montenegro and banks. Table 1.4: Aggregate Balance Sheet of Banks The table shows claims and liabilities of banks in Montenegro. The following claims and liabilities are shown in the columns: 33 Statistical Bulletin