Bilten Centralne banke Crne Gore April/Maj Bulletin of Central Bank of Montenegro April/May 2019 Centralna banka Crne Gore Central Bank of Monte

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

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

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

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

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

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

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

8 Makroekonomska kretanja Inflacija se kreće u skladu sa projekcijom. Rast aktivnosti je registrovan u oblasti turizma, a pad u industriji i šumarstvu. Bankarski sistem je stabilan. Na tržištu rada su prisutne pozitivne tendencije. Kretanje cijena Potrošačke cijene su u aprilu godine u odnosu na prethodni mjesec, zabilježile rast od 0,1%. Najveći rast cijena zabilježen je u kategoriji prevoz (1,1%) zbog rasta cijena goriva i maziva za motorna vozila za 2,2%. Rast je zabilježen i u kategorijama hrana i bezalkoholna pića (0,5%), namještaj, oprema za domaćinstvo i rutinsko održavanje stana (0,2%) i hoteli i restorani (0,1%). Pad cijena zabilježen je u kategorijama odjeća i obuća (-1,5%), stanovanje, voda, struja, gas i druga goriva i zdravlje po (-0,2%) i ostala dobra i usluge (-0,1%). Cijene su ostale nepromijenjene u kategorijama: alkoholna pića i duvan, komunikacije, rekreacija i kultura i obrazovanje. Godišnja inflacija u aprilu godine, mjerena potrošačkim cijenama iznosila je 0,9%, koliko je iznosila i inflacija mjerena harmonizovanim indeksom potrošačkih cijena. Grafik br. 1 Potrošačke cijene Izvor: MONSTAT Bilten Centralne banke Crne Gore 8

9 Macroeconomic environment The inflation follows the projections. There was a growth of activities in the area of tourism, while there was a decline in forestry and industry. Banking system is stable. There are positive trends at the labor market. Prices Consumer prices recorded monthly growth of 0.1% in April The most significant increase of 1.1% was recorded in transport category prices, mostly due to the increase of prices of fuels and lubricants for personal transport equipment (2.2%). Growth was also recorded in categories food and non-alcoholic beverages (0.5%), furniture, household equipment and routine maintenance of dwellings (0.2%) and hotels and restaurants (0.1%). Prices decline was recorded in the categories clothing and footwear (-1.5%), housing, water, electricity, gas and other fuels and health by (-0.2%) and other goods and services (-0.1%). Prices remained unchanged in the categories: alcoholic beverages and tobacco, communication, recreation and culture and education. Annual CPI inflation in April 2019 amounted to 0.9%, the same as the HICP inflation. Graph 1 Consumer prices Source: Monstat 9 Bulletin of Central Bank of Montenegro

10 Cijene proizvođača industrijskih proizvoda Cijene proizvođača industrijskih proizvoda su u aprilu godine ostvarile rast od 1,9% u odnosu na prethodni mjesec, zbog rasta cijena u sektorima vađenje ruda i kamena (9,8%) i prerađivačka industrija (0,2%), dok u sektoru snabdijevanje električnom energijom, gasom i parom nije bilo promjena cijena u odnosu na mart godine. Na godišnjem nivou, cijene proizvođača industrijskih proizvoda zabilježile su rast od 3,3%, zbog rasta cijena u sektorima vađenje ruda i kamena 12,1% i prerađivačka industrija od 2,1%, dok u sektoru snabdijevanje električnom energijom, gasom i parom nije bilo promjena cijena. Grafik br. 2 Cijene proizvođača industrijskih proizvoda Izvor: MONSTAT Industrijska proizvodnja 1 U aprilu godine industrijska proizvodnja zabilježila je pad od 24,1% u odnosu na prethodni mjesec. Pad proizvodnje je zabilježen u sektorima vađenje ruda i kamena (-28,3%) i snabdijevanje električnom energijom, gasom i parom (-63,3%), dok je u sektoru prerađivačka industrija ostvaren rast proizvodnje od 11,5%. Industrijska proizvodnja je u prva četiri mjeseca godine u odnosu na isti period godine zabilježila pad od 17,6%. Pad proizvodnje je ostvaren u sektoru prerađivačka industrija (-1,5%) i u sektoru snabdijevanje električnom energijom, gasom i parom (-34,7%), dok je rast proizvodnje zabilježen u sektoru vađenje ruda i kamena (11,6%). U prerađivačkoj industriji, u uporednom periodu, sedam oblasti bilježi pad proizvodnje pri čemu je najveći pad zabilježen u oblasti proizvodnja metalnih proizvoda, osim mašina i uređaja (-20,8%), proizvodnja proizvoda od ostalih nemetalnih minerala (-20,6%), proizvodnja papira i proizvoda od papira (-19,6%), proizvodnja osnovnih metala (-13,6%), proizvodnja odjevnih predmeta (-8,7%), proizvodnja proizvoda od gume i plastike i proizvodnja mašina i opreme na drugom mjestu nepomenute po (-0,3%). Najveći rast ostvaren je u oblasti proizvodnja kože i predmeta od kože (100%), a najmanji u oblasti proizvodnja prehrambenih proizvoda (6,8%). 1 Preliminarni podaci Bilten Centralne banke Crne Gore 10

11 Producers prices of manufactured products In April 2019, producers` prices of manufactured products increased by 1.9% compared to the previous month, due to the price increase in the sectors mining and quarrying (9.8%) and manufacturing (0.2%), while there was no price change in the electricity, gas and water supply compared to March Producers' prices of manufactured products recorded annual growth of 3.3%, due to price increase in manufacturing industry (2.1%) and mining and quarrying (12.1%) while in electricity, gas and steam supply sector there were no changes in prices. Graph 2 Producers` prices of manufactured products Source: Monstat Industrial output 1 In April 2019, industrial output recorded a monthly decline of 24.1%. Output decrease was recorded in mining and quarrying by -28.3% and electricity, gas and steam supply by -63.3%, while manufacturing industry recorded growth of 11.5%. In the first four months of 2019, industrial output recorded a y-o-y decline of 17.6%. Output decline was recorded in manufacturing industry (-1.5%) and electricity, gas and steam supply (-34.7%), while the mining and quarrying sector recorded output increase of 11.6%. In the manufacturing industry, in the comparative period, seven areas recorded output decline, with the largest decline in the the production of metal products, other than machinery and equipment (-20.8%), production of other non-metal minerals products (-20.6%),, production of paper and paper products (-19.6%), production of basic metals (-13.6%), production of apparel (-8.7%), production of rubber and plastic products and production of machinery and equipment otherwise not mentioned by (-0.3%). The highest growth was recorded in the area of production of leather and leather products (100%), and the lowest in the production of food products (6.8%). 1 Preliminary data 11 Bulletin of Central Bank of Montenegro

12 Grafik br. 3 Industrijska proizvodnja Izvor: MONSTAT Šumarstvo U šumarstvu je u prva četiri mjeseca godine, proizvedeno ukupno m³ šumskih sortimenata, što je za 31,2% 2 manje nego u istom periodu godine. Turizam Broj dolazaka turista, u kolektivnom smještaju, u prva četiri mjeseca godine iznosio je što je za 41,9% više u odnosu na isti period prethodne godine. Ukupno je ostvareno noćenja, što je za 23,9% više nego u istom periodu godine. Tržište rada U aprilu godine, prema evidenciji MONSTAT-a, bilo je zaposleno lica, što je za 1,5% više u odnosu na prethodni mjesec, a za 9% u odnosu na april godine. Najveći broj lica zaposlen je u sljedećim djelatnostima: trgovina na veliko i malo, popravka motornih vozila i motocikala (19,4%), državna uprava i odbrana, obavezno socijalno osiguranje (11%), usluge smještaja i ishrane (8,5%), obrazovanje (7,5%), građevinarstvo (7,1%), prerađivačka industrija (6,5%), zdravstvena i socijalna zaštita (6,3%), saobraćaj i skladištenje i administrativne i pomoćne uslužne djelatnosti po (6,1%). Broj nezaposlenih lica u aprilu godine u odnosu na prethodni mjesec manji je za 1,2%, a u odnosu na isti mjesec prethodne godine za 15,3%. Prosječne bruto plate su u aprilu godine u odnosu na prethodni mjesec veće za 0,3%, a neto za 0,2%. Prosječna realna zarada bez poreza i doprinosa u aprilu godine zabilježila je rast od 0,1% na mjesečnom nivou. 2 Iskazano ponderisanim indeksom, a neponderisanim proizvodnja je manja za 30,7% za isti period. Bilten Centralne banke Crne Gore 12

13 Graph 3 Industrial output Source: Monstat Forestry During the first four months of 2019, some 24,395 m³ of wood products were produced, which was by 31.2% 2 less in relation to the same period of the previous year. Tourism In the first four months of 2019, the number of tourist arrivals in collective accommodation amounted to 216,857 which is a y-o-y increase of 41.9%. Overnights amounted to 452,487, which is the year-on-year increase of 23.9%. Labour market Monstat records show that 200,595 persons were employed in April 2019, showing a 1.5% monthly increase and a y-o-y increase of 9%. The highest number of persons was employed in: wholesale and retail trade and repair of motor vehicles and motorcycles (19.4%), state administration and defense, compulsory social insurance (11%), accommodation and food service activities (8.5%), education (7.5%), human health and social work activities (6.3%), manufacturing industry (6.5%), transport and warehousing, and administrative and ancillary service activities (6.1% each), and construction (7.1%). In April 2019, monthly decrease in unemployment amounted to 1.2%, and y-o-y fall was 15.3%. In April 2019, the average gross and net salaries were higher by 0.3% and 0.2%, respectively, in relation to the previous month. In April 2019, the average real wages and salaries without taxes and contributions recorded monthly increase of 0.1%. 2 Presented in the weighted index, while presented in the non-weighted index the output was 30.7% lower in the same period. 13 Bulletin of Central Bank of Montenegro

14 Grafik br. 4 Struktura zaposlenih po sektorima, april godine Izvor: MONSTAT Ukupna aktiva i pasiva banaka Bilansna suma banaka na kraju aprila godine iznosila je 4.337,2 miliona eura i manja je za 1,5% nego na kraju prethodnog mjeseca, dok u odnosu na april godine bilježi rast od 4,1%. U strukturi aktive banaka, u aprilu godine dominantno učešće od 67,9% ostvarili su ukupni krediti, nakon kojih slijede novčana sredstva i računi depozita kod centralnih banaka sa 18,3%, dok se 13,8% odnosilo na preostale stavke aktive. U strukturi pasive, dominantno učešće od 76,6% ostvarili su depoziti, nakon kojih slijedi kapital sa 12,1%, pozajmice sa 7,7%, dok se na ostale stavke odnosilo 3,6% ukupne pasive. Ukupan kapital banaka na kraju aprila godine iznosio je 526,8 miliona eura i bilježi rast od 1,6% na mjesečnom nivou, dok na godišnjem nivou bilježi rast od 4,7%. Krediti Ukupno odobreni krediti banaka na kraju aprila godine iznosili su 2.945,6 miliona eura i bilježe pad na mjesečnom nivou od 2,7%, dok u odnosu na april godine ostvaruju rast od 4,3%. Koeficijent krediti/depoziti iznosio je 0,89 na kraju aprila godine, i viši je nego u aprilu godine kada je iznosio 0,86. Po osnovu kredita banke su na kraju aprila godine najviše (78,9%) potraživale od nefinansijskog sektora i stanovništva. Bilten Centralne banke Crne Gore 14

15 Graph 4 Employment structure by sectors, April 2019 Source: Monstat Total assets and liabilities of banks At end-april 2017, total assets and liabilities of banks amounted to 4,337.2 million euros recording a monthly decrease of 1.5% and a y-o-y increase of 4.1%. In the structure of banks assets in April 2019, total loans accounted for the main share (67.9%) followed by cash and deposits with central banks (18.3%), while other banks assets items accounted for the remaining 13.8%. In the structure of liabilities and capital, the main share of 76.6% referred to deposits, followed by capital with 12.1%, borrowings with 7.7%, while other liabilities items accounted for 3.6% of total liabilities. At end-april 2019, total capital of banks amounted to million euros, recording a monthly growth of 1.6%, and an annual increase of 4.7%. Loans At end-april 2019, total banking loans amounted to 2,945.6 million euros, recording monthly decrease of 2.7% and the annual increase of 4.3%. Loans to deposits ratio was 0.89 at end-april 2019, and it was higher than in April 2018 when it amounted to Loans disbursed to the non-financial and household sectors accounted for the main share of 78.9% at end-april Bulletin of Central Bank of Montenegro

16 Grafik br. 5 Krediti i depoziti, u 000 eura Grafik br. 6 Krediti stanovništvu, nefinansijskom sektoru i ukupni krediti banaka, u 000 eura Depoziti Depoziti u bankama u aprilu godine iznosili su 3.323,8 miliona eura, i zabilježili su mjesečni pad od 3,2%, dok u odnosu na april godine bilježe rast od 1%. Depoziti bilježe pad na mjesečnom nivou iz razloga što je iz obuhvata ukupnih depozita na kraju aprila isključena Atlas banka u stečaju 3. Međutim, ako izuzmemo depozite navedene banke iz obuhvata ukupnih depozita u martu, onda su depoziti ostalih banaka u aprilu zabilježili rast od 2,4% na mjesečnom nivou, dok ukoliko izuzmemo depozite Atlas banke u stečaju iz obuhvata ukupnih depozita u aprilu godine, rast depozita na nivou bankarskog sistema u aprilu tekuće godine na godišnjem nivou bi iznosio 7,6%. Takodje, treba imati u vidu da je u ovom periodu realizovana i emisija domaćih državnih obveznica. U ročnoj strukturi ukupnih depozita na kraju aprila najveće učešće od 67,6% imali su depoziti po viđenju, dok su oročeni depoziti činili 32,3% ukupnih depozita. Preostalih 0,1% 3 NAPOMENA: Shodno metodologiji za kompilaciju monetarne statistike, iz obuhvata ukupnih depozita na kraju aprila isključena je Atlas banka, kojoj je 5. aprila oduzeta dozvola za rad i otvoren stečajni postupak. Zbog ove činjenice, u aprilu je evidentiran pad depozita na nivou sistema u iznosu od 109,8 miliona eura, što je neto efekat isključivanja depozita Atlas banke u stečaju u iznosu od 188,2 miliona eura i povećanja depozita u drugim bankama od 78,4 miliona eura. Bilten Centralne banke Crne Gore 16

17 Graph 5 Loans and deposits, in thousand euros Graph 6 Loans to households, corporate loans, and total banking loans, in thousand euros Deposits Total banks deposits amounted to 3,323.8 million euros at end-april 2019 and they recorded monthly decrease of 3.2%, and 1% growth in relation to April Deposits declined on a monthly basis, due to the exclusion of Atlas bank, which is in bankruptcy, 3 from the total deposits at the end of April. However, if we exclude the deposits of that bank from the total deposits in March, then the deposits of other banks in April registered a 2.4% increase on a monthly basis, while if we exclude the deposits of Atlas bank in bankruptcy from the total deposits in April 2018, the growth of deposits at the level of the banking system in April of the current year at the annual level would amount to 7.6%. It should also be noted that in this period domestic government bonds was were also issued. In total deposits maturity structure, demand deposits accounted for the main share of 67.6%, while time deposits accounted for 32.3% of total deposits at end-april Note: According to the methodology for the compilation of monetary statistics, at the end of April, Atlas banka was excluded from total deposits, to which the licence was revoked bankruptcy proceedings initiated on 5 April. Due to this fact, in April there was a decrease in deposits at the system level in the amount of million euros, which is the net effect of excluding the deposits of Atlas bank in bankruptcy in the amount of million euros and the increase in deposits in other banks of 78.4 million euros. 17 Bulletin of Central Bank of Montenegro

18 odnosilo se na sredstva na escrow računu. U strukturi ukupnih oročenih depozita najveće učešće imali su depoziti ročnosti od tri mjeseca do jedne godine (45,5%) i jedne do tri godine (37,3%). Tabela br. 1 Ročna struktura depozita, kraj perioda, % IV III IV Depoziti po viđenju 62,7 66,2 67,6 Oročeni depoziti 36,6 32,1 32,3 do tri mjeseca 1,7 2,0 2,8 od tri mjeseca do jedne godine 18,1 15,0 14,7 od jedne do tri godine 13,6 12,3 12,1 Preko tri godine 3,2 2,8 2,7 Sredstva na escrow računu 0,7 1,7 0,1 Posmatrano po sektorima, na kraju aprila godine u ukupnim depozitima dominirali su depoziti stanovništva sa 36,2%. Tabela br. 2 Sektorska struktura depozita, kraj perioda IV III IV IV III IV u 000 EUR u % Finansijski sektor ,8 0,7 0,7 Nefinansijski sektor ,4 31,0 29,4 Opšta vlada ,4 6,4 6,3 Stanovništvo ,6 36,4 36,2 Nevladine i druge neprofitne organizacije ,3 1,6 1,5 Nerezidenti ,5 23,9 25,9 UKUPNO DEPOZITI Depoziti stanovništva Depoziti stanovništva na kraju aprila godine iznosili su 1.202,3 miliona eura i manji su za 3,8% u odnosu na prethodni mjesec, dok su u odnosu na april godine manji za 2,8%. U ročnoj strukturi depozita stanovništva depoziti po viđenju činili su 58%, a oročeni depoziti 42%. Grafik br. 7 Depoziti stanovništva po ročnosti, u 000 eura Bilten Centralne banke Crne Gore 18

19 The remaining 0.1% referred to funds at escrow account. In the structure of time deposits, the highest share was recorded by deposits with maturity from three months to one year (45.4%) and deposits with maturity from one to three years (37.3%). IV 2018 III 2019 IV 2019 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, % Observed by sectors, household deposits accounted for the main share of 36.2% in total deposits at end-april IV 2018 III 2019 IV 2019 IV 2018 III 2019 IV 2019 in thousand euros in % Financial sector 25,952 24,462 24, Non-financial sector 1,100,040 1,065, , General government 176, , , Households 1,237,277 1,249,249 1,202, Non-governmental and other non-profit institutions 44,437 54,470 51, Non-residents 707, , , Total deposits 3,291,906 3,433,554 3,323, Table 2 Structure of deposits by sectors, period-end Retail deposits Total households deposits amounted to 1,202.3 million euros at end-april 2019, and they recorded monthly fall of 3.8%, as well as y-o-y decline of 2.8%. The maturity structure of household deposits shows that demand deposits accounted for 58% and time deposits accounted for the remaining 42%. Graph 7 Retail deposits by maturity, in thousand euros 19 Bulletin of Central Bank of Montenegro

20 Likvidnost banaka Likvidna aktiva banaka u aprilu godine iznosila je 934,1 milion eura i bila je za 28,1 milion eura ili 2,9% manja nego u prethodnom mjesecu, dok je u odnosu na april godine manja za 49,1 miliona eura ili 5%. U aprilu 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 aprila godine ukupno izdvojena obavezna rezerva banaka kod Centralne banke iznosila je 243,6 miliona eura i bilježi pad od 8,5 miliona eura ili 3,4% na mjesečnom nivou, dok u odnosu na april godine bilježi rast od 4,3 miliona eura ili 1,8%. Od ukupnog iznosa izdvojene obavezne rezerve, na račun obavezne rezerve u zemlji izdvojeno je 56,4%, dok je na račun Centralne banke u inostranstvu izdvojeno 43,6%. Efektivna stopa obavezne rezerve mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita iznosila je 7,33% na kraju aprila tekuće godine i imala je veću vrijednost nego u aprilu godine kada je iznosila 7,27%. Grafik br. 8 Izdvojena obavezna rezerva u 000 eura (lijeva skala), efektivna stopa obavezne rezerve, u % (desna skala) Mikrokreditne finansijske institucije (MFI) 4 Ukupna bilansna suma MFI-a na kraju aprila godine iznosila je 68,7 miliona eura i u odnosu na prethodni mjesec bilježi neznatan rast, dok u odnosu na isti period prethodne godine bilježi rast od 9,2%. U aprilu godine krediti MFI-a iznosili su 67,4 miliona eura i veći su u odnosu na prethodni mjesec za 2%, dok u odnosu na isti period prethodne godine bilježe rast od 7,2%. MFI-e su tokom aprila godine poslovale sa pozitivnim finansijskim rezultatom u ukupnom iznosu od 1,6 miliona eura. 4 Preliminarni podaci Bilten Centralne banke Crne Gore 20

21 Banks Liquidity Liquid assets of banks amounted to million euros in April 2019, showing a monthly decrease of 28.1 million euros or 2.9%, and y-o-y decrease of 49.1 million euros or 5%. In April 2019, liquidity ratios, both daily and ten-day, were above the statutory minimum except for one bank that had daily and ten-day liquidity ratios below prescribed level. Reserve requirement At end-april 2019, total allocated reserve requirement of banks held with the Central Bank of Montenegro amounted to million euros i.e. 8.5 million euros or 3.4% less in relation to the previous month, while it was 4.3 million euros or 1.8% higher compared to April Of total allocated reserve requirement, 56.4% was allocated to the reserve requirement account in the country, and the remaining 43.6% was held in the CBCG account held abroad. The effective reserve requirement rate, measured as the ratio of allocated reserve requirement to total deposits, amounted to 7.33% in April 2019, and it was significantly lower relative to April 2018, when it amounted to 7.27%. Graph 8 Allocated reserve requirement in thousand euros (left-hand scale), effective reserve requirement rate in % (right-hand scale) Microcredit financial institutions (MFIs) 4 Total MFIs total assets and liabilities amounted to 68.7 million euros at end-april 2019, showing insignificant monthly growth and a 9.2% y-o-y growth. In April 2019, total MFIs loans amounted to 67.4 million euros, recording a 2% monthly increase and 7.2% y-o-y increase. In April 2019, MFIs operated with positive financial result in the total amount of 1.6 million euros. 4 Preliminary data 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 aprilu godine iznosila je 5,62%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 6,20%. Na mjesečnom nivou nominalna kamatna stopa zabilježila je pad od 0,07 p.p, dok je efektivna kamatna stopa takođe zabilježila pad od 0,07 p.p. Na godišnjem nivou nominalna kamatna stopa bilježi pad od 0,43 p.p, dok efektivna kamatna stopa bilježi pad od 0,48 p.p. Kamatne stope banaka na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa banaka na novoodobrene kredite u aprilu godine iznosila je 5,34%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 5,99%. Na mjesečnom nivou nominalna kamatna stopa ostvarila je pad od 0,35 p.p, dok je efektivna kamatna stopa ostvarila pad od 0,31 p.p. Na godišnjem nivou nominalna kamatna stopa zabilježila je pad od 0,54 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 aprilu godine iznosila je 20,56%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,26%. U odnosu na prethodni mjesec nominalna kamatna stopa manja je za 0,01 p.p, dok je efektivna kamatna stopa manja za 0,05 p.p. U odnosu na isti period prethodne godine prosječna ponderisana nominalna kamatna stopa viša je za 0,13 p.p, dok je efektivna kamatna stopa viša za 0,04 p.p. Kamatne stope mikrokreditnih finansijskih institucija na novoodobrene kredite Prosječna ponderisana nominalna kamatna stopa mikrokreditnih finansijskih institucija na novoodobrene kredite u aprilu godine iznosila je 20,87%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 24,49%. Na mjesečnom nivou nominalna kamatna stopa veća je za 0,02 p.p, dok je efektivna stopa veća za 0,01 p.p. U odnosu na april godine nominalna kamatna stopa manja je za 0,35 p.p, dok efektivna kamatna stopa bilježi pad za 0,77 p.p. Pasivne kamatne stope Prosječna ponderisana pasivna efektivna kamatna stopa (PPPEKS) iznosila je 0,48% u aprilu godine i manja je za 0,04 p.p. nego u prethodnom mjesecu, dok je na godišnjem nivou zabilježila pad od 0,16 p.p. Razlika između aktivnih (na ukupno odobrene kredite) i pasivnih kamatnih stopa u aprilu godine iznosila je 5,72 p.p. i niža je nego u prethodnom mjesecu kada je iznosila 5,75 p.p., dok je u aprilu godine iznosila 6,04 p.p. Bilten Centralne banke Crne Gore 22

23 Lending interest rates Lending interest rates on total loans granted In April 2019, the weighted average nominal interest rate (WANIR) on total loans granted amounted to 5.62% while weighted average effective interest rate (WAEIR) amounted to 6.20%. Nominal interest rate recorded a monthly decline of 0.07 percentage points, while effective interest rate dropped by 0.01 percentage points. The WANIR recorded the annual decline of 0.43 percentage points, while the WAEIR dropped 0.48 percentage points. Banking interest rates on new loans In April 2019, WANIR on new loans amounted to 5.34% while WAEIR amounted to 5.99%. Nominal interest rate recorded monthly decline of 0.35 percentage points, while effective interest rate decreased by 0.31 percentage points. Both rates recorded annual declines of 0.54 and 0.72 percentage points, respectively. MFIs interest rates on total loans In April 2019, WANIR on total MFI s loans granted amounted to 20.56% and WAEIR amounted to 24.26%. Compared month-on-month, WANIR decreased by 0.01 percentage points, while WAEIR decreased by 0.05 percentage points. The y-o-y comparison shows that WANIR increased by 0.13 percentage points, while WAEIR increased by 0.04 percentage points. MFIs interest rates on new loans In April 2019, WANIR on new MFI s loans granted amounted to 20.87% and WAEIR amounted to 24.49%. WANIR recorded monthly growth of 0.02 percentage points, while WAEIR grew by 0.01 percentage points. Compared to April 2018, the WANIR decreased by 0.35 percentage points while the WAEIR went down 0.77 percentage points. Deposit interest rates In April 2019, the weighted average deposit effective interest rate (WADEIR) amounted to 0.48%, recording a monthly decline of 0.04 percentage points and an annual decline of 0.16 percentage points. In April 2019, the difference between the lending interest rates (on total loans granted) and the deposit interest rates amounted to 5.72 percentage points, being lower in relation to the previous month when it amounted to 5.75 percentage points, as well as compared year-onyear (when it amounted to 6.04 percentage points). 23 Bulletin of Central Bank of Montenegro

24 Tabela br. 3 PPEKS na ukupne depozite banaka po ročnosti, u % Ročnost IV III IV Depoziti po viđenju 0,04 0,02 0,02 Oročeni depoziti Do 3 mjeseca 1,02 0,97 0,64 Od 3 mjeseca do 1 godine 1,55 1,49 1,41 Od 1 do 3 godine 1,71 1,59 1,52 Od 3 do 5 godina 2,07 2,05 1,97 Preko 5 godina 3,11 2,24 2,11 Tržište kapitala U aprilu godine na Montenegroberzi ostvaren je promet od 118,2 miliona eura kroz 421 transakciju. Ostvareni promet je bio 116 puta veći nego na kraju prethodnog mjeseca, dok je 100 puta veći u odnosu na april godine usljed emisije državnih obveznica. U strukturi trgovine ostvarenoj u aprilu godine najveće učešće od 63,3% odnosilo se na promet državnih obveznica, promet akcijama je imao učešće od 36,6%, dok se preostalih 0,1% učešća odnosilo na promet korporativnih obveznica i akcija fondova zajedničkog ulaganja. Ukupan promet je ostvaren dominantno kroz primarnu trgovinu sa učešćem od 63,3%, dok je 36,7% prometa ostvareno kroz sekundarnu trgovinu. Berzanski indeks MONEX čija je vrijednost na kraju aprila godine bila ,05 indeksna poena, bilježi rast od 0,5% u odnosu na kraj prethodnog mjeseca, dok je na godišnjem nivou zabilježio rast od 5,3%. Indeks MNSE10 iznosio je 835,71 indeksna poena i bilježi rast u odnosu na prethodni mjesec od 0,4%, dok je u odnosu na april prethodne godine ostvario rast od 6,3%. Grafik br. 9 Kretanje indeksa MONEX, MONEX PIF i MNSE10 Tržišna kapitalizacija na dan godine iznosila je 3.116,8 miliona eura i na mjesečnom nivou bilježi rast od 0,2%, dok je na godišnjem nivou veća za 5,7%. Koeficijent obrta sredstava na Montenegroberzi u aprilu 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 IV 2018 III 2019 IV 2019 Demand deposits 0,04 0,02 0,02 Time deposits Up to 3 months 1,02 0,97 0,64 From 3 months up to 1 year 1,55 1,49 1,41 From 1 to 3 years 1,71 1,59 1,52 From 3 to 5 years 2,07 2,05 1,97 Over 5 years 3,11 2,24 2,11 Table 3 WAEIR on banks' total deposits, by maturity, % Capital market In April 2019, Montenegro stock exchange recorded turnover in amount of million euros and 421 transactions. Realized turnover was 116 times higher than at the end of the previous month, while it was 100 times higher than in April 2018 due to the issue of government bonds. The structure of trade carried out in April 2019 shows that the main share of 63.3% referred to turnover of government bonds, 36.6% referred to shares, while the remaining 0.1% referred to joint investment funds' shares and corporate bonds' turnover. Total turnover was achieved primarily through primary trade with a share of 63.3%, while 36.7% of turnover was realized through secondary trade. The MONEX index, which was valued at 10, index points at end-april 2019, increased by 0.5% in relation to the previous month, while on the annual level, it grew by 5.3%. The MNSE10 index amounted to 835,71 index points and it grew on monthly level by 0.4%, while it increased by 6.3% on annual level. Graph 9 MONEX, MONEX PIF and MNSE10 indices As at 30 April 2019, market capitalization amounted to 3,116.8 million euros, recording a 0.2% monthly increase and a 5.7% annual growth. The turnover coefficient at the Montenegro stock exchange amounted to in April 2019, showing a monthly increase ( ). 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 1.658,5 miliona eura u aprilu godine što je za 30,5% više nego u prethodnom mjesecu, odnosno za 43,9% više nego u istom periodu prethodne godine. U strukturi ukupno realizovanog platnog prometa u Platnom sistemu Centralne banke 95,7% 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 58,7% ostvarili su nalozi u DNS sistemu sa realizovanih naloga. Strane direktne investicije Prema preliminarnim podacima, u periodu januar- april godine neto priliv stranih direktnih investicija iznosio je 101,2 milion eura, što je za 6,3% manje u poređenju sa istim periodom prethodne godine. Ukupan priliv stranih direktnih investicija iznosio je 214 miliona eura (rast za 3,9%), što je rezultat povećanja priliva po osnovu dužničkih i vlasničkih ulaganja. Grafik br. 11 Ukupan priliv stranih direktnih investicija, u hiljadama eura Izvor: CBCG Bilten Centralne banke Crne Gore 26

27 Graph 10 Turnover ratio Payment system The value of payment transactions in the RTGS and DNS system amounted to 1,658.5 million euros in April 2019, and it recorded monthly growth of 30.5%, and a year-on-year growth of 43.9%. In the structure of total recorded payment transactions in the Payment System of the Central Bank, 95.7% referred to the value of the payment transactions realized in the RTGS system. Observed by the share of realized orders in the Payment System of the Central Bank of Montenegro, the dominant share of 58.7% was recorded by orders in the DNS system with 567,237 realized orders. Foreign Direct Investments (FDIs) In the period January-April 2019, according to preliminary data, net FDI inflow amounted to million euros or 6.3% less than in the comparative period last year. The total inflow of foreign direct investments amounted to 214 million euros (growth of 3.9%), which is the result of an increase in inflows based on debt and equity 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 139,4 miliona eura, što čini 65,1% ukupno ostvarenog priliva (rast od 72,6%). U strukturi vlasničkih ulaganja 86,8 miliona eura se odnosilo na investicije u kompanije i banke (rast od 151,8%), dok je priliv po osnovu ulaganja u nekretnine iznosio 52,6 miliona eura (rast od 13,6%). Priliv SDI u formi interkompanijskog duga iznosio je 66,6 miliona eura ili 31,1% ukupnog priliva, što je za 45,2% manje nego u istom periodu prethodne godine. Grafik br. 12 Struktura ukupnog priliva stranih direktnih investicija Izvor: CBCG Ukupan odliv stranih direktnih investicija u periodu januar-april godine iznosio je 112,8 miliona eura, što je za 15,1% više u odnosu na isti period godine. Odliv po osnovu ulaganja rezidenata u inostranstvo iznosio je 55,1miliona eura, dok su povlačenja sredstava nerezidenata investiranih u našu zemlju iznosila 57,7 miliona eura. Budžet Crne Gore Izvorni prihodi budžeta Crne Gore i državnih fondova u martu godine, prema procjeni Ministarstva finansija, iznosili su 147,5 miliona eura ili 3,1% procijenjenog BDP-a 5, i bili su viši za 2,2% u poređenju sa planiranim, dok su u odnosu na mart godine ostvarili rast od 6,2%. U strukturi izvornih prihoda, u martu, najveće učešće, 66,9%, ostvarili su prihodi od poreza, zatim doprinosi 27,8%, ostali prihodi 2,1%, naknade 1,7%, takse 0,7%, donacije 0,6% i primici od otplate kredita i sredstva prenesena iz prethodne godine 0,2%. Prihodi od poreza su u martu bili viši u odnosu na isti period prethodne godine za 10,6%, a u odnosu na plan za 6,1%. Naplata akciza ostvarena je u iznosu od 13,3 miliona eura, što je niže za 8% u poređenju sa planom za mart, a za 0,5% u odnosu na isti mjesec godine. Najznačajnije pozitivno odstupanje u odnosu na plan, u toku marta, ostvareno je kod poreza na dodatu vrijednost. Izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova), u martu godine, iznosili su 171,9 miliona eura, ili 3,6% BDP-a, što je niže za svega 0,3% u odnosu na isti mjesec prethodne godine, a za 8,8% u poređenju sa planom. Najveće izvršenje izdataka zabilježeno je kod izdataka za bruto zarade (39,2 miliona eura) i penzije (35,3 miliona eura). Budžet Crne Gore, u martu godine, zabilježio je deficit od 24,4 miliona eura ili 0,5% BDP-a. 5 Ministarstvo finansija; procijenjeni BDP za godinu iznosi 4.788,6 miliona eura. Bilten Centralne banke Crne Gore 28

29 The inflow in the form of equity investments amounted to million euros or 65.1% of the total recorded FDI inflow (growth of 72.6%). In the structure of equity investments, investments in companies and banks accounted for 86.8 million euros (growth of 151.8%), while the inflow arising from investments in real estates amounted to 52.6 million euros (growth of 13.6%). FDI inflow in the form of intercompany debt amounted to 66.6 million euros or 31.1% of the total inflow, which is 45.2% less than in the same period of the previous year. Graph 12 Structure of total FDI inflow Source: CBCG In the first four months of 2019, total FDI outflow amounted to million euros or 15.1% more in elation to the same period of Outflow from residents' investments abroad amounted to 55.1 million euros, while the withdrawal of non-residents' funds invested in Montenegro amounted to 57.7 million euros. Budget of Montenegro Source revenues of the Budget of Montenegro and state funds, according to the Ministry of Finance estimates,amounted to million euros or 3.1% of the estimated GDP 5, and they were 2.2% higher than planned for this month and 6.2% higher than in March In the structure of source revenues in March, tax revenues accounted for the main share of 66.9%, followed by contributions with 27.8%, other revenues with 2.1%,fees with 1.7% duties 0.7%, donations 0.6%, and receipts from loan repayment and assets transferred from the previous year 0.2%. In March 2019, tax revenues were 10.6% higher year-on-year, and in relation to the plan they increase by 6.1%. The excise duties were collected in the amount of 13.3 million euros or 8% less than planned for March and 0.5% less than in the corresponding month of Collection of value added tax recorded the most significant positive deviation from the plan. In March , budget expenditure (total expenditure less debt repayment) amounted to million euros or 3.6% of GDP, which is 0.3% less compared y-o-y and 8.8% less than planned. The highest execution of expenditures was for gross wages (39.2 million euros) and pensions (35.3 million euros). In March 2019, the Budget of Montenegro recorded a deficit of 24.4 million euros or 0.5% of GDP. 5 Ministry of Finance; estimated GDP for 2019 amounts to 4,788.6 million euros. 29 Bulletin of Central Bank of Montenegro

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

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

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

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