Centralna banka Crne Gore Central Bank of Montenegro Bilten Centralne banke Crne Gore Februar/mart Bulletin of Central Bank of Montenegro Februa

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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 dr Irena Radović, viceguverner Miodrag Radonjić, viceguverner Asim Telaćević dr Milivoje Radović dr Milorad Jovović dr Srđa Božović 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 Irena Radović, PhD, Vice-Governor Miodrag Radonjić, Vice-Governor Asim Telaćević Milivoje Radović, PhD Milorad Jovović, PhD Srđa Božović, 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, tržišta novca 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, the money market 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 Tržište novca 40 Tržište kapitala 42 Platni bilans 44 Platni promet 46 Realni sektor 48 Fiskalni sektor 52 Bilten Centralne banke Crne Gore vi

7 Contents MACROECONOMIC ENVIRONMENT 9 STATISTICAL BULLETIN 31 Monetary Statistics 31 Interest Rates Statistics 39 Money Market 41 Capital Market 43 Balance of Payments 45 Payment System Transactions 47 Real Sector Developments 49 Fiscal Developments 53 vii Bulletin of Central Bank of Montenegro

8 Makroekonomska kretanja Godišnja stopa inflacije u februaru je porasla na nivo od 2,7%, najviše zbog povećanja stope PDV-a. Registrovan je rast aktivnosti u oblasti industrijske proizvodnje, šumarstva i turizma. Indikatori tržišta rada su se popravili, dok su berzanski indeksi i promet u padu. Bankarski sistem je stabilan i situacija nije značajnije promijenjena u odnosu na kraj prethodne godine Kretanje cijena 1 Potrošačke cijene su u februaru godine u odnosu na prethodni mjesec, zabilježile rast od 0,3%. Najveći rast cijena zabilježen je u kategoriji odjeća i obuća za 2%, najviše zbog rasta cijena odjeće (3%). Rast cijena zabilježen je i u kategorijama: namještaj, oprema za domaćinstvo i rutinsko održavanje stana (1,5%), ostala dobra i usluge (0,4%), alkoholna pića i duvan (0,3%), hrana i bezalkoholna pića (0,2%) i prevoz i rekreacija i kultura od po 0,1%. Mjesečni pad cijena zabilježen je u kategorijama stanovanje, voda, struja, gas i druga goriva (-0,7%) i hoteli i restorani (-0,1%). Cijene su ostale nepromijenjene u kategorijama: zdravlje, komunikacije i obrazovanje. Godišnja inflacija u februaru godine, mjerena potrošačkim cijenama iznosila je 2,7%, dok je inflacija mjerena harmonizovanim indeksom potrošačkih cijena iznosila 3,7%. Grafik br. 1 Potrošačke cijene Izvor: MONSTAT 1 Preliminarni podaci Bilten Centralne banke Crne Gore 8

9 Macroeconomic environment In February of this year, the annual inflation rate rose to 2.7%, mainly as a result of the VAT rate increase. Activities intensified in industrial output, forestry, and tourism. Labour market indicators improved, whereas the SE indices and turnover declined. The banking system was stable, recording no significant changes in relation to end Prices 1 In February 2018, consumer prices recorded the month-on-month increase of 0.3%. The most significant price increase of 2% was recorded in clothing and footwear, mainly due to the 3% rise in the prices of clothing. The prices in the following categories also recorded monthly upturn: furnishing, household equipment and routine household maintenance (1.5%), miscellaneous goods and services (0.4%), alcoholic beverages and tobacco (0.3%), food and non-alcoholic beverages (0.2%), and transport and recreation and culture (0.1% each). The monthly price drop was observed in housing, water, electricity gas and other fuels (-0.7%), and hotels and restaurants (-0.1%). Prices in health, communications, and education remained the same. Annual CPI inflation in February 2018 amounted to 2.7%, while HICP inflation stood at 3.7%. 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 februaru godine ostvarile rast od 0,3% u odnosu na prethodni mjesec, zbog rasta cijena u sektorima vađenje ruda i kamena od 1,5% i prerađivačka industrija od 0,1%. U sektoru snabdijevanje električnom energijom, gasom i parom nije bilo promjena cijena u odnosu na januar godine. Na godišnjem nivou, cijene proizvođača industrijskih proizvoda zabilježile su rast od 0,9%, zbog rasta cijena u sektoru snabdijevanje električnom energijom, gasom i parom od 4,4%. Pad cijena zabilježen je u sektorima vađenje ruda i kamena (-1,6%) i sektoru prerađivačka industrija (-0,8%). Grafik br. 2 Cijene proizvođača industrijskih proizvoda Izvor: MONSTAT Industrijska proizvodnja 3 U februaru godine industrijska proizvodnja zabilježila je rast od 13,7% u odnosu na prethodni mjesec. Rast proizvodnje je zabilježen u sektorima prerađivačka industrija za 7,4% i snabdijevanje električnom energijom, gasom i parom od 21,9%, dok je u sektoru vađenje ruda i kamena zabilježen pad proizvodnje (-6,3%). Industrijska proizvodnja je u prva dva mjeseca godine, u odnosu na isti period godine zabilježila rast od 39,3%. Rast proizvodnje je zabilježen u sektorima prerađivačka industrija (15,1%) i snabdijevanje električnom energijom, gasom i parom (82,6%). Pad proizvodnje zabilježen je u sektoru vađenje ruda i kamena (-13,1%). U prerađivačkoj industriji, u uporednom periodu, sedam oblasti bilježi rast proizvodnje pri čemu je najveći rast zabilježen u oblasti proizvodnja metalnih proizvoda, osim mašina i uređaja (96,6%), zatim proizvodnja proizvoda od drveta, plute i sl. (91,8%), proizvodnja proizvoda od ostalih nemetalnih minerala (81,1%), proizvodnja osnovnih metala (16,1%), proizvodnja mašina i opreme na drugom mjestu nepomenute (8,7%), proizvodnja proizvoda od gume i plastike (5,2%) i proizvodnja prehrambenih proizvoda (3,1%). Najveći pad ostvaren je u oblasti proizvodnja osnovnih farmaceutskih proizvoda i preparata (-43,8%), a najmanji u oblasti proizvodnja hemikalija i hemijskih proizvoda (-1,4%). U oblasti proi- 2 Preliminarni podaci 3 Preliminarni podaci Bilten Centralne banke Crne Gore 10

11 Producers` prices of manufactured products 2 In February 2018, producers` prices of manufactured products recorded monthly growth of 0.3%, due to the price increase of 1.5% in the mining and quarrying sector and 0.1% price increase in the manufacturing industry. The electricity, gas and steam supply sector saw no changes in relation to January Producers` prices of manufactured products recorded annual growth of 0.9%, due to a 4.4% price increase in the electricity, gas and steam supply sector. Mining and quarrying and manufacturing industry recorded decrease in prices of -1.6% and -0.8%, respectively. Graph 2 Producers prices of manufactured products Source: MONSTAT Industrial output 3 In February 2018, industrial output recorded the monthly increase of 13.7%. Manufacturing industry and electricity, gas and steam supply recorded respective output increases of 7.4% and 21.9%, while in the mining and quarrying sector, the output declined by -6.3%. In the first two months of the current year, the industrial output recorded the year-on-year increase of 39.3%. Output increase was recorded in the sectors of manufacturing industry (15.1%) and electricity, gas and steam supply (82.6%). Output declined in the mining and quarrying sector (-13.1%). In the observed period, seven sub-sectors of the manufacturing industry recorded output increase, with the production of metal products, other than machinery and equipment recording the highest rise (96.6%) followed by the manufacture of wood and of products of wood and cork, except furniture (91.8%), production of other non-metal minerals products (81.1%), production of basic metals (16.1%), production of machinery and equipment otherwise not mentioned (8.7%), production of rubber and plastic products (5.2%) and the production of food products (3.1%). The most significant decline was recorded in the production of basic pharmaceutical products (-43.8%), while the area of production of chemicals and chemical products recorded the lowest decline (-1.4%). The production of wearing ap- 2 Preliminary data 3 Preliminary data 11 Bulletin of Central Bank of Montenegro

12 zvodnja odjevnih predmeta proizvodnja je ostala na nivou prethodnog mjeseca, dok u oblastima proizvodnja duvanskih proizvoda i proizvodnja kože i predmeta od kože u februaru nije zabilježena proizvodnja. Grafik br. 3 Industrijska proizvodnja Izvor: MONSTAT Šumarstvo U šumarstvu je u prva dva mjeseca godine, proizvedeno ukupno m³ šumskih sortimenata, što je za 33,3% 4 više nego u istom periodu godine. Turizam Broj dolazaka turista, u kolektivnom smještaju 5, u prva dva mjeseca godine iznosio je što je za 30,3% više u odnosu na isti period prethodne godine. Broj dolazaka stranih turista iznosio je Ukupno je ostvareno noćenja, što je za 14,3% više nego u istom periodu godine. Tržište rada U februaru godine, prema evidenciji MONSTAT-a, bilo je zaposleno lica, što je za 0,5% više u odnosu na prethodni mjesec kao i u odnosu na februar 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 (12%), obrazovanje (8,2%), usluge smještaja i ishrane (7%), zdravstvena i socijalna zaštita (6,9%), prerađivačka industrija (6,6%), građevinarstvo (6,3%) i saobraćaj i skladištenje (6,1%). 4 Iskazano ponderisanim indeksom, a neponderisanim proizvodnja je veća 30% 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 parel remained at its January level, whereas production of tobacco products and production of leather and leather products recorded no output in February. Graph 3 Industrial output Source: MONSTAT Forestry In the first two months of 2018, a total of 8,230 m³ of forest assortments were produced, which was by 33.3% 4 more in relation to the same period of the previous year. Tourism In the first two months of the current year, the occupancy of tourist accommodation establishments 5 amounted to 50,112 tourists, which is the year-on-year increase of 30.3%. The number of foreign tourist arrivals amounted to Overnights amounted to 115,115, which is the year-on-year increase of 14.3%. Labour market Monstat records show that there were 179,035 employed persons in February 2018, which is an increase of 0.5% in relation to both, January 2018 and February The highest number of persons were employed in the wholesale and retail trade, repair of motor vehicles and motorcycles (19.8%), public administration and defense, compulsory social security (12%), education (8.2%), accommodation and food service activities (7%), human health and social work activities (6.9%), manufacturing industry (6.6%), construction (6.3%), and transport and warehousing (6.1%). 4 Presented in the weighted index, while presented in the non-weighted index the output was 30% higher 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, februar godine Izvor: MONSTAT Broj nezaposlenih lica u februaru godine u odnosu na prethodni mjesec manji je za 2,2%, a u odnosu na isti mjesec prethodne godine manji je za 9,1%. Prosječne bruto plate su u februaru godine u odnosu na prethodni mjesec manje za 0,1%, dok su prosječne neto plate ostale na istom nivou. Prosječna realna zarada bez poreza i doprinosa u februaru godine zabilježila je pad od 0,3% na mjesečnom nivou. Ukupna aktiva i pasiva banaka Bilansna suma banaka na kraju februara godine iznosila je 4.134,6 miliona eura i veća je nego na kraju prethodnog mjeseca za 0,4%, dok u odnosu na februar godine bilježi rast od 9,5%. U strukturi aktive banaka, u februaru godine dominantno učešće od 65,1% ostvarili su ukupni krediti, nakon kojih slijede novčana sredstva i računi depozita kod centralnih banaka sa 19,5%, dok se 15,4% odnosilo na preostale stavke aktive. U strukturi pasive, dominantno učešće od 78,3% ostvarili su depoziti, nakon kojih slijedi kapital sa 12%, pozajmice sa 6,9%, dok se na ostale stavke odnosilo 2,8% ukupne pasive. Ukupan kapital banaka na kraju februara godine iznosio je 494,7 miliona eura i bilježi rast od 0,8% na mjesečnom nivou, dok na godišnjem nivou bilježi pad od 0,7%. Krediti Ukupno odobreni krediti banaka na kraju februara godine iznosili su 2.692,9 miliona eura i bilježe rast na mjesečnom nivou od 0,8% i rast od 10,7% na godišnjem nivou. Bilten Centralne banke Crne Gore 14

15 Graph 4 Employment structure by sectors, February 2018 Source: MONSTAT In February 2018, the monthly decrease in unemployment amounted to 2.2%, while the year-on-year decline was 9.1%. In the observed month, the average gross wages recorded the monthly decline of 0.1%, whereas the average net wages remained the same. The average real wages and salaries without taxes and contributions recorded monthly decrease of 0.3% in February this year. Total assets and liabilities of banks At end-february 2018, total assets and liabilities of banks amounted to 4,134.6 million euros recording a monthly increase of 0.4%, and a year-on-year increase of 9.5%. The structure of banks assets in February 2018 shows that total loans accounted for the main share with 65.1%, followed by cash and deposits with central banks with 19.5%, while other asset items accounted for the remaining 15.4%. In the structure of liabilities and capital, the main share of 78.3% referred to deposits, followed by capital with 12%, borrowings with 6.9%, while other liabilities items accounted for 2.8% of total liabilities. At end-february 2018, total capital of banks amounted to million euros and it recorded monthly growth of 0.8% and the annual decline of 0.7%. Loans At the end of the observed month, total banking loans amounted to 2,692.9 million euros, recording a monthly increase of 0.8% and the annual increase of 10.7%. 15 Bulletin of Central Bank of Montenegro

16 Grafik br. 5 Krediti i depoziti, u 000 eura Koeficijent krediti/depoziti iznosio je 0,83 na kraju februara godine, i niži je nego u februaru godine kada je iznosio 0,86. Po osnovu kredita banke su na kraju februara godine najviše (78,8%) potraživale od privrede i stanovništva. Grafik br. 6 Krediti stanovništvu, privredi i ukupni krediti banaka, u 000 eura Depoziti Depoziti u bankama u februaru godine iznosili su 3.236,3 miliona eura, i neznatno su veći u odnosu na prethodni mjesec, dok u odnosu na februar godine bilježe rast od 14,1%. U ročnoj strukturi ukupnih depozita na kraju februara najveće učešće od 61,3% imali su depoziti po viđenju, dok su oročeni depoziti činili 37,9% ukupnih depozita. Preostalih 0,8% odnosilo se na sredstva na escrow računu. U strukturi ukupnih oročenih depozita najveće učešće imali su depoziti ročnosti od tri mjeseca do jedne godine (51,8%) i jedne do tri godine (36,1%). Bilten Centralne banke Crne Gore 16

17 Graph 5 Loans and deposits, in thousand euros At end-february 2018, loans to deposits ratio was 0.83, and it was lower than a year ago when it amounted to Loans disbursed to the corporate and household sectors accounted for the main share (78.8%) in banks` loan receivables. Graph 6 Loans to households, corporate loans, and total banking loans, in thousand euros Deposits In February 2018, deposits with banks amounted to 3,236.3 million euros, recording a minor monthly increase as well as the year-on-year increase of 14.1% The maturity structure of total deposits shows that demand deposits accounted for the main share of 61.3% and time deposits accounted for 37.9% of total deposits. The remaining 0.8% referred to funds at escrow account. In the structure of total time deposits, the highest share was of deposits with maturity from 3 months up to one year (51.8%) and deposits with maturity from one up to three years (36.1%). 17 Bulletin of Central Bank of Montenegro

18 Tabela br. 1 Ročna struktura depozita, kraj perioda, % II I II Depoziti po viđenju 55,1 61,2 61,3 Oročeni depoziti 44,3 38,0 37,9 do tri mjeseca 2,0 2,2 1,3 od tri mjeseca do jedne godine 20,3 19,6 19,7 od jedne do tri godine 18,4 13,0 13,7 Preko tri godine 3,6 3,2 3,2 Sredstva na escrow računu 0,6 0,8 0,8 Posmatrano po sektorima, na kraju februara godine u ukupnim depozitima dominirali su depoziti fizičkih lica sa 53,2%. Tabela br. 2 Sektorska struktura depozita, kraj perioda II I II II I II u 000 EUR u % Finansijske institucije ,0 1,1 1,2 Nefinansijske institucije ,9 39,4 39,2 Opšta vlada (Vlada, državni fondovi, jedinice lokalne ,1 5,2 4,9 samouprave) Fizička lica (stanovništvo) ,6 52,7 53,2 Nevladine i druge neprofitne organizacije ,4 1,5 1,5 Ostalo ,0 0,1 0,0 UKUPNO Depoziti stanovništva Depoziti stanovništva na kraju februara godine iznosili su 1.721,6 miliona eura i viši su u odnosu na prethodni mjesec za 0,9%, dok su u odnosu na februar godine viši za 11,1%. U ročnoj strukturi depozita stanovništva depoziti po viđenju činili su 54,9%, a oročeni depoziti 45,1%. Grafik br. 7 Depoziti stanovništva po ročnosti, u eura Bilten Centralne banke Crne Gore 18

19 II 2017 I 2018 II 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 at escrow accounts Table 1 Maturity structure of deposits, period-end, in % Observed by sectors, household deposits accounted for the main share of 53.2% in total deposits at end-february II 2017 I 2018 II 2018 II 2017 I 2018 II 2018 in thousand euros in % Financial institutions 28,656 37,022 38, Non-financial institutions 1,074,018 1,273,452 1,267, General Government (Government, State funds, 143, , , Local government units) Households (natural persons) 1,549,019 1,706,472 1,721, Non-governmental and other non-profit institutions 41,639 49,123 50, Other 573 1,488 1, TOTAL 2,837,189 3,236,077 3,236, Table 2 Structure of deposits by sectors, period-end Retail deposits Total household deposits amounted to 1,721.6 million euros at end-february 2018, recording the month-on-month growth of 0.9%, as well as the year-on-year growth of 11.1%. The maturity structure of household deposits shows that demand deposits accounted for 54.9% and time deposits accounted for the remaining 45.1%. Graph 7 Household deposits by maturity, in million euros 19 Bulletin of Central Bank of Montenegro

20 Likvidnost banaka Likvidna aktiva banaka u februaru godine iznosila je 944,3 miliona eura i bila je za 62 miliona eura ili 6,2% manja nego u prethodnom mjesecu, dok je u odnosu na februar godine bila viša za 102,8 miliona eura ili 12,2%. U februaru godine koeficijenti likvidnosti za bankarski sistem u cjelini na dnevnom i dekadnom nivou bili su iznad propisanih minimuma. Obavezna rezerva Na kraju februara godine ukupno izdvojena obavezna rezerva banaka kod Centralne banke iznosila je 239,6 miliona eura i bilježi rast od 2,5 miliona eura ili 1% na mjesečnom nivou, dok u odnosu na februar godine bilježi pad od 24,9 miliona eura ili 9,4%. Od ukupnog iznosa izdvojene obavezne rezerve, na račun obavezne rezerve u zemlji izdvojeno je 52,7%, dok je na račun Centralne banke u inostranstvu izdvojeno 47,3%. Efektivna stopa obavezne rezerve mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita iznosila je 7,40% na kraju februara tekuće godine i imala je manju vrijednost nego u februaru godine kada je iznosila 9,32%. 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 februara godine iznosila je 62,2 miliona eura i u odnosu na prethodni mjesec bilježi rast od 1,5%, dok u odnosu na isti period prethodne godine bilježi rast od 12,3%. U februaru godine krediti MFI-a iznosili su 60,7 miliona eura i veći su u odnosu na prethodni mjesec za 1,4%, dok u odnosu na isti period prethodne godine bilježe rast od 12,7%. MFI-e su tokom februara godine poslovale sa pozitivnim finansijskim rezultatom u ukupnom iznosu od eura. Bilten Centralne banke Crne Gore 20

21 Banks Liquidity Liquid assets of banks amounted to million euros in February 2018, recording a monthly decrease of 62 million euros or 6.2%, and the year-on-year increase million euros or 12.2%. In February 2018, both daily and ten-day liquidity ratios stood above the statutory minimum for the entire banking system. Reserve requirement At end-february 2018, total reserve requirement of banks allocated with the Central Bank of Montenegro amounted to million euros increasing by 2.5 million euros or 1% m- o-m, yet recording a decline of 24.9 million euros or 9.4% y-o-y. In the total amount of the allocated reserve requirement, 52.7% was allocated to the reserve requirement account in the country, and the remaining 47.3% was held in the CBCG account held abroad. The effective reserve requirement rate, measured as the ratio between the allocated reserve requirement and total deposits, amounted to 7.40% at end-february this year, being below the rate recorded in the same month of 2017 when it was 9.32%. Graph 8 Allocated reserve requirement in thousand euro (left-hand scale), effective reserve requirement rate in % (right-hand scale) Microcredit financial institutions (MFIs) Total MFIs assets and liabilities amounted to 62.2 million euros at end-february 2018, showing a monthly growth of 1.5% and the year-on-year growth of 12.3%. In February this year, total MFIs loans amounted to 60.7 million euros, recording a monthly increase of 1.4% and a year-on-year increase of 12.7%. In February 2018, MFIs operated with a positive financial result in the total amount of 725,000 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 februaru godine iznosila je 6,10%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 6,75%. Na mjesečnom nivou nominalna kamatna stopa zabilježila je pad od 0,04 p.p, dok je efektivna kamatna stopa zabilježila pad od 0,03 p.p. Na godišnjem nivou nominalna kamatna stopa bilježi pad od 0,51 p.p, dok efektivna kamatna stopa bilježi pad od 0,55 p.p. Kamatne stope banaka na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na novoodobrene kredite u februaru godine iznosila je 6,25%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 7,07%. Na mjesečnom nivou nominalna kamatna stopa ostvarila je rast od 0,48 p.p, dok je efektivna kamatna stopa veća za 0,62 p.p. Na godišnjem nivou nominalna kamatna stopa zabilježila je rast od 0,06 p.p, dok je efektivna kamatna stopa zabilježila rast od 0,19 p.p. Kamatne stope mikrokreditnih finansijskih institucija na ukupno odobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na ukupno odobrene kredite u februaru godine iznosila je 20,40%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,22%. U odnosu na prethodni mjesec nominalna kamatna stopa manja je za 0,02 p.p, dok je efektivna kamatna stopa manja za 0,04 p.p. U odnosu na isti period prethodne godine prosječna ponderisana nominalna kamatna stopa zabilježila je pad od 0,13 p.p, dok je efektivna kamatna stopa niža 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 februaru godine iznosila je 20,43%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,36%. Na mjesečnom nivou nominalna kamatna stopa zabilježila je pad od 0,66 p.p, dok je efektivna stopa zabilježila pad od 1,02 p.p. U odnosu na februar godine nominalna kamatna stopa manja je za 0,51 p.p, dok efektivna kamatna stopa bilježi pad od 0,76 p.p. Pasivne kamatne stope Prosječna ponderisana pasivna efektivna kamatna stopa (PPPEKS) iznosila je 0,65% u februaru godine i manja je za 0,01 p.p. u odnosu na prethodni mjesec, dok je na godišnjem nivou zabilježila pad od 0,26 p.p. PPEKS na depozite fizičkih lica iznosila je 0,85%, i u odnosu na prethodni mjesec manja je za 0,01 p.p, dok je u odnosu na isti mjesec prethodne godine niža za 0,32 p.p. Istovremeno, PPEKS na depozite pravnih lica iznosila je 0,42% i neznatno je manja u odnosu na prethodni mjesec, dok u odnosu na isti period prethodne godine bilježi pad od 0,16 p.p. Bilten Centralne banke Crne Gore 22

23 Lending interest rates Lending interest rates on total loans granted The weighted average nominal interest rate (WANIR) on total loans granted in February 2018 amounted to 6.10% while the weighted average effective interest rate (WAEIR) amounted to 6.75%. Both rates recorded annual declines of 0.04 and 0.03 percentage points, respectively. The WANIR recorded the annual decline of 0.51 percentage points, while the WAEIR dropped by 0.55 percentage points. Banking interest rates on new loans In February 2018, the WANIR on new loans granted amounted to 6.25% while the WAEIR amounted to 7.07%. Nominal interest rate recorded monthly growth of 0.48 percentage points, while effective interest rate grew 0.62 percentage points. Both rates recorded annual growths of 0.06 and 0.19 percentage points, respectively. MFIs interest rates on total loans The WANIR on total MFI loans granted in February 2018 amounted to 20.40% while the WAEIR amounted to 24.22%. Nominal and effective interest rates recorded respective monthly declines of 0.02 and 0.04 percentage points. The WANIR and the WAEIR recorded respective year-on-year declines of 0.13 and 0.18 percentage points. MFIs interest rates on new loans The WANIR on total new MFIs' loans granted in February 2018 amounted to 20.43% while the WAEIR amounted to 24.36%. Both rates recorded annual declines of 0.66 and 1.02 percentage points, respectively. Compared to February 2017, the WANIR dropped by 0.51 percentage points while the WAEIR declined by 0.76 percentage points. Deposit interest rates In February 2018, the weighted average deposit effective interest rate (WADEIR) amounted to 0.65%, recording a monthly decline of 0.01 percentage points and the annual decline of 0.26 percentage points. The WAEIR on natural persons deposits amounted to 0.85% and it recorded monthly decrease of 0.01 percentage points, as well as the year-on-year decline of 0.32 percentage points. At the same time, the WAEIR on legal persons deposits amounted to 0.42% recording a minor monthly decline, as well as a year-on-year decline of 0.16 percentage points. 23 Bulletin of Central Bank of Montenegro

24 Tabela br. 3 PPEKS na ukupne depozite banaka po ročnosti, u % Ročnost II I II Depoziti po viđenju 0,05 0,02 0,02 Oročeni depoziti Do 3 mjeseca 1,04 0,85 1,11 Od 3 mjeseca do 1 godine 1,70 1,55 1,54 Od 1 do 3 godine 2,15 1,86 1,79 Od 3 do 5 godina 3,09 2,03 2,07 Preko 5 godina 3,37 3,28 3,14 Razlika između aktivnih (na ukupno odobrene kredite) i pasivnih kamatnih stopa u februaru godine iznosila je 6,10 p.p. i manja je u odnosu na prethodni mjesec (6,12 p.p.), kao i u odnosu na isti period prethodne godine (6,39 p.p.). Tržište kapitala U februaru godine na Montenegroberzi ostvaren je promet od 1,3 miliona eura kroz 322 transakcije. Ostvareni promet je bio 69% manji nego na kraju prethodnog mjeseca, dok je u odnosu na isti mjesec prethodne godine manji za 86,4%. U strukturi trgovine ostvarenoj u februaru godine najveće učešće od 96% odnosilo se na promet akcijama kompanija, 2,4% odnosilo se na promet državnim obveznicama, dok se 1,6% odnosilo se na promet akcija fondova zajedničkog ulaganja. Cjelokupni promet ostvaren je kroz sekundarnu trgovinu. Berzanski indeks MONEX čija je vrijednost na kraju februara godine bila ,77 indeksnih poena, bilježi pad od 4,3% u odnosu na kraj prethodnog mjeseca, dok je na godišnjem nivou zabilježio pad od 10,5%. Indeks MNSE10 iznosio je 776,93 indeksnih poena i bilježi pad u odnosu na prethodni mjesec od 6,3%, dok je u odnosu na februar prethodne godine ostvario pad od 19,9%. Grafik br. 9 Kretanje indeksa MONEX, MONEX PIF i MNSE10 Tržišna kapitalizacija na dan godine iznosila je 2.799,2 miliona eura i na mjesečnom nivou bilježi pad od 6,1%, dok je na godišnjem nivou manja za 5,1%. Koeficijent obrta sredstava na Montenegroberzi u februaru tekuće godine iznosio je 0, i manji je u odnosu na prethodni mjesec kada je iznosio 0, Bilten Centralne banke Crne Gore 24

25 Maturity II 2017 I 2018 II 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 The WAEIR on banks total deposits, by maturity, in % In February this year, the difference between the lending interest rates (on total loans granted) and the deposit interest rates amounted to 6.10 percentage points, being lower compared to the previous month (when it amounted to 6.12 percentage points), as well as compared to February 2017 (when it amounted to 6.39 percentage points). Capital market In February 2018, the Montenegro Stock Exchange recorded a 1.3 million euros turnover that was achieved through 322 transactions. The turnover was by 69% lower than at the end of the previous month and by 86.4% lower than in the same month last year. In the structure of trade recorded in February 2018, company shares turnover accounted for the main share of 96%, 2.4% referred to government bonds turnover, while joint investment funds' shares accounted for 1.6%. The entire turnover was achieved through secondary trade. The MONEX SE index, which stood at 10, index points at end-february 2018, declined by 4.3% in relation to the previous month-end, and by 10.5% at the annual level. The MNSE10 index amounted to index points recording a monthly decline of 6.3% and an annual decline of 19.9%. Graph 9 MONEX, MONEX PIF and MNSE10 indices As at 28 February 2018, the stock exchange capitalisation amounted to 2,799.2 million euros, recording a 6.1% decrease in relation to the previous month and a 5.1% decline at the annual level. The turnover ratio at the Montenegro Stock Exchange amounted to in February this year, showing a decrease in relation to the previous month when it was 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 939,24 miliona eura u februaru godine što je za 19% više nego u prethodnom mjesecu, odnosno za 2% više nego u istom periodu prethodne godine. U strukturi ukupno realizovanog platnog prometa u Platnom sistemu Centralne banke 94,05% 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 62,88% ostvarili su nalozi u DNS sistemu sa realizovanih naloga. Strane direktne investicije U prva dva mjeseca godine, prema preliminarnim podacima, ostvaren je neto priliv stranih direktnih investicija u iznosu od 28,8 miliona eura, što je 55,5% manje u poređenju sa istim periodom godine. Ukupan priliv stranih direktnih investicija iznosio je 98 miliona eura, dok je istovremeno ostvaren odliv u vrijednosti od 69,2 miliona eura. Grafik br. 11 Ukupan priliv stranih direktnih investicija, u hiljadama eura Izvor: CBCG Bilten Centralne banke Crne Gore 26

27 Graph 10 Turnover ratio National payment system The value of the payment transactions achieved in the RTGS and the DNS systems amounted to million euro in February this year, accounting for the monthly increase of 19% as well as the annual increase of 2%. In the structure of total payment transactions executed in the CBCG payment system, 94.05% referred to the value of the payment transactions achieved in the RTGS system. In reference to the share of executed orders in the CBCG payment system, the main portion of 62.88% referred to DNS system orders with 479,227 executed orders. Foreign Direct Investments (FDIs) Preliminary data shows that in the first two months of 2018, net FDI inflow amounted to 28.8 million euros or by 55.5% less than a year ago. Total FDI inflow amounted to 98 million euros, while the outflow recorded at the same time amounted to 69.2 million euros. 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 43,9 miliona eura, što čini 44,8% ukupno ostvarenog priliva. U strukturi vlasničkih ulaganja 21,7 miliona eura se odnosilo na investicije u kompanije i banke, dok je priliv po osnovu ulaganja u nekretnine iznosio 22,2 miliona eura. Priliv SDI u formi interkompanijskog duga iznosio je 51,6 miliona eura ili 52,6% ukupnog priliva. Grafik br. 12 Struktura ukupnog priliva stranih direktnih investicija u periodu januar-februar godine Izvor: CBCG Ukupan odliv stranih direktnih investicija u prva dva mjeseca godine iznosio je 69,3 miliona eura. Odliv po osnovu ulaganja rezidenata u inostranstvo iznosio je 2,9 miliona eura, dok su povlačenja sredstava nerezidenata investiranih u našu zemlju iznosila 66,4 miliona eura. Budžet Crne Gore Izvorni prihodi budžeta Crne Gore i državnih fondova u februaru godine, prema procjeni Ministarstva finansija, iznosili su 107,1 miliona eura ili 2,4% procijenjenog BDP-a 6, i bili su na istom nivou kao u planu za navedeni mjesec, a u odnosu na februar godine ostvarili su rast od 20,6%. U strukturi izvornih prihoda, u februaru, najveće učešće, 60,5%, ostvarili su prihodi od poreza, zatim doprinosi 34,5%, naknade 1,8%, ostali prihodi 1,5%, takse 0,9%, donacije 0,7% i primici od otplate kredita i sredstva prenesena iz prethodne godine 0,1%. Prihodi od poreza su u februaru bili viši u odnosu na isti period prethodne godine za 28%, a u odnosu na planirane su bili neznatno niži. Naplata akciza ostvarena je u iznosu od 13,6 miliona eura, što je nepromijenjeno u odnosu na plan za februar, a u odnosu na isti mjesec godine više za 10%. Najznačajnije pozitivno odstupanje u odnosu na plan, u toku februara, ostvareno je kod naknada. Izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova), u februaru godine, iznosili su 119 miliona eura, ili 2,7% BDP-a, što je za 11,7% više u odnosu na isti period prethodne godine, a u odnosu na plan niže za 18,4%. Najveće izvršenje izdataka zabilježeno je kod izdataka za bruto zarade (38,1 miliona eura) i penzije (34,8 miliona eura). Budžet Crne Gore, u februaru godine, zabilježio je deficit od 11,9 miliona eura ili 0,3% BDP-a. 6 Ministarstvo finansija; procijenjeni BDP za godinu iznosi 4.397,7 miliona eura. Bilten Centralne banke Crne Gore 28

29 The inflow in the form of equity investments amounted to 43.9 million euros or 44.8% of the total FDI inflow recorded. In the structure of equity investments, investments in companies and banks accounted for 21.7 million euros, while the inflow arising from investments in real estates amounted to 22.2 million euros. FDI inflow in the form of intercompany debt amounted to 51.6 million euros or 52.6% of the total inflow. Graph 12 Structure of total FDI inflow, January-February 2018 Source: CBCG In the first two months of 2018, total FDI outflow amounted to 69.3 million euros. The outflow arising from residents' investments abroad amounted to 2.9 million euros, while the withdrawal of non-residents' funds invested in Montenegro amounted to 66.4 million euros. Budget of Montenegro The Ministry of Finance estimated that in February 2018, the source revenues of the Budget of Montenegro and state funds amounted to million euros or 2.4% of the estimated GDP 6, remaining in line with the plan for this month and being by 20.6% higher than in February The structure of source revenues shows that, in February, the highest share of 60.5% referred to tax revenues, which were followed by contributions with 34.5%, fees with 1.8%, other revenues with 1.5%, duties 0.9%, donations 0.7%, and receipts from loan repayment and funds transferred from the previous year with the share of 0.1%. Tax revenues recorded in February were by 28% higher y-o-y, being slightly lower than planned. The excise duties were collected in the amount of 13.6 million euros, staying in line with the plan for this month and increasing by 10% y-o-y. In February, the most significant positive deviation from the plan was observed with fees. In the observed month, budget expenditure (total expenditure less debt repayment) amounted to 119 million euros or 2.7% of GDP, recording a year-on-year increase of 11.7% and being 18.4% less than planned. The highest expenditure execution referred to gross wages and salaries (38.1 million euros) and pensions (34.8 million euros). In February 2018, the budget of Montenegro recorded a deficit of 11.9 million euros or 0.3% of GDP. 6 Ministry of Finance; estimated GDP for 2018 amounts to 4,397.7 million euros. 29 Bulletin of Central Bank of Montenegro

30 Statistički bilten Metodologija Shodno novoj Odluci o minimalnim standardima za upravljanje kreditnim rizikom u bankama 1 usvojene su nove odluke i to: Odluka o kontnom okviru za banke 2 i Odluka o izvještajima, koji se dostavljaju Centralnoj banci Crne Gore 3. Najznačajnija izmjena uslovljena primjenom Međunarodnih računovodstvenih standarda odnosi se na uvođenje računa za evidentiranje ispravki vrijednosti za stavke bilansne aktive, novih definicija finansijskih instrumenata i reklasifikaciju bilansnih pozicija u skladu s Međunarodnim računovodstvenim standardima. U skladu s navedenim izmjenama, izvršena je revizija podataka za period godina. Monetarna statistika Monetarna statistika depozitnih institucija Tabele preuzmi tabele Izvori podataka za izradu monetarne statistike depozitnih institucija su bilansi Centralne banke Crne Gore i bilansi banaka. Banke dostavljaju podatke u skladu s Odlukom o izvještajima koji se dostavljaju Centralnoj banci Crne Gore. Ovom odlukom propisan je oblik, vrsta, sadržaj i rokovi u kojima banke dostavljaju izvještaje Centralnoj banci o svom finansijskom stanju i poslovanju. Svi monetarni pregledi (Tabele ) prikazuju stanje pozicija bilansa stanja CBCG i banaka na posljednji dan bilansa. Monetarni pregled - Bilans stanja Centralne banke Crne Gore Tabela 1.1 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 odobrenih kredita iz primarne emisije od strane monetarne ustanove prethodnice CBCG (čija je potraživanja i obaveze naslijedila CBCG), potraživanja kamata od domaćih banaka i ostala potraživanja. 1 Sl. list Crne Gore, br. 22/12, 55/12. 2 Sl. list Crne Gore", br. 55/12. 3 Sl. list Crne Gore, br. 64/12. Statistički bilten 30

31 Statistical bulletin Methodology Pursuant to the new Decision on Minimum Standards for Credit Risk Management in Banks 1 the following new decisions were passed: Decision on Chart of Accounts for Banks 2 and the Decision on Reports to be submitted to the Central Bank of Montenegro 3. The most important amendment resulting from the application of the International Accounting Standards refers to introduction of the account for impairment of balance sheet assets value, new definitions of financial instruments and the reclassification of balance items pursuant to the International Accounting Standards. Pursuant to the abovementioned changes, the data for the period have been revised. Monetary statistics Monetary statistics of depository institutions Tables download tables Data sources for compilation of monetary statistics of depository institutions are balance sheets of the Central Bank of Montenegro and the balance sheets of banks. Banks submit data pursuant to the Decision on Reports to be Submitted to the Central Bank of Montenegro. The decision regulates the types, format, content and deadlines by which banks reports to the Central Bank of Montenegro on their financial position and operations. All monetary overviews (Tables ) show the balance sheets and income statements of the Central Bank of Montenegro and banks as at the last day in a month/year. Monetary Overview Balance Sheet of the Central Bank of Montenegro Table 1.1 The overview shows assets and liabilities of the Central Bank of Montenegro. CBCG net foreign assets represent the difference between claims on, and liabilities to, nonresidents. 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. CBCG claims on banks refer to 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), interest claims on domestic banks, and other claims. The CBCG liabilities to 1 OGM 22/12 and 55/12 2 OGM 55/12 3 OGM 64/12 31 Statistical Bulletin

32 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) 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. 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. Monetarni pregled Bilans banaka Tabela 1.2 U pregledu su prikazana potraživanja i obaveze banaka koje posluju u CG. 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, isključujući centralnu Vladu. Ukupan kapital banaka obuhvata osnivački kapital banaka, neraspoređenu dobit i rezerve i dobit iz tekućeg perioda. Statistički bilten 32

33 banks include banks` settlement accounts with the CBCG, allocated reserve requirements, and liabilities for interest calculated on a part of the allocated reserve requirements. 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), 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. 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. Monetary Overview - Balance Sheet of Banks Table 1.2 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, excluding the Central Government. Total capital of banks covers banks` founding capital, undistributed profits and reserves and profit retained for the current period. 33 Statistical Bulletin