Centralna banka Crne Gore Central Bank of Montenegro Bilten Centralne banke Crne Gore Januar Bulletin of Central Bank of Montenegro January 2019

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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 32 Monetarna statistika 32 Statistika kamatnih stopa 40 Emisija državnih zapisa 42 Tržište kapitala 42 Platni bilans 46 Platni promet 48 Realni sektor 50 Fiskalni sektor 52 Bilten Centralne banke Crne Gore vi

7 Contents MACROECONOMIC ENVIRONMENT 9 STATISTICAL BULLETIN 33 Monetary Statistics 33 Interest Rates Statistics 41 Issued Treasury bills 43 Capital Market 43 Balance of Payments 47 Payment System Transactions 49 Real Sector Developments 51 Fiscal Developments 53 vii Bulletin of Central Bank of Montenegro

8 Makroekonomska kretanja Inflacija je u godini iznosila 1,6%. Rast aktivnosti u prethodnoj godini je registrovan u turizmu, industriji i gradjevinarstvu, a pad je registrovan u šumarstvu. Prisutna su pozitivna kretanja na tržištu rada. Banke su visokolikvidne. Kamate su na istorijskom minimumu. U prethodnoj godini su povećani i krediti i depoziti. Kretanje cijena Potrošačke cijene su u decembru godine u odnosu na prethodni mjesec, zabilježile pad od 0,6%. Najveći pad cijena zabilježen je u kategoriji odjeća i obuća (-3,4%) zbog pada cijena odjeće za 5,6% i u kategoriji prevoz (-3,1%) najviše zbog pada cijena goriva i maziva za motorna vozila od 6,3%. Pad cijena od po 0,1% ostvaren je u kategorijama: hrana i bezalkoholna pića, namještaj, oprema za domaćinstvo i rutinsko održavanje stana, komunikacije i rekreacija i kultura. Rast cijena zabilježen je u kategorijama: hoteli i restorani (1,4%), stanovanje, voda, struja, gas i druga goriva (0,3%), zdravlje (0,2%) i ostala dobra i usluge (0,1%). Cijene su ostale nepromijenjene u kategorijama obrazovanje i alkoholna pića i duvan. Godišnja inflacija u decembru godine, mjerena potrošačkim cijenama iznosila je 1,6%, dok je inflacija mjerena harmonizovanim indeksom potrošačkih cijena iznosila 1,5%. Grafik br. 1 Potrošačke cijene Izvor: MONSTAT Bilten Centralne banke Crne Gore 8

9 Macroeconomic environment Inflation in 2018 amounted to 1.6%. Tourism, industry and construction recorded activity growth, while forestry recorded decline. Labour market recorded positive trends. Banks were highly liquid. Interest rates were at historical minimum. Loans and deposits increased during the previous year. Prices In December 2018, consumer prices recorded monthly decrease of 0.6%. The highest drop was recorded in clothing and footwear (-3.4%) mostly resulting from decline in the price of clothes (-5.6%) and of transportation (-3.1%) due to lower prices of fuels and lubricants for personal transport equipment (-6.3%). Prices declined also in food and non-alcoholic beverages, furnishings, household equipment and routine household maintenance, communication, and recreation and culture by -0.1% each. Monthly price growth was recorded in hotels and restaurants, housing, water, electricity, gas and other fuels, health, and miscellaneous goods and services of respective 1.4%, 0.3%, 0.2%, and 0.1%. Prices remained unchanged in the categories of education and alcoholic beverages and tobacco. Annual CPI inflation in December 2018 amounted to 1.6%, while HICP inflation amounted to 1.5%. Graph 1 Consumer prices Source: Monstat 9 Bulletin of Central Bank of Montenegro

10 Cijene proizvođača industrijskih proizvoda Cijene proizvođača industrijskih proizvoda su u decembru godine ostvarile pad od 0,1% u odnosu na prethodni mjesec, zbog pada cijena u sektoru vađenje ruda i kamena (-1,5%). Rast cijena je zabilježen u sektoru prerađivačka industrija (0,3%), dok u sektoru snabdijevanje električnom energijom, gasom i parom nije bilo promjena u odnosu na novembar godine. Na godišnjem nivou, cijene proizvođača industrijskih proizvoda zabilježile su rast od 2,4%, zbog rasta cijena u sva tri sektora: prerađivačka industrija od 2%, snabdijevanje električnom energijom, gasom i parom od 4,4% i vađenje ruda i kamena 0,1%. Grafik br. 2 Cijene proizvođača industrijskih proizvoda Izvor: MONSTAT Industrijska proizvodnja 1 U decembru godine industrijska proizvodnja zabilježila je pad od 0,8% u odnosu na prethodni mjesec. Pad proizvodnje je zabilježen u sektorima prerađivačka industrija (-12,6%) i vađenje ruda i kamena (-6,1%), dok je u sektoru snabdijevanje električnom energijom, gasom i parom zabilježen rast proizvodnje (25%). Industrijska proizvodnja je u godini, u odnosu na godinu, zabilježila rast od 22,4%. Rast proizvodnje je zabilježen u sektorima prerađivačka industrija (12,1%) i snabdijevanje električnom energijom, gasom i parom (62,1%). Pad proizvodnje zabilježen je u sektoru vađenje ruda i kamena (-21,3%). 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 (49,7%), zatim proizvodnja namještaja (24,9%), proizvodnja hemikalija i hemijskih proizvoda (18,4%), proizvodnja prehrambenih proizvoda (9,6%), proizvodi od drveta, plute i sl. (2%), proizvodnja odjevnih predmeta (1,5%), proizvodnja osnovnih metala (1,4%), proizvodnja mašina i opreme na drugom mjestu nepomenute (0,9%) i proizvodnja metalnih proizvoda, osim mašina i uređaja (0,7%). Najveći pad ostvaren je u oblasti proizvodnja kože i predmeta od kože (-66,7%), a najmanji u oblasti proizvodnja proizvoda od gume i plastike (-0,5%). U oblasti proizvodnja duvanskih proizvoda u godini nije zabilježena proizvodnja. 1 Preliminarni podaci Bilten Centralne banke Crne Gore 10

11 Producers prices of manufactured products The producers prices of manufactured products in December 2018 recorded a monthly decline of 0.1% as a result of price decrease in mining and quarrying prices (-1.5%). The prices in manufacturing industry sector increased (0.3%), while prices in electricity, gas and steam supply remained unchanged compared to November The producers prices of manufactured products recorded the annual growth of 2.4% due to price increase in all three sectors: manufacturing industry (2%), electricity, gas and steam supply (4.4%) and mining and quarrying (0.1%). Graph 2 Producers' prices of manufactured products Source: Monstat Industrial output 1 In December 2018, industrial output recorded a monthly decline of 0.8%. Output decline was recorded in manufacturing industry and mining and quarrying of -12.6% and -6.1%, respectively, while the electricity, gas and steam supply sector recorded output increase of 25%. Compared to 2017, industrial output in 2018 grew 22.4%. Output increase was recorded in manufacturing industry (12.1%), and electricity, gas and steam supply (62.1%). Prices in the mining and quarrying sector recorded output decline of -21.3%. Nine 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 (49.7%), followed by the production of furniture (24.9%), the production of chemicals and chemical products (18.4%), the production of food products (9.6%), the production of wood products, cork and the like (2%), the production of apparel (1.5%), the production of basic metals (1.4%), the production of machinery and equipment otherwise not mentioned (0.9%), and the production of metal products other than machinery and equipment (0.7%). The highest decline was recorded in the production of leather and leather products (-66.7%), while the lowest was in the production of rubber and plastic products (-0.5%). The production of tobacco products did not record production in Preliminary data 11 Bulletin of Central Bank of Montenegro

12 Grafik br. 3 Industrijska proizvodnja Izvor: MONSTAT Saobraćaj, šumarstvo i građevinarstvo U šumarstvu je u godini, proizvedeno ukupno m³ šumskih sortimenata, što je za 15,6% 2 manje nego u godini. Prema preliminarnim podacima MONSTAT-a, u vazdušnom saobraćaju je broj prevezenih putnika na aerodromima u godine u odnosu na prethodnu godinu povećan za 12,3%, a prevoz robe za 6,3%. U istom periodu povećan je prevoz putnika u željezničkom saobraćaju za 7%, a prevoz robe smanjen za 39,7%. Broj prevezenih putnika u drumskom saobraćaju povećan je za 0,6%, dok je prevoz robe smanjen za 3,5% u odnosu na godinu. Prema preliminarnim podacima MONSTAT-a, građevinarstvo je u godini zabilježilo rast vrijednosti izvršenih građevinskih radova od 24,9% i rast efektivnih časova rada od 10,9% u odnosu na godinu. Turizam Broj dolazaka turista, u kolektivnom smještaju 3, u godini iznosio je 1,1 milion što je za 12,7% više u odnosu na prethodnu godinu. Ukupno je ostvareno 4,2 miliona noćenja, što je za 8,2% više nego u godini. Tržište rada U decembru godine, prema evidenciji MONSTAT-a, bilo je zaposleno lica, što je za 0,3% manje u odnosu na prethodni mjesec, a za 9,3% više u odnosu na decembar godine. Najveći broj lica zaposlen je u sljedećim djelatnostima: trgovina na veliko i malo, popravka motornih vozila i motocikala (19,8%), državna uprava i odbrana, obavezno socijalno osiguranje (11,3%), usluge smještaja i ishrane (7,7%), obrazovanje (7,6%), građevinarstvo (6,9%), 2 Iskazano ponderisanim indeksom, a neponderisanim proizvodnja je manja 14,3% za isti period. 3 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 Transport, forestry and construction In 2018, some 288,608 cubic metres of wood products were produced, which was by 15.6% 2 less in relation to In 2018, the air passenger transport recorded a year-on-year increase of 12.3%, while air cargo transport increased by 6.3%. In the same period, railway passenger transport increased by 7%, while railway freight transport declined by 39.7%. In 2018, the road passenger transport recorded annual increase of 0.6%, while road freight transport declined by 3.5%. Preliminary Monstat data show that, in 2018, construction recorded annual increase of 24.9% in the value of performed construction works, as well as in a 10.9% increase in effective working hours. Tourism In 2018, the number of occupancy of tourist accommodation establishments 3 amounted to 1.1 million, which is the year-on-year increase of 12.7%. Overnights amounted to 4.2 million, which is the increase of 8.2% compared to Labour market Monstat records show that there were 194,085 employed persons in December 2018, which is the month-on-month decrease of 0.3%, yet the year-on-year increase of 9.3%. The highest number of persons was employed in the wholesale and retail trade; repair of motor vehicles and motorcycles (19.8%), public administration and defence, compulsory social security (11.3%), accommodation and food service activities (7.7%), education (7.6%), construction (6.9%), human health and social work activities and manufacturing industry 2 Presented in the weighted index, while presented in the non-weighted index the output was 14.3% lower in the same period. 3 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 zdravstvena i socijalna zaštita i prerađivačka industrija po (6,5%), saobraćaj i skladištenje (6,2%) i administrativne i pomoćne uslužne djelatnosti (6%). Grafik br. 4 Struktura zaposlenih po sektorima, decembar godine Izvor: MONSTAT Broj nezaposlenih lica u decembru godine u odnosu na prethodni mjesec manji je za 3,5%, a u odnosu na isti mjesec prethodne godine za 19,3%. Prosječne bruto i neto plate su u decembru godine u odnosu na prethodni mjesec veće za 0,3% odnosno 0,2%. Ukupna aktiva i pasiva banaka Bilansna suma banaka na kraju decembra godine iznosila je 4.407,2 miliona eura i neznatno je veća nego na kraju prethodnog mjeseca, dok u odnosu na decembar godine bilježi rast od 5,4%. U strukturi aktive banaka, u decembru godine dominantno učešće od 66,5% ostvarili su ukupni krediti, nakon kojih slijede novčana sredstva i računi depozita kod centralnih banaka sa 19,7%, dok se 13,8% odnosilo na preostale stavke aktive. U strukturi pasive, dominantno učešće od 78,5% ostvarili su depoziti, nakon kojih slijedi kapital sa 11,7%, pozajmice sa 6,7%, dok se na ostale stavke odnosilo 3,1% ukupne pasive. Ukupan kapital banaka na kraju decembra godine iznosio je 516,8 miliona eura i bilježi pad od 1,8% na mjesečnom nivou, dok na godišnjem nivou bilježi rast od 0,5%. Krediti Ukupno odobreni krediti banaka na kraju decembra godine iznosili su 2.930,2 miliona eura i bilježe pad na mjesečnom nivou od 1,9% i rast od 8,5% na godišnjem nivou. 4 Preliminarni podaci Bilten Centralne banke Crne Gore 14

15 (6.5% each), transport and warehousing (6.2%), and administrative and ancillary service activities (6%). Graph 4 Employment structure by sectors, December 2018 Source: Monstat In December 2018, monthly decrease in unemployment amounted to 3.5%, whilst the yearon-year decline reached 19.3%. In December 2018, the average gross and net wages and salaries recorded respective increases of 0.3% and 0.2% as compared to the previous month. Total assets and liabilities of banks At end-december 2018, total assets and liabilities of banks4 amounted to 4,407.2 million euros recording an insignificant monthly increase and a y-o-y increase of 5.4%. In the structure of banks assets in December 2018, total loans accounted for the main share with 66.5%, followed by cash and deposits with central banks with 19.7%, while other asset items accounted for the remaining 13.8%. In the structure of liabilities and capital, the main share of 78.5% referred to deposits, followed by capital with 11.7%, borrowings with 6.7%, while other liabilities items accounted for 3.1% of total liabilities. At end-december 2018, total capital of banks amounted to million euros and it recorded monthly decline of 1.8% but also the annual increase of 0.5%. Loans At end-december 2018, total banking loans amounted to 2,930.2 million euros, recording monthly decrease of -1.9% and the annual increase of 8.5%. 4 Preliminary data 15 Bulletin of Central Bank of Montenegro

16 Grafik br. 5 Krediti i depoziti, u 000 eura Koeficijent krediti/depoziti iznosio je 0,85 na kraju decembra godine, i viši je nego u decembru godine kada je iznosio 0,83. Po osnovu kredita banke su na kraju decembra godine najviše (77,9%) potraživale od nefinansijskog sektora i stanovništva 5. Grafik br. 6 Krediti stanovništvu, nefinansijskom sektoru i ukupni krediti banaka, u 000 eura Depoziti Depoziti u bankama u decembru godine iznosili su 3.459,2 miliona eura, i veći su za 0,2% u odnosu na prethodni mjesec, dok u odnosu na decembar godine bilježe rast od 5,9%. U ročnoj strukturi ukupnih depozita na kraju decembra najveće učešće od 64,2% imali su depoziti po viđenju, dok su oročeni depoziti činili 33,8% 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 (46,5%) i jedne do tri godine (39,1%). 5 Od juna godine podaci u okviru monetarne statistike sastavljaju se u skladu sa novom metodologijom. Bilten Centralne banke Crne Gore 16

17 Graph 5 Loans and deposits, in thousand euros At end-december 2018, loans to deposits ratio was 0.85, and it was lower than in December 2017 when it amounted to Loans disbursed to the nonfinancial and household sectors accounted for the main share of 77.9% in banks loan receivables as at end-december Graph 6 Loans to households, nonfinancial sector, and total banking loans, in thousand euros Deposits Total bank deposits amounted to 3,459.2 million euros in December 2018 being 0.2% higher compared to the previous month, and 5.9% higher in relation to December The maturity structure of total deposits shows that demand deposits accounted for the main share of 64.2% and time deposits accounted for the remaining 33.8% 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 (46.5%) and deposits with agreed maturity from one up to three years (39.1%). 5 As of June 2018, monetary statistics data are compiled in accordance with the new methodology. 17 Bulletin of Central Bank of Montenegro

18 Tabela br. 1 Ročna struktura depozita, kraj perioda, % XII XI XII Depoziti po viđenju 61,2 64,0 64,2 Oročeni depoziti 38,0 34,0 33,7 do tri mjeseca 1,5 1,4 2,0 od tri mjeseca do jedne godine 19,4 16,3 15,7 od jedne do tri godine 14,0 13,2 13,2 Preko tri godine 3,1 3,1 2,8 Sredstva na escrow računu 0,8 2,0 2,1 Posmatrano po sektorima, na kraju decembra godine u ukupnim depozitima dominirali su depoziti stanovništva sa 38,4%. Tabela br. 2 Sektorska struktura depozita, kraj perioda XII XI XII XII XI XII u 000 EUR u % Finansijski sektor ,8 0,9 0,8 Nefinansijski sektor ,3 31,4 31,8 Opšta vlada ,6 6,6 6,2 Stanovništvo ,7 38,2 38,4 Nevladine i druge neprofitne organizacije ,5 1,5 1,5 Nerezidenti ,1 21,4 21,3 UKUPNO DEPOZITI Depoziti stanovništva Depoziti stanovništva na kraju decembra godine iznosili su 1.327,5 miliona eura i veći su za 0,6% u odnosu na prethodni mjesec, dok su u odnosu na decembar godine viši za 7,8%. U ročnoj strukturi depozita stanovništva depoziti po viđenju činili su 54,7%, a oročeni depoziti 45,3%. Grafik br. 7 Depoziti stanovništva po ročnosti, u 000 eura Bilten Centralne banke Crne Gore 18

19 XII 2017 XI 2018 XII 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, % Observed by sectors, household deposits accounted for the main share of 38.4% in total deposits at end-december XII 2017 XI 2018 XII 2018 XII 2017 XI 2018 XII 2018 in thousand euros in % Financial sector 26,389 32,513 26, Nonfinancial sector 1,119,972 1,083,457 1,099, General government 184, , , Households 1,231,836 1,319,809 1,327, Non-governmental and other non-profit institutions 46,733 49,544 54, Non-residents 657, , , Total deposits 3,267,150 3,452,165 3,459, Table 2 Structure of deposits by sectors, period-end Household deposits Total household deposits amounted to 1,327.5 million euros at end-december 2018 and they recorded the month-on-month growth of 0.6%, as well as the year-on-year growth of 7.8%. The maturity structure of household deposits shows that demand deposits accounted for 54.7% and time deposits accounted for the remaining 45.3%. Graph 7 Retail deposits by maturity, in million euros 19 Bulletin of Central Bank of Montenegro

20 Likvidnost banaka Likvidna aktiva banaka u decembru godine iznosila je 994,6 miliona eura i bila je za 11,9 miliona eura ili 1,2% veća nego u prethodnom mjesecu, dok je u odnosu na decembar godine bila manja za 64,3 miliona eura ili 6,1%. U decembru 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. Obavezna rezerva Na kraju decembra godine ukupno izdvojena obavezna rezerva banaka kod Centralne banke iznosila je 251,9 miliona eura i bilježi pad od 1,6 miliona eura ili 0,6% na mjesečnom nivou, dok u odnosu na decembar godine bilježi rast od 18,3 miliona eura ili 7,8%. Od ukupnog iznosa izdvojene obavezne rezerve, na račun obavezne rezerve u zemlji izdvojeno je 55%, dok je na račun Centralne banke u inostranstvu izdvojeno 45%. Efektivna stopa obavezne rezerve mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita iznosila je 7,28% na kraju decembra tekuće godine i imala je veću vrijednost nego u decembru godine kada je iznosila 7,15%. 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 decembra2018. godine iznosila je 64,7 miliona eura i u odnosu na prethodni mjesec bilježi pad od 1,1%, dok u odnosu na isti period prethodne godine bilježi rast od 6%. U decembru godine krediti MFI-a iznosili su 64,8 miliona eura i veći su u odnosu na prethodni mjesec za 2,1%, dok u odnosu na isti period prethodne godine bilježe rast od 7,8%. MFI-e su tokom decembra godine poslovale sa pozitivnim finansijskim rezultatom u ukupnom iznosu od 4,6 miliona eura. Bilten Centralne banke Crne Gore 20

21 Banks Liquidity Liquid assets of banks amounted to million euros in December 2018, which is monthly increase of 11.9 million euros or 1.2%, and 64.3 million euros or 6.1% less than in December In December 2018, 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. Reserve requirement At end-december 2018, total allocated reserve requirement of banks held with the Central Bank of Montenegro amounted to million euros and they dropped by 1.6 million euros or 0.6% in relation to the previous month, yet grew by 18.3 million euros or 7.8% compared to the same month in Of total allocated reserve requirement, 55% was allocated to the reserve requirement account in the country, and the remaining 45% 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 7.28% in December 2018, and it was above the rate recorded in December 2017 when it was 7.15%. 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 64.7 million euros at end-december 2018, showing a monthly decline of 1.1% and a 6% year-on-year growth. In December 2018, total MFIs loans amounted to 64.8 million euros, recording a 2.1% monthly increase and the y- o-y growth of 7.8%. During December 2018, MFIs operated with a positive financial result in the total amount of 4.6 million euros. 21 Bulletin of Central Bank of Montenegro

22 Aktivne kamatne stope Kamatne stope banaka na ukupno odobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na ukupno odobrene kredite u decembru godine iznosila je 5,75%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 6,36%. Na mjesečnom nivou nominalna kamatna stopa zabilježila je pad od 0,03 p.p., dok je efektivna kamatna stopa zabilježila pad od 0,01 p.p. Na godišnjem nivou nominalna kamatna stopa bilježi pad od 0,41 p.p, dok efektivna kamatna stopa bilježi pad od 0,45 p.p. Kamatne stope banaka na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na novoodobrene kredite u decembru godine iznosila je 4,82%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 5,51%. Na mjesečnom nivou nominalna kamatna stopa ostvarila je pad od 1,01 p.p, dok je efektivna kamatna stopa ostvarila pad od 0,95 p.p. Na godišnjem nivou nominalna kamatna stopa zabilježila je pad od 0,45 p.p, dok je efektivna kamatna stopa zabilježila pad od 0,72 p.p. Kamatne stope mikrokreditnih finansijskih institucija na ukupno odobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na ukupno odobrene kredite u decembru godine iznosila je 20,63%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,42%. U odnosu na prethodni mjesec nominalna kamatna stopa veća je za 0,02 p.p, dok je efektivna kamatna stopa veća za 0,04 p.p. U odnosu na isti period prethodne godine prosječna ponderisana nominalna kamatna stopa veća je za 0,21 p.p, dok je efektivna kamatna stopa veća za 0,18 p.p. Kamatne stope mikrokreditnih finansijskih institucija na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na novoodobrene kredite u decembru godine iznosila je 20,96%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 25,07%. Na mjesečnom nivou nominalna kamatna stopa manja je za 0,23 p.p, dok je efektivna stopa manja za 0,20 p.p. U odnosu na decembar godine nominalna kamatna stopa veća je za 0,78 p.p, dok efektivna kamatna stopa bilježi rast od 0,72 p.p. Pasivne kamatne stope Prosječna ponderisana pasivna efektivna kamatna stopa (PPPEKS) iznosila je 0,56% u decembru godine i manja je za 0,02 p.p. nego u prethodnom mjesecu, dok je na godišnjem nivou zabilježila pad od 0,13 p.p. Razlika između aktivnih (na ukupno odobrene kredite) i pasivnih kamatnih stopa u decembru godine iznosila je 5,80 p.p. i veća je u odnosu na prethodni mjesec kada je iznosila 5,79 p.p, dok je manja u odnosu na isti period prethodne godine kada je iznosila 6,12 p.p. Bilten Centralne banke Crne Gore 22

23 Lending interest rates Lending interest rates on total loans granted In December 2018, the weighted average nominal interest rate (WANIR) on total loans granted amounted to 5.75% while the weighted average effective interest rate (WAEIR) amounted to 6.36%. WANIR and WAEIR recorded respective annual declines of 0.03 and 0.01 percentage points. The WANIR recorded the annual decline of 0.48 percentage points, while the WAEIR dropped 0.45 percentage points. Lending interest rates on new loans In December 2018, the weighted average nominal interest rate (WANIR) on new loans granted amounted to 4.82% while the weighted average effective interest rate (WAEIR) amounted to 5.51%. The nominal interest rate recorded monthly decline of 1.01 percentage points, while the effective interest rate declined 0.95 percentage points. WANIR and WAEIR recorded respective annual declines of 0.45 and 0.72 percentage points. MFIs interest rates on total loans In December 2018, the WANIR on total MFI loans granted amounted to 20.63% while the WAEIR amounted to 24.42%. Compared month-on-month, WANIR increased by 0.02 percentage points, while WAEIR increased by 0.04 percentage points. The year-on-year comparison shows that the WANIR and the WAEIR increased by 0.21 and 0.18 percentage points, respectively. MFIs interest rates on new loans In December 2018, the WANIR on new MFI loans granted amounted to 20.96% while the WAEIR amounted to 25.07%. WANIR recorded monthly decline of 0.23 percentage points, while WAEIR declined by 0.20 percentage points. Compared to December 2017, the WANIR increased by 0.78 percentage points while the WAEIR went up by 0.72 percentage points. Deposit interest rates In December 2018, the weighted average deposit effective interest rate (WADEIR) amounted to 0.56%, recording monthly decline of 0.02 percentage points and the annual decline of 0.13 percentage points. In December 2018, the difference between the lending interest rates (on total loans granted) and the deposit interest rates amounted to 5.80 percentage points, being higher compared to the previous month when it amounted to 5.79 percentage points, yet being lower compared y-o-y (when it amounted to 6.12 percentage points). 23 Bulletin of Central Bank of Montenegro

24 Tabela br. 3 PPEKS na ukupne depozite banaka po ročnosti, u % Ročnost XII XI XII Depoziti po viđenju 0,03 0,04 0,02 Oročeni depoziti Do 3 mjeseca 1,23 1,55 1,75 Od 3 mjeseca do 1 godine 1,55 1,49 1,48 Od 1 do 3 godine 1,97 1,56 1,55 Od 3 do 5 godina 2,02 1,95 1,99 Preko 5 godina 3,30 2,72 2,44 Tržište kapitala U decembru godine na Montenegroberzi ostvaren je promet od 1,5 miliona eura kroz 235 transakcija. Ostvareni promet je bio 2,3 puta veći nego na kraju prethodnog mjeseca, dok je u odnosu na isti mjesec prethodne godine manji za 69,5%. U strukturi trgovine ostvarenoj u decembru godine najveće učešće od 81,7% odnosilo se na promet akcijama kompanija, 17,8% odnosilo se na promet raznim vrstama obveznica, dok se 0,5% odnosilo na promet akcijama fondova zajedničkog ulaganja. Cjelokupni promet ostvaren je kroz sekundarnu trgovinu. Berzanski indeks MONEX čija je vrijednost na kraju decembra godine bila ,49 indeksnih poena, bilježi pad od 0,6% u odnosu na kraj prethodnog mjeseca, dok je na godišnjem nivou zabilježio rast od 6,5%. Indeks MNSE10 iznosio je 837,08 indeksnih poena i bilježi pad u odnosu na prethodni mjesec od 1,2%, dok je u odnosu na decembar prethodne godine ostvario rast od 7,8%. Grafik br. 9 Kretanje indeksa MONEX, MONEX PIF i MNSE10 Tržišna kapitalizacija na dan godine iznosila je 3.045,1 milion eura i na mjesečnom nivou bilježi rast od 1,1%, dok je na godišnjem nivou veća za 6,7%. Koeficijent obrta sredstava na Montenegroberzi u decembru tekuće godine iznosio je 0, i veći je u odnosu na prethodni mjesec kada je iznosio 0, Bilten Centralne banke Crne Gore 24

25 Maturity XII 2017 XI 2018 XII 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, % Capital market In December 2018, the Montenegro stock exchange (SE) recorded 1.5 million euros turnover that was achieved through 235 transactions. The turnover was 2.3 times higher than at the end of the previous month and by 69.5% lower than in the same month last year. In the structure of trade recorded in December 2018, company shares accounted for the main share of 81.7%, 17.8% referred to various types of bonds, while joint investment funds' shares accounted for 0.5%. The entire turnover was achieved through secondary trade. The MONEX SE index, which stood at 10, index points at end-december 2018, declined 0.6% in relation to the previous month, yet grew by 6.5% at the annual level. The MNSE10 index amounted to index points and it declined on monthly level by 1.2%, as well as by 7.8% on annual level. Graph 9 MONEX, MONEX PIF and MNSE10 indices As at 31 December 2018, market capitalization amounted to 3,045.1 million euros, recording a 1.1% monthly increase and a 6.7% annual growth. The turnover coefficient at the Montenegro stock exchange amounted to in December 2018, showing an increase in relation to the previous month (when it was ). 25 Bulletin of Central Bank of Montenegro

26 Grafik br. 10 Koeficijent obrta sredstava Platni promet Vrijednost realizovanog platnog prometa u RTGS sistemu i DNS sistemu iznosila je miliona eura u decembru godine što je za 37,3% više nego u prethodnom mjesecu, odnosno za 2,9% manje nego u istom periodu prethodne godine. U strukturi ukupno realizovanog platnog prometa u Platnom sistemu Centralne banke 95,32% 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 61,40% ostvarili su nalozi u DNS sistemu sa realizovanih naloga. Strane direktne investicije U godini, prema preliminarnim podacima, neto priliv stranih direktnih investicija iznosio je 327,6 miliona eura, što je 32,4% manje u poređenju sa istim periodom godine. Ukupan priliv stranih direktnih investicija iznosio je 843,1 milion eura (rast za 27,9%), što je rezultat povećanja priliva po osnovu vlasničkih i dužničkih ulaganja. Grafik br. 11 Ukupan priliv stranih direktnih investicija u godini, u hiljadama eura Izvor: CBCG Bilten Centralne banke Crne Gore 26

27 Graph 10 Turnover ratio Payment operations The value of the transactions in the RTGS and DNS systems amounted to 1,658 million euros in December 2018, and it recorded monthly decline of 37.3% and the year-on-year decline of 2.9%. In the structure of total recorded payment transactions in the Payment System of the Central Bank, 95.32% 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 61.40% was recorded by orders in the DNS system with 621,276 executed orders. Foreign Direct Investments (FDIs) In 2018, net FDI inflow amounted to million euros or 32.4% less than in Total FDI inflow stood at million euros (a 27.9% increase), primarily due to an increase in equity and debt investments. Graph 11 Total FDI inflow, in thousand euros Source: CBCG 27 Bulletin of Central Bank of Montenegro

28 U formi vlasničkih ulaganja ostvaren je priliv od 519,9 miliona eura, što čini 61,7% ukupno ostvarenog priliva (rast od 38,3%). U strukturi vlasničkih ulaganja 337,2 miliona eura se odnosilo na investicije u kompanije i banke (rast od 47,4%), dok je priliv po osnovu ulaganja u nekretnine iznosio 182,6 miliona eura (rast od 24,1%). Priliv SDI u formi interkompanijskog duga iznosio je 300,1 milion eura ili 35,6% ukupnog priliva, što je za 21% više nego u godini. Grafik br. 12 Struktura ukupnog priliva stranih direktnih investicija u godini Izvor: CBCG Ukupan odliv stranih direktnih investicija u godini iznosio je 515,5 miliona eura, što je značajno više u odnosu na godinu (174,9 miliona eura). Odliv po osnovu ulaganja rezidenata u inostranstvo iznosio je 110,4 miliona eura, dok su povlačenja sredstava nerezidenata investiranih u našu zemlju iznosila 405,1 miliona. Budžet Crne Gore Izvorni prihodi budžeta Crne Gore i državnih fondova u decembru godine, prema procjeni Ministarstva finansija, iznosili su 184,7 miliona eura ili 4% procijenjenog BDP-a 6, i bili su niži za 5,9% u poređenju sa planiranim, dok su u odnosu na decembar godine zabilježili neznatan pad od 0,6%. U strukturi izvornih prihoda, u decembru, najveće učešće, 49,5%, ostvarili su prihodi od poreza, zatim doprinosi 43,5%, ostali prihodi 2,3%, donacije 2,1%, naknade 1,4%, takse 0,8% i primici od otplate kredita i sredstva prenesena iz prethodne godine 0,4%. Prihodi od poreza su u decembru bili viši u odnosu na isti period prethodne godine za 2,3%, dok je u odnosu na plan zabilježen pad od 6,9%. Naplata akciza ostvarena je u iznosu od 16,8 miliona eura, što je niže za 17,2% u poređenju sa planom za decembar, a za 15,7% u odnosu na isti mjesec godine. Najznačajnije pozitivno odstupanje u odnosu na plan, u toku decembra, ostvareno je kod poreza na dohodak fizičkih lica i doprinosa. Izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova), u decembru godine, iznosili su 255,1 miliona eura, ili 5,5% BDP-a, što je niže za 5,6% u odnosu na isti period prethodne godine, a više za 45,5% u poređenju sa planom. Najveće izvršenje izdataka zabilje- 6 Ministarstvo finansija; procijenjeni BDP za godinu iznosi 4.604,5 miliona eura. Bilten Centralne banke Crne Gore 28

29 The inflow in the form of equity investments amounted to million euros or 61.7% of total recorded FDI inflow (which is a 38.3% increase). In the structure of equity investments, investments in companies and banks accounted for million euros (47.4% increase), while the inflow arising from investments in immovable properties amounted to million euros (24.1% growth). FDI inflow in the form of intercompany debt amounted to million euros or 35.6% of the total inflow, which is 21% more than in the same period of Graph 12 Structure of total FDI inflow in 2018 Source: CBCG The total outflow of FDIs in 2018 amounted to million euro, which is significantly higher compared to 2017 (174.9 million euros). The outflow arising from residents investments abroad amounted to million euros, while the withdrawal of non-residents' funds invested in Montenegro amounted to million euros. Budget of Montenegro In December 2018, according to the Ministry of Finance estimates, source revenues of the Budget of Montenegro and state funds amounted to million euros or 4% of the estimated GDP 6, and they were 5.9% lower than planned for this month and insignificantly lower (0.6%) than in December In the structure of source revenues in December 2018, tax revenues accounted for the main share of 49.5%, followed by contributions with 43.5%, other revenues with 2.3%, donations with 2.1%, fees with 1.4%, duties with 0.8%, and receipts from loan repayment and assets transferred from the previous year with 0.4% each. Tax revenues were 2.3% higher in December 2018 than a year ago, yet 6.9% lower than planned. The excise duties were collected in the amount of 16.8 million euros or 17.2% less than planned for December 2018 and 15.7% less than in the corresponding month of In December 2018, the collection of personal income tax and contributions recorded the most significant positive deviation from the plan. In December 2018, budget expenditure (total expenditure less debt repayment) amounted to million euros or 5.5% of GDP, which is 5.6% less compared y-o-y and 45.5% more 6 Ministry of Finance; estimated GDP for 2018 amounts to 4,604.5 million euros. 29 Bulletin of Central Bank of Montenegro

30 ženo je kod izdataka za kapitalni budžet (55,3 miliona eura), bruto zarade (34,8 miliona eura) i penzije (34,6 miliona eura). Budžet Crne Gore, u decembru godine, zabilježio je deficit od 70,4 miliona eura ili 1,5% BDP-a. Bilten Centralne banke Crne Gore 30

31 than planned. The highest expenditure execution referred to capital budget (55.3 million euros), gross wages and salaries (34.8 million euros) and pensions (34.6 million euros). In December 2018, the budget of Montenegro recorded a deficit of 70.4 million euro or 2% of GDP. 31 Bulletin of Central Bank of Montenegro

32 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 32

33 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 33 Statistical Bulletin

34 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 34

35 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: 35 Statistical Bulletin