Bilten Januar 2011.indd

Centralna banka Crne Gore Central Bank of Montenegro Bilten Centralne banke Crne Gore Januar 2011 Bulletin of Central Bank of Montenegro January 2011

IZDAVAČ: WEB ADRESA: Centralna banka Crne Gore Bulevar Svetog Petra Cetinjskog br.6 81000 Podgorica Telefon: +382 20 665 331 Fax: + 382 20 665 336 http:// www.cb-cg.org SAVJET CENTRALNE BANKE: Mr Radoje Žugić, guverner Mr Milojica Dakić, viceguverner Mr Velibor Milošević, viceguverner Asim Telaćević Dr Milivoje Radović Dr Milorad Jovović Dr Srđa Božović PRIPREMA: Dr Nikola Fabris, glavni ekonomista i Direkcija za monetarnu politiku i fiskalna istraživanja Direkcija za platni bilans i realni sektor 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 Januar 2011. ii

PUBLISHED BY: WEBSITE: CENTRAL BANK COUNCIL: Central Bank of Montenegro Bulevar Svetog Petra Cetinjskog 6 81000 Podgorica Telephone: +382 20 665 331 Fax: +382 20 665 336 http:/www.cb-cg.org Radoje Žugić, MSc, Governor Milojica Dakić, MSc, Vice-Governor Velibor Milošević, MSc, Vice-Governor Asim Telaćević Milivoje Radović, PhD Milorad Jovović, PhD Srđa Božović, PhD PREPARED BY: TRANSLATED BY: DESIGNED BY: Nikola Fabris, PhD, Chief Economist Directorate for Monetary Policy and Fiscal Research Directorate for Balance of Payments and Real Sector 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 January 2011

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 u zemlji i inostranstvu. 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. Na kraju su data metodološka objašnjenja tabela. Bilten Centralne banke Crne Gore Januar 2011. iv

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 payment operations in the country and abroad. 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. Methodological explanations of tables are given at the end of the document. v Bulletin of Central Bank of Montenegro January 2011

Sadržaj MAKROEKONOMSKA KRETANJA 8 STATISTIČKI BILTEN 34 I Monetarna statistika 34 II Tržište novca i tržište kapitala 49 III Ekonomski odnosi sa inostranstvom 62 IV Platni promet 67 V Realni sektor 73 VI Fiskalni sektor 78 VII Međunarodne komparacije 85 VIII Metodologija 90 Bilten Centralne banke Crne Gore Januar 2011. vi

Contents MACROECONOMIC ENVIRONMENT 9 STATISTICAL BULLETIN 34 I Monetary Statistics 34 II Money Market and Capital Market 49 III International Economic Relations 62 IV Payment operations 67 V Real Sector Developments 73 VI Fiscal Developments 79 VII International Comparison 85 VIII Methodology 91 vii Bulletin of Central Bank of Montenegro January 2011

Makroekonomska kretanja Inflacija je i dalje niska. Industrijska proizvodnja, turizam i pojedini segmenti saobraćaja su ostvarili rast u 2010. godini. U porastu su depoziti stanovništva i kapital banaka, dok su krediti smanjeni. Banke su visokolikvidne. Neto priliv stranih direktih investicija je i dalje visok, iako niži u odnosu na isti period prethodne godine. Kretanje cijena Potrošačke cijene su u decembru 2010. godine u odnosu na novembar zabilježile neznatan rast od 0,1%. Najveći rast cijena je zabilježen u kategoriji prevoz (2,1%), najviše zbog porasta cijena goriva od 4,7%, dok su cijene kategorije stanovanje povećane za 0,1%. Najveći pad cijena je ostvaren u kategorijama hrana i bezalkoholna pića i kultura i rekreacija od po 0,4%, pri čemu su, u okviru prve kategorije, najviše smanjene cijene u grupi mlijeko, sir i jaja za 3,3% i mesa za 0,6%. Pad u odnosu na prethodni mjesec zabilježile su i cijene u kategorijama pokućstvo i oprema za kuću, zdravstvo i restorani i hoteli od po 0,1%, kao i cijene u kategorijama ostala dobra i usluge i obrazovanje za 0,3% i 0,2%, respektivno. Cijene preostale tri kategorije (alkoholna pića i duvan, odjeća i obuća i komunikacije) se nijesu mijenjale u odnosu na prethodni mjesec. Godišnja inflacija, mjerena potrošačkim cijenama, iznosila je 0,7% i niža je za 0,8 p.p. od godišnje inflacije za 2009. godinu. Prosječna stopa inflacije za 2010. godinu iznosila je 0,5%. Grafik br. 1 Potrošačke cijene Izvor: Monstat Bilten Centralne banke Crne Gore Januar 2011. 8

Macroeconomic environment Inflation remains low in December 2010. Industrial output, tourism and certain transportation segments recorded growth in 2010. Household deposits and capital of banks are on an increase, while loans have declined. Banks are highly liquid. Net FDI inflow remains high, yet lowers than in 2009. Prices Consumer prices recorded insignificant monthly growth of 0.1% in December 2010. The highest growth of prices was recorded in transportation (2.1%), mostly due to the increase of fuel prices (4.7%), while the prices from category housing increased by 0.1%. The highest decrease of prices was recorded in categories food and non-alcoholic beverages and culture and entertainment by 0.4%, whereby, in the former category, prices of milk, cheese and eggs recorded highest decline of 3.3% and meat by 0.6%. In relation to the previous month, the decline was recorded in categories household furnishings and equipment, health care and restaurants and hotels by 0.1%, as well as in categories other goods and services and education by 0.3% and 0.2%, respectively. Prices in the remaining three categories (alcoholic beverages and tobacco, clothes and footwear and communications) did not change in relation to the previous month. Measured by consumer prices, annual inflation amounted to 0.7% or 0.8 percentage points lower in relation to annual inflation for 2009. The average inflation rate in 2010 amounted to 0.5%. Graph 1 - Consumer prices Source: Monstat 9 Bulletin of Central Bank of Montenegro January 2011

Cijene proizvođača industrijskih proizvoda Cijene proizvođača industrijskih proizvoda su u decembru 2010. godine u odnosu na novembar zabilježile rast od 0,3%. Porasle su cijene u prerađivačkoj industriji za 0,4%, dok su cijene vađenja ruda i kamena i cijene proizvodnje električne energije, gasa i vode ostale nepromijenjene u odnosu na prethodni mjesec. Na godišnjem nivou, cijene proizvođača industrijskih proizvoda zabilježile su rast od 0,4%, najviše zbog rasta cijena u prerađivačkoj industriji za 5,3%. Cijene vađenja ruda i kamena na godišnjem nivou niže su za 15,3%, a cijene proizvodnje električne energije, gasa i vode za 8,6%. Grafik br. 2 Cijene proizvođača industrijskih proizvoda Izvor: Monstat Industrijska proizvodnja Industrijska proizvodnja je, u decembru 2010. godine, zabilježila rast od 23,7% u odnosu na prethodni mjesec. Dva sektora su zabilježila mjesečni rast proizvodnje, i to sektor prerađivačke industrije za 1,8% i sektor proizvodnja električne energije, gasa i vode za 54,0%, dok je sektor vađenja ruda i kamena zabilježio mjesečni pad od 3,3%. Rast ukupne industrijske proizvodnje tokom dvanaest mjeseci 2010. godine u odnosu na isti preriod prethodne godine iznosio je 17,5%. Rast je ostvaren u dva sektora, i to u sektoru vađenja ruda i kamena za 58,7% i sektoru proizvodnje električne energije, gasa i vode za 51,1%, dok je pad proizvodnje zabilježen u sektoru prerađivačke industrije za 3,0%. Rast proizvodnje u 2010. godini u odnosu na 2009. godinu zabilježen je u pet podsektora prerađivačke industrije, i to: prerada drveta i proizvodi od drveta 4,5%, proizvodnja papira; izdavanje i štampanje 2,1%, proizvodnja hemijskih proizvoda i vlakana 9,3%, proizvodnja proizvoda od ostalih nemetalnih minerala 31,2% i proizvodnja mašina i uređaja, ostala 53%. Preostalih sedam podsektora bilježe pad proizvodnje, s tim da je najveći pad zabilježen u podsektoru proizvodnja kože i predmeta od kože za 76,9%, dok je najmanji pad od 9,4% zabilježen u podsektoru prehrambeni proizvodi, pića i duvan. Bilten Centralne banke Crne Gore Januar 2011. 10

Producers` prices of manufactured products Producers` prices of manufactured products recorded monthly increase of 0.3% in December 2010, whereby the prices in manufacturing industry increased by 0.4% while the prices of mining and quarrying, electricity, gas and water supply remained unchanged in relation to the previous month. The producers` prices recorded the annual increase of 0.4%, mainly due to the 5.3% price increase in manufacturing industry. The mining and quarrying prices and those of electricity, gas and water supply showed the annual declines of 15.3% and 8.6%, respectively. Graph 2 Producers` prices of manufactured products Source: Monstat Industrial output Industrial output registered monthly increase in December 2010 of 23.7%. Two sectors recorded monthly production growth, as follows: manufacturing industry by 1,8%, electricity, gas and water supply by 54.0%, while mining and quarrying recorded monthly decline of 3.3%. Growth of total industrial output over twelve months of 2010 in relation to the same period of the previous year amounted to 17.5%. Growth was recorded in two sectors: mining and quarrying (58.7%) and electricity, gas and water supply (51.1%), while the decline was recorded in manufacturing industry (3.0%). In relation to 2009, production growth in 2010 was recorded in five subsectors of manufacturing industry: wood and wood products (4.5%), production of paper, editing and printing 2.1%, chemical products and fibres (9.3%) products of other non-metal minerals (31.2%) and machines and devices, other (53%). The remaining seven subsectors recorded decline of production, whereby the highest decline was recorded in production of leather and leather products 76.9%, while the lowest decline of 9.4% was recorded in production of food, beverages and tobacco. 11 Bulletin of Central Bank of Montenegro January 2011

Grafik br. 3 Industrijska proizvodnja Izvor: Monstat Saobraćaj, šumarstvo i građevinarstvo U željezničkom saobraćaju, u 2010. godini, prevezeno je 8,6% putnika manje, u vazdušnom je broj prevezenih putnika viši za 26,0%, dok je u drumskom saobraćaju prevezeno 20,7% manje putnika u odnosu na prethodnu godinu. U 2010. godini, u željezničkom saobraćaju, prevoz robe je povećan za 49,9% (mjereno tonskim kilometrima), u vazdušnom saobraćaju za 46,1%, dok je u drumskom saobraćaju prevoz robe smanjen za 7,1% (mjereno tonskim kilometrima) u odnosu na prethodnu godinu. Ukupni promet u lukama, u 2010. godini, iznosio je 1.758,7 hiljada tona, i bio je veći za 18,7% u poređenju sa prometom iz prethodne godine, pri čemu je izvoz povećan za 36,1%, a uvoz smanjen za 3,7%. U šumarstvu je, u decembru, proizvedeno 7,8 hiljada m 3 šumskih sortimenata, što je za 62,5% manje nego u prethodnom mjesecu, a 46,8% u odnosu na isti mjesec prethodne godine. Ukupno je u 2010. godini proizvedeno 256,4 hiljada m³ šumskih sortimenata, što predstavlja rast od 18,4% u odnosu na prethodnu godinu. Prema preliminarnim podacima Monstata, ukupna vrijednost izvršenih građevinskih radova tokom 2010. godine iznosila je 255,6 miliona eura i bila je viša za 13,1% u odnosu na isti period prethodne godine, a mjerena efektivnim časovima rada smanjena je za 0,8 %. Turizam Crnu Goru je u 2010. godini posjetilo 1.263,0 hiljade turista, što predstavlja rast od 4,6% u odnosu na prethodnu godinu. Ostvareno je 7.964,9 hiljada noćenja, što je za 5,5% više nego u prethodnoj godini. Strani turisti su ostvarili 87,6% ukupno realizovanih noćenja. Bilten Centralne banke Crne Gore Januar 2011. 12

Graph 3 Industrial output Source: Monstat Transportation, Forestry and Construction In 2010, some 8.6% less passengers was transported in railway transport, air passenger transport increased by 26.0%, while road passenger transport decreased by 20.7% less in relation to the previous year. In 2010, railway cargo transport increased by 49.9% (measured by tonne kilometres), air cargo transport by 46.1% while road cargo transport declined by 7.1% in relation to the previous year. Total turnover in ports in 2010 amounted to 1.758,7 thousand tonnes or 18.7% more than in the previous year, whereby exports increased by 36.1% and imports declined by 3.7%. Forestry output in December amounted to 7.8 thousand m 3 of wood products, which is 62.5% less than in the previous month and 46.8% less than in the same month in 2009. Some 256.4 thousand m³ of wood products was produced in 2010, representing growth of 18.4% in relation to the previous year. According to preliminary Monstat data, total value of performed construction works amounted to EUR 255.6 million or 13.1% higher in 2010, in relation to the same period of the previous year, while measured by effective working it declined by 0.8%. Tourism Some 1,263.0 thousand tourists visited Montenegro in 2010, which is 4.6% more than in the previous year. The number of tourist overnight stays was 7,964.9 thousand or 5.5% more than in 2009. Foreign tourists accounted for 87.6% of total overnights. 13 Bulletin of Central Bank of Montenegro January 2011

Tržište rada 1 Broj nezaposlenih lica je u decembru u odnosu na prethodni mjesec manji za 0,3%, a u odnosu na isti mjesec prethodne godine veći za 6,4%. Bruto i neto plate su u decembru, u odnosu na prethodni mjesec, zabilježile rast od po 7,3%. U decembru 2010. godine u odnosu na decembar 2009. godine, ostvaren je rast bruto plata za 17,6% i neto plata za 9,6%. Prosječna realna zarada bez poreza i doprinosa je u 2010. godini zabilježila rast od 3% u odnosu na prosječnu zaradu bez poreza i doprinosa iz prethodne godine. Ukupna aktiva i pasiva banaka Ukupna aktiva banaka je na kraju decembra 2010. godine iznosila 2.944,0 miliona eura i u odnosu na prethodni mjesec smanjena je za 0,7%, dok se u odnosu na decembar 2009. godine smanjila za 2,7%. U strukturi ukupne aktive banaka, najveće učešće bilježe neto krediti (70,1%), zatim slijede novčana sredstva i depoziti kod depozitnih institucija (21,4%) i ostala aktiva (6,6%), dok ostatak (1,9%) čine preostale stavke aktive banaka. Posmatrano u odnosu na novembar 2010. godine, u aktivi banaka rast je zabilježila pozicija novčana sredstva i depoziti kod depozitnih institucija (3,5%). U strukturi pasive banaka, najveće učešće bilježe depoziti (60,8%), pozajmice (23,7%) i ukupan kapital banaka (10,6%), dok ostatak (4,9%) čine preostale stavke pasive banaka. U odnosu na prethodni mjesec rast je zabilježila jedino pozicija kapital (0,1%) Ukupan kapital banaka iznosio je 312,9 miliona eura na kraju decembra 2010. godine, i ostvario je rast u odnosu na novembar 2010. godine (0,1%), a u odnosu na decembar 2009. godine pad od 5,7%. Depoziti Ukupni depoziti iznosili su 1.790,4 miliona eura na kraju decembra 2010. godine i na istom su nivou u odnosu na prethodni mjesec. U odnosu na isti mjesec prethodne godine ukupni depoziti su ostvarili pad od 1,9%. U ročnoj strukturi depozita, dominantno učešće ostvarili su oročeni depoziti (59,0%). U strukturi oročenih depozita, najveće učešće imali su depoziti ročnosti od 3 mjeseca do 1 godine (35,2%) i depoziti ročnosti do 3 mjeseca (12,5%). Tabela br. 1 - Ročna struktura depozita, kraj perioda, % XII 2009. XI 2010. XII 2010. Depoziti po viđenju 36,6 39,8 41,0 Oročeni depoziti 63,4 60,2 59,0 Do 3 mjeseca 19,5 13,0 12,5 Od 3 mjeseca do 1 godine 31,6 35,9 35,2 Od 1 do 3 godine 10,8 9,2 9,2 Preko 3 godine 1,6 2,1 2,1 1 Podaci o broju zaposlenih za decembar nisu bili dostupni u trenutku pisanja ovog izvještaja. Bilten Centralne banke Crne Gore Januar 2011. 14

Labour Market 1 Monthly decrease in unemployment amounted to 0.3% in December 2010, while in comparison with the same month of the previous year, it rose by 6.4%. Monthly increase in both gross and net salaries amounted to 7.3% in December. In December 2010, gross salaries increased by 17.6%, while net salaries increased by 9.6% in relation to December 2009. In December, average real salary without taxes and contributions increased by 3% in relation to the previous year. Total assets and liabilities of banks Total assets of banks amounted to EUR 2,944.0 million at end-december 2010, being 0.7% and 2.7% lower than in the previous month and December 2009, respectively. As for the structure of total banks assets, net loans accounted for the main share of 70.1%, followed by monetary assets and deposits with depository institutions (21.4%) and other banks assets (6.6%), while other asset items accounted for the remaining 1.9%. Observed in relation to November 2010, banks assets recorded increase of monetary assets and deposits with depository institutions (3.5%). As for the banks` liabilities, deposits accounted for the main share of 60.8%, followed by borrowings with 23.7% and total banks capital with 10.6%, whereas the remaining 4.9% were other liabilities items. In relation to the previous month only capital recorded increase by 0.1%. Total capital of banks amounted to EUR 312.9 million at end-december 2010, being 0.1% higher than in the previous month, yet 5.7 % lower than in December 2009. Deposits Total deposits amounted to EUR 1,790.4 million at end-december 2010, and they remained the same as in the previous month. In relation to the same month of the previous year, total deposits declined by 1.9%. In the deposit maturity structure, time deposits (59.0%) were dominant. In the structure of time deposits, the largest share recorded deposits with maturity from 3 months to 1 year (35.2%) and those with maturity up to 3 months (12.5%). XII 2009 XI 2010 XII 2010 Demand deposits 36.6 39.8 41.0 Time deposits 63.4 60.2 59.0 Up to 3 months 19.5 13.0 12.5 From 3 months to 1 year 31.6 35.9 35.2 From 1 to 3 years 10.8 9.2 9.2 Over 3 years 1.6 2.1 2.1 Table 1 - Deposit maturity structure, period-end, % 1 Data on employment were not available at the time of the report compilation. 15 Bulletin of Central Bank of Montenegro January 2011

Posmatrano po sektorima, u ukupnim depozitima i dalje dominiraju depoziti fizičkih lica sa 53,2%. Tabela br. 2 - Sektorska struktura depozita, kraj perioda XII 2009. XI 2010. XII 2010. XII 2009. XI 2010. XII 2010. u 000 EUR u % 1. Finansijske institucije 185.361 116.754 113.808 10,2 6,5 6,4 2. Nefinansijske institucije 603.246 515.578 500.298 33,1 28,8 27,9 3. Opšta vlada (Vlada, fondovi, opštine) 158.467 121.256 123.305 8,7 6,8 6,9 4. Fizička lica 843.907 939.814 951.745 46,2 52,5 53,2 5. Neprofitne organizacije 25.105 23.069 25.044 1,4 1,3 1,4 6. Ostalo 8.602 73.883 76.193 0,5 4,1 4,3 UKUPNO 1.824.688 1.790.354 1.790.393 100,0 100,0 100,0 Depoziti stanovništva Ukupni depoziti stanovništva iznosili su 951,7 miliona eura na kraju decembra 2010. godine. U odnosu na prethodni mjesec, depoziti stanovništva zabilježili su rast od 1,3%, a u odnosu na isti mjesec prethodne godine 12,8%, odnosno 107,8 miliona eura. Na kraju decembra u ročnoj strukturi depozita stanovništva, dominantno učešće od 66,9% ostvarili su oročeni depoziti, dok se na depozite po viđenju odnosilo 33,1%. Grafik br. 4 - Depoziti stanovništva po ročnosti, u 000 000 eura Izvor: CBCG Krediti Na kraju decembra 2010. godine ukupni krediti banaka iznosili su 2.208,9 miliona eura i u odnosu na novembar 2010. godine ostvarili su pad od 0,8%. Koeficijent krediti/depoziti iznosio je 1,23 u decembru 2010. godine, i poboljšan je u odnosu na prethodni mjesec kada je iznosio 1,24, i u odnosu na decembar 2009. godine, kada je iznosio 1,31. Bilten Centralne banke Crne Gore Januar 2011. 16

Observed by sectors, deposits of natural persons (53.2%) were still dominant in total deposits. XII 2009 XI 2010 XII 2010 XII 2009 XI 2010 XII 2010 In EUR 000 in % 1. Financial institutions 185,361 116,754 113,808 10.2 6.5 6.4 2. Non-financial institutions 603,246 515,578 500,298 33.1 28.8 27.9 3. General Government (Government, funds, municipalities) 158,467 121,256 123,305 8.7 6.8 6.9 4. Natural persons 843,907 939,814 951,745 46.2 52.5 53.2 5. Non-profit organizations 25,105 23,069 25,044 1.4 1.3 1.4 6. Other 8,602 73,883 76,193 0.5 4.1 4.3 TOTAL 1,824,688 1,790,354 1,790,393 100.0 100.0 100.0 Table 2 - Deposits structure by sectors, period-end, % Household deposits Total household deposits amounted to EUR 951.7 million at end-december 2010. In relation to the previous month, they recorded growth of 1.3%, while in relation to the same month of the previous year they increased by 12.8% or EUR 107.8 million. At end-december 2010, in the maturity structure of household deposits, time deposits were dominant (66.9%), while demand deposits accounted for 33.1%. Graph 4 Household deposits by maturity, EUR million Source: CBM Loans At end-december 2010, total loans granted by banks amounted to EUR 2,208.9 million, which is a monthly decline of 0.8%. The loan-to-deposit ratio amounted to 1.23 in December 2010, thus improving in relation to the previous month when it amounted to 1.24, but also in relation to December 2009 when it was 1.31. 17 Bulletin of Central Bank of Montenegro January 2011

Grafik br. 5 Ukupni krediti i depoziti, u 000 eura Izvor: CBCG Odnos kredita i depozita uvećanih za ukupno uzete pozajmice iznosio je 0,888 na kraju decembra 2010. godine i gotovo je nepromijenjen u odnosu na prethodni mjesec kada je iznosio 0,89, dok je poboljšan u odnosu na decembar prethodne godine kada je iznosio 0,94. Grafik br. 6 Odobreni krediti, depoziti i pozajmice banaka, u 000 eura Izvor: CBCG U strukturi ukupno odobrenih kredita, dominantno učešće od 94,2% bilježe krediti odobreni privredi i stanovništvu, dok se preostalih 5,8% odnosilo na banke, ostale finansijske institucije, organizacije u javnom vlasništvu, neprofitne finansijske organizacije i dr. Grafik br. 7 Krediti privrede i stanovništva, u 000 eura Izvor: CBCG Bilten Centralne banke Crne Gore Januar 2011. 18

Graph 5 Total loans and deposits, EUR thousand Source: CBM The loan/deposit-plus-borrowings ratio amounted to 0.888 at end-december 2010, thus remaining almost the same in relation to the previous month when it was 0.89, while it improved in relation to end-2009 when it was 0.94. Graph 6 - Loans disbursed, banks deposits and borrowings, EUR thousand Source: CBM In the structure of total loans disbursed, corporate and household loans accounted for 94.2%, whereas the remaining 5.8% referred to banks, other financial institutions, public owned organisations, non-profitable organisations and others. Graph 7 - Corporate and household loans, EUR thousand Source: CBM 19 Bulletin of Central Bank of Montenegro January 2011

Likvidnost banaka U decembru 2010. godine, koeficijent likvidnosti, na dnevnoj i dekadnoj osnovi bio je iznad propisanog minimuma za bankarski sistem u cjelini. Prosjek likvidnih sredstava u decembru ove godine iznosio je 547,3 miliona eura i povećan je u odnosu na decembar prethodne godine kada je iznosio 438,3 miliona eura, kao i u odnosu na prethodni mjesec kada je prosječno iznosio 529,9 miliona eura. Obavezna rezerva Na kraju decembra, ukupna izdvojena obavezna rezerva banaka kod CBCG iznosila je 16-4,5 miliona eura. Izdvajanje banaka je u decembru bilo za 0,7% više u odnosu na prethodni mjesec. U decembru 2010. godine sedam banaka je iskoristilo mogućnost izdvajanja dijela obavezne rezerve u obliku državnih zapisa. Tako su na kraju decembra, banke izdvojile ukupno 30,4 miliona eura obavezne rezerve u obliku državnih zapisa. Od iznosa ukupno izdvojene rezerve, na računu obavezne rezerve u zemlji izdvojeno je 74,2%, u državnim zapisima 18,5%, a na računu Centralne banke u inostranstvu 7,3%. Efektivna stopa obavezne rezerve, mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita, iznosila je 9,2% i veća je za 0,1 p.p. u odnosu na prethodni mjesec. Grafik br. 8 Obavezna rezerva, u 000 eura Izvor: CBCG Mikrokreditne finansijske institucije (MFI) Aktiva mikrokreditnih finansijskih institucija na kraju decembra 2010. godine iznosila je 58,8 miliona eura. U odnosu na prethodni mjesec bilježi rast od 0,4%, a u odnosu na decembar 2009. godine pad od 22,0%. Ukupna vrijednost odobrenih kredita je iznosila 43,5 miliona eura na kraju decembra, što predstavlja nastavak opadajućeg trenda. U odnosu na decembar 2009. godine iznos odobrenih kredita zabilježio je pad od 33,9%, a u odnosu na novembar 2010. godine zabilježen je pad od 2,3%. Bilten Centralne banke Crne Gore Januar 2011. 20

Banks Liquidity In December 2010, daily and ten-day solvency ratio was above the prescribed minimum for the whole banking system. Liquid assets average amounted to EUR 547.3 million and it increased in relation to December 2009 when it amounted to EUR 438.3 million as well as in relation to the previous month (EUR 529.9 million). Reserve requirement Total allocated reserve requirement of banks at the Central Bank of Montenegro amounted to EUR 164.5 million at end-december 2010. These allocations were 0.7% higher than in the previous month. In December 2010, 7 banks used possibility of allocating a part of reserve requirement in the form of T-bills. Thus, at end-december, banks allocated EUR 30.4 million of reserve requirements in total in the form of T-bills. Of total allocated reserve requirements, 74.2% was allocated to the reserve requirement account in the country, 18.5% were in T-bills and 7.3% to the Central Bank accounts held abroad. The effective reserve requirement rate, measured by the allocated reserve requirements/total deposits ratio, amounted to 9.2% and it increased by 0.1 p.p. in comparison with the previous month. Graph 8 - Reserve requirement, EUR thousand Source: CBM Micro-credit financial institutions (MFIs) At end-december 2010, assets of MFIs amounted to EUR 58.8 million, showing a 0.4% monthly increase and a 22.0% decline in comparison with the previous year-end. Total loans granted by these institutions amounted to EUR 43.5 million, thus registering decreasing trend of 33.9% in relation to December 2009 and 2.3% in comparison with November 2010. 21 Bulletin of Central Bank of Montenegro January 2011

Aktivne kamatne stope U decembru, aktivna prosječna ponderisana nominalna kamatna stopa (APPNKS) iznosila je 8,98% i ostvarila je rast od 0,01 p.p., dok je aktivna prosječna ponderisana efektivna kamatna stopa (APPEKS) iznosila 9,63% i ostvarila je rast od 0,06 p.p. u odnosu na prethodni mjesec. Grafik br. 9 Kretanje prosječnih ponderisanih nominalnih i efektivnih kamatnih stopa na nivou sistema Izvor: CBCG Nominalna prosječna ponderisana kamatna stopa na kredite odobrene fizičkim licima iznosila je 9,69%, i ostvarila je pad od 0,02 p.p., dok je efektivna kamatna stopa iznosila 10,43%, i ostvarila je pad od 0,02 p.p. Prosječna ponderisana nominalna kamatna stopa na kredite odobrene pravnim licima iznosila je 8,53%, dok je prosječna ponderisana efektivna kamatna stopa iznosila 9,12% i obje su ostvarile rast od 0,03 p.p. i 0,10 p.p., respektivno. Grafik br. 10 Kretanje prosječnih ponderisanih efektivnih kamatnih stopa na kredite odobrene fizičkim i pravnim licima Izvor: CBCG Bilten Centralne banke Crne Gore Januar 2011. 22

Lending Interest Rates In December, the weighted average nominal lending interest rate (WALNIR) and the weighted average lending effective interest rate (WALEIR) amounted to 8.98% and 9.63%, respectively. In relation to the previous month WALNIR and WALEIR increased by 0.01 and 0.06 percentage points, respectively. Graph 9 - Weighted average nominal and effective interest rates at the system level Source: CBM The WALNIR on loans to natural persons amounted to 9.69% and recorded decline of 0.02 p.p. The corresponding WALEIR amounted to 10.43%, thus recording 0.02 percentage points decline. WALNIR and WALEIR on loans granted to legal persons amounted to 8.53% and 9.12%, respectively, and both rose by 0.03 percentage point and 0.10 percentage points, respectively. Graph 10 - Weighted average nominal and effective interest rates on loans granted to natural and legal persons Source: CBM 23 Bulletin of Central Bank of Montenegro January 2011

Pasivne kamatne stope U decembru 2010. godine, pasivna prosječna ponderisana efektivna kamatna stopa (PPPEKS) iznosila je 3,26% i niža je za 0,10 p.p. u odnosu na prethodni mjesec, a u odnosu na decembar 2009. godine, PPPEKS je bila niža za 0,60 p.p. PPPEKS na depozite fizičkih lica iznosila je 3,69%, što je za 0,04 p.p. manje u odnosu na prethodni mjesec. Istovremeno, PPPEKS na depozite pravnih lica iznosila je 2,78%, i zabilježila je pad od 0,18 p.p. na mjesečnom nivou. Tabela br. 3 - Ročnost PPPEKS na ukupne depozite banaka Ročnost XII 2010 Depoziti po viđenju 0,54 Oročeni depoziti Do 3 mjeseca 4,25 Od 3 mjeseca do 1 godine 5,47 Od 1 do 3 godine 5,35 Od 3 do 5 godina 4,76 Preko 5 godina 3,09 U decembru je razlika između aktivnih i pasivnih kamatnih stopa na nivou sistema iznosila 6,37 p.p. Kamatna margina kod kredita odobrenih fizičkim licima iznosila je 6,74 p.p., dok je na kredite odobrene pravnim licima iznosila 6,34 p.p. Tržište kapitala Ukupno ostvaren promet na crnogorskim berzama u decembru je iznosio 5,0 miliona eura i u odnosu na prethodni mjesec veći je za 77,3%. Ostvareni promet bio je niži od prosječnog mjesečnog prometa ostvarenog u prethodnoj godini za 28,8 miliona eura. U strukturi prometa, najveće učešće imale su akcije kompanija 51,6%, dok se na akcije FZU odnosilo 37,4% i na obveznice fonda za obeštećenje 7,4%. Sva tri indeksa su zabilježila mjesečni rast i to indeks Moste za 8,2% i NEX 20 za 3,4% i NEX PIF od 24,1%. U odnosu na decembar prethodne godine, sva tri indeksa su ostvarila pad, i to indeks Moste za 18,0%, indeks NEX 20 za 0,5%, i indeks Nex PIF za 3,5%. U odnosu na njihove istorijski maksimalne vrijednosti dostignute u 2007. godini, indeksi su na kraju decembra 2010. godine bili niži i to: Moste za 78,8%, NEX 20 za 70,1% i NEX PIF za 86,7%. Bilten Centralne banke Crne Gore Januar 2011. 24

Deposit interest rates The weighted average deposit effective interest rate (WADEIR) amounted to 3.26% in December this year, thus recording the respective month-to-previous month decrease of 0.10 and 0.60 percentage points in relation to December 2009. The WADEIR on deposits by households amounted to 3.69%, which is a 0.04 percentage point month-to-previous month decline. WADEIR on legal persons deposits amounted to 2.78% or 0.18 percentage pints lower at the monthly level. Maturity XII 2010. Demand deposits 0,54 Time deposits Up to 3 months 4,25 From 3 months to 1 year 5,47 From 1 to 3 years 5,35 From 3 to 5 years 4,76 Over 5 years 3,09 Table 3 - Maturity of WADEIR on total deposits in banks In December, the difference between the lending and deposit interest rates amounted to 6.37 percentage points at the system level. The interest rate margin for loans granted to natural persons and legal persons was 6.74 percentage points and 6.34 percentage points, respectively. Capital market Total turnover on Montenegrin stock exchanges amounted to EUR 5.0 million in December 2010, recording the month-on-previous-month increase of 77.3%. The turnover showed a EUR 28.8 million decline in relation to the average monthly turnover recorded in 2009. As for the turnover structure, company shares accounted for the main portion of 51.6%, followed by joint investment funds shares (37.4%) and restitution bonds (7.4%). All three stock exchange indices recorded monthly growth: the MOSTE by 8.2% the NEX 20 by 3.4%, and the NEX PIF by 24.1%. The three stock exchange indices also showed the respective annual decline of 18.0%, 0.5% and 3.5%. However, compared to their record values reached in 2007, the indices were lower at end- December 2010: MOSTE by 78.8%, NEX 20 by 70.1% and NEX PIF by 86.7%. 25 Bulletin of Central Bank of Montenegro January 2011

Grafik br. 11 Kretanje indeksa MOSTE Izvor: Montenegroberza Grafik br. 12 Kretanje indeksa NEX20 i NEXPIF Izvor: Nex Montenegro berza Ukupna kapitalizacija na Montenegroberzi u decembru je bila veća u odnosu na novembar 2010. godine za 1,2%, dok je na Nex Montenegroberzi kapitalizacija bila veća za 1,8%. Na Montenegroberzi kapitalizacija je na godišnjem nivou bila manja za 9,3%, a na Nex Montenegro berzi za 1,6%. Grafik br. 13 Koeficijent obrta sredstava Izvor: Nex Montenegro berza, Montenegro berza Bilten Centralne banke Crne Gore Januar 2011. 26

Graph 11 - MOSTE index Source: Montenegro Stock Exchange Graph 12 - NEX 20 and NEX PIF indices Source: Nex Montenegro Stock Exchange Total capitalisation on the Montenegro stock exchange recorded monthly increase of 1.2%, while that on the Nex Montenegro stock exchange increased by 1.8%. The annual capitalisation on the respective stock exchanges was 9.3% and 1.6% lower. Graph 13 - Turnover coefficient Source: Nex Montenegro and Montenegro stock exchanges 27 Bulletin of Central Bank of Montenegro January 2011

Koeficijent obrta sredstava je u decembru ove godine zabilježio pad na Nex berzi i Montenegroberzi i iznosio je 0,000512 i 0,001488, respektivno. Domaći platni promet U decembru 2010. godine, vrijednost realizovanog platnog prometa u zemlji je iznosila 2.2-45,3 miliona eura. U odnosu na prethodni mjesec, realizovani platni promet ostvario je rast od 36,9%. U strukturi ukupno realizovanog platnog prometa, dominantno učešće ostvario je interni platni promet (54,1%), dok se ostatak (45,9%) odnosio na međubankarski platni promet. Posmatrano kroz učešće realizovanih naloga, 62,3% izvršenih naloga se odnosilo na naloge u internom platnom prometu, dok se 37,7% odnosilo na naloge međubankarskog platnog prometa. Strane direktne investicije Prema preliminarnim podacima, ukupan priliv stranih direktnih investicija u 2010. godini iznosio je 643,1 milion eura, dok je istovremeno odliv iznosio 100,7 miliona eura. Rezultat takvih kretanja je ostvareni neto priliv od 542,4 miliona eura, što Crnu Goru i dalje svrstava u sam vrh privreda u tranziciji kada se posmatraju strane direktne investicije po glavi stanovnika. Grafik br. 14 Ukupan neto priliv stranih direktnih investicija, u hiljadama eura Izvor: CBCG U strukturi stranih direktnih investicija, najveći priliv je ostvaren po osnovu ulaganja u domaća preduzeća i banke u iznosu od 260,2 miliona eura, što je za 70,5% manje nego u istom periodu 2009. godine. U formi interkompanijskog duga ostvaren je priliv od 163,9 miliona eura, što predstavlja smanjenje za 3,6%. Investicije u nekretnine u zemlji zabilježile su rast od 9,5% i iznosile su 186,8 miliona eura. Priliv po osnovu povlačenja novčanih sredstava koja su rezidenti investirali u inostranstvu iznosio je 32,3 miliona eura. Bilten Centralne banke Crne Gore Januar 2011. 28

The turnover coefficients recorded decline at Nex Montenegro and Montenegro stock exchange in December 2009, amounting to 0.000512 and 0.001488, respectively. National Payment System Transactions The value of the domestic payment transactions amounted to EUR 2.245,3 million in December 2010, being 36.9% higher than in the previous month. The structure of payment transactions shows that internal payment transactions accounted for the main share of 54.1%, whereas the remaining 45.9% were interbank payment transactions. Observed as a share of executed payment orders, 62.3% were internal payment orders and the remaining 37.7% were interbank payment orders. Foreign Direct Investments (FDIs) According to preliminary data, total foreign direct investments inflow in 2010 amounted to EUR 643.1 million, while the outflow amounted to EUR 100.7 million. Result of such movements was recorded net inflow of EUR 542.4 million, which puts Montenegro at the top of transitional economies, observing from the FDI per capita. Graph 14 - Total FDI inflow, EUR thousand Source: CBM The FDI structure shows that most of the inflow went into local companies and banks, EUR 260.2 million, which is 70.5% less than in the comparative period of 2009. Investments in the form of intercompany debt totalled EUR 163.9 million, representing the decline of 3.6% Investments in real estates in the country rose by 9.5%, reaching the amount of EUR 186.8 million. The inflow arising from the withdrawal of the residents` capital invested abroad amounted to EUR 32.3 million. 29 Bulletin of Central Bank of Montenegro January 2011

Grafik br. 15 Struktura priliva stranih direktnih investicija u 2010. godini Izvor: CBCG Ukupan odliv stranih direktnih investicija u 2010. godini iznosio je 100,7 miliona eura i manji je za 36% u poređenju sa istim periodom 2009. godine. Najveći odliv je ostvaren po osnovu interkompanijskog duga u iznosu od 65,5 miliona eura. Investicije rezidenata u banke i preduzeća u inostranstvu iznosile su 10 miliona eura. Odliv po osnovu nekretnina iznosio je 19,4 miliona eura, dok je odliv po osnovu povlačenja sredstava investiranih u domaće banke i preduzeća iznosio 5,8 miliona eura. Budžet Crne Gore Budžet Crne Gore i državnih fondova u periodu januar decembar 2010. godine, prema preliminarnim podacima Ministarstva finansija, ostvario je ukupne primitke u iznosu od 1.337,0 miliona eura. Tekući prihodi iznosili su 1.106,5 miliona eura ili 36,6% projektovanog BDP-a, dok su prihodi od privatizacije, donacije i pozajmice i krediti iz domaćih i inostranih izvora iznosili 230,5 miliona eura ili 7,6% BDP-a. U odnosu na plan za isti period tekući prihodi budžeta zabilježili su smanjenje od 2,0%, kao rezultat nižeg ostvarenja prihoda od poreza, naknada, taksi i ostalih prihoda. U odnosu na isti period 2009. godine, tekući prihodi su zabilježili pad od 5,4%. U strukturi tekućih prihoda najveće učešće od 61,1% ostvarili su prihodi od poreza, zatim doprinosi 31,4%, ostali prihodi 2,8%, naknade 2,5%, takse 1,9% i primici od otplate odobrenih kredita 0,3%. Prihodi od poreza su iznosili 675,8 miliona eura i bili su niži u odnosu na plan za 9,4%, dok su u odnosu na osti period 2009. godine bili niži za 5,1%. U ovom periodu došlo je do znatno niže naplate poreza na dobit pravnih lica (59,1%), do koga je došlo zbog promjene zakonske regulative, koja se odnosi na ukidanje akontativne naplate poreza na dobit. Najveći iznos prihoda po osnovu poreza ostvaren je po osnovu poreza od PDV-a, akciza i carina u iznosu od 549,3 miliona eura, što čini 49,6% tekućih budžetskih prihoda. Inače smanjene privredne aktivnosti u 2010. godini doprinijelo je smanjenju poreskih prihoda za 9,4%, naknada za 15,5%, taksi za 6,8%, ostalih prihoda za 5,6% u odnosu na plan za 2010. godinu, dok su prihodi po osnovu doprinosa povećani za 20,6%. Konsolidovani izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova) u 2010. godini, iznosili su 1.191,1 miliona eura ili 39,4% BDP-a. U odnosu na plan izdaci su bili niži za 5,7%, dok su u odnosu na isti period prethodne godine konsolidovani izdaci zabilježili pad od 8,5%, što je u saglasnosti sa planom i dodatnim mjerama štednje od strane Vlade Crne Gore. U odnosu na planirane izdatke za posmatrani period jedino kategorija bruto zarade i doprinosi na teret poslodavca imala porast od 3,2%, dok su sve ostale kategorije tekućih izda- Bilten Centralne banke Crne Gore Januar 2011. 30

Graph 15 - Structure of FDI inflow in 2010 Source: CBM Total FDI outflow in 2010 amounted to EUR 100.7 million, which was 36% less than in the corresponding period of 2009. The largest outflow was in the form of intercompany debt, EUR 65.5 million. Investment of residents in companies and banks abroad amounted to EUR 10 million. Outflow from real estates amounted to EUR 19.4 million while the outflow from withdrawal of funds invested in domestic banks and companies amounted to EUR 5.8 million. Budget of Montenegro According to preliminary data of the Ministry of Finance, revenues of the Budget of Montenegro and the state funds amounted to EUR 1.337,0 million in the period January- December 2010. Current revenues amounted to EUR 1.106,5 million or 36.6% of the projected GDP, while revenues from privatisations, donations, and borrowings and loans from both domestic and foreign sources amounted to EUR 230.5 million or 7.6% of GDP. These revenues were 2.0% lower than planned for this period due to the lower collection of revenues from taxes, fees, and other revenues. Compared to the same period in 2009, current revenues were by 5.4% lower. In the structure of current revenues, taxes accounted for the main share of 61.1%, followed by contributions with 31.4%, other revenues with 2.8%, duties with 2.5%, fees with 1.9%, and revenues from loan repayments with 0.3%. Tax revenues amounted to EUR 675.8 million and they were 9.4% lower than planned, while in relation to the same period of 2009 they were 5.1% lower. In this period, collection of profit tax of legal persons was substantially lower (59.1%), due to change in legislation referring to cancellation of prepaid collection of profit tax. The main share of tax revenues came from the collection of VAT, excise tax, and customs duties, which accounted for EUR 549.3 million or 49.6% of the current budgetary revenues. Decreased economic activities in 2010 affected decline of tax revenues by 9.4%, compensations by 15.5%, fees by 6.8% and other revenues by 5.6% in relation to the plan for 2010, revenues form contributions increased by 20.6%. Consolidated budget expenditures (total revenues less debt repayments) amounted to EUR 1.191,1 million or 39.4% of GDP in 2010. In relation to the plan, expenditures were 5.7% lower, while in relation to the same period of 2009 consolidated expenditures declined by 8.5%, which is in accordance with the plan and additional saving measures prescribed by the Government of Montenegro. In relation to planned expenditures for the observed period, only gross salaries and contributions increased by 3.2%, while all other categories of current 31 Bulletin of Central Bank of Montenegro January 2011

taka bile niže od planiranih. U 2010. godini, otplaćeno je po osnovu dugova (rezidentima, nerezidentima i po osnovu obaveza iz ranijeg perioda) 215,8 miliona eura. Budžet Crne Gore u 2010. godini, ostvario je deficit od 84,6 miliona eura, ili 2,8% BDP-a, što je znatno manje u odnosu na planirani iznos za isti period (133,23 miliona eura ili 4,4% BDP-a). Grafik br. 16 Budžetski suficit/deficit Izvor: Ministarstvo finansija Bilten Centralne banke Crne Gore Januar 2011. 32

expenditures were lower than planned. Debt repayments (to residents, non-residents and liabilities from the previous period) amounted to EUR 215.8 million in the reporting period. In 2010, the budget of Montenegro recorded deficit of EUR 84.6 million or 2.8% of GDP, which is substantially lower in relation to planned amount for the same period (EUR 133.23 million or 4.4% of GDP). Graph 16 - Budget surplus/deficit Source: Ministry of Finance 33 Bulletin of Central Bank of Montenegro January 2011

Statistički bilten I Monetarna statistika (preliminarni podaci) Statistical bulletin I Monetary Statistics (preliminary data) Tabela 1.1 - Monetarni pregled - Bilans stanja CBCG, u 000 eura, stanje na kraju perioda Table 1.1 - CBM Survey, end-period balance, EUR thousand Monetarno zlato i SDR Strana valuta Potraživanja od nerezidenata Obaveze prema nerezidentima Depoziti HOV osim akcija Krediti Rezervna pozicija u MMF-u 1 2 3 4 5 6 7 Ostala potrazivanja Ukupno Depoziti SDR alokacija 8 (1+2+..+7) Ostale obaveze 9 10 11 Ukupno Neto strana aktiva Potraživanja od banaka Domaći krediti Neto potraživanja od centralne Vlade Potraživanja od centralne Vlade Obaveze prema centralnoj Vladi Neto potraživanja Potraživanja od ostalih sektora Ukupno 12 (9+10+11) 13(8-12) 14 15 16 17(15-16) 18 19 (14+15+16) Neto ostale stavke Obavezna rezerva Obaveze* Depoziti banaka Depoziti ostalih sektora Ostali depoziti 20 21 22 Ukupno 23 (21+22) Po viđenju Oročeni Ukupno Ukupan kapital 24 25 26(24+25) 27 2007 137 17.039 422.647 21.024 0 7.091 467.938 22.455 0 0 22.455 445.483 490 150 98.161-98.012 1.158-96.363-44.028 258.998 83.548 342.546 180 5.969 6.149 44.453 ***Dec 2008 319 22.283 258.622 24.514 0 7.305 313.043 23.138 0 0 23.138 289.905 583 218 11.546-11.327 2.784-7.961-43.781 216.575 45.937 262.512 178 11.594 11.772 51.441 2008 Jan 137 9.414 443.247 21.307 0 7.081 481.185 22.903 0 0 22.903 458.282 312 202 132.510-132.309 1.171-130.826-43.941 278.429 39.701 318.130 170 7.219 7.389 45.878 Jan Feb 188 11.047 440.471 21.447 0 7.008 480.161 22.665 0 0 22.665 457.496 330 152 127.205-127.052 1.190-125.533-45.079 285.007 37.874 322.881 300 7.226 7.527 46.634 Feb Mar 191 17.173 417.938 21.382 0 6.864 463.549 22.188 0 0 22.188 441.361 478 169 134.930-134.762 1.184-133.099-41.634 278.767 16.188 294.955 170 7.225 7.395 47.536 Mar Apr 231 10.116 435.699 21.336 0 6.896 474.279 22.297 0 0 22.297 451.982 305 149 133.722-133.573 937-132.330-44.972 279.794 27.879 307.673 173 8.280 8.454 48.498 Apr Maj 231 12.095 455.409 21.237 0 6.897 495.869 22.302 0 0 22.302 473.567 300 166 150.737-150.571 973-149.298-44.935 280.266 32.550 312.816 161 8.564 8.725 47.663 May Jun 231 15.116 460.745 21.196 0 6.840 504.127 22.112 0 0 22.112 482.016 505 186 160.544-160.358 970-158.884-42.843 283.246 25.312 308.558 159 8.569 8.728 48.690 June Jul 231 25.582 477.886 21.380 0 6.853 531.931 22.158 0 0 22.158 509.773 264 136 176.736-176.600 979-175.356-44.521 288.847 29.965 318.812 181 10.024 10.205 49.920 July Aug 275 15.294 511.698 21.516 0 7.032 555.815 22.267 0 0 22.267 533.548 240 145 188.575-188.430 1.514-186.677-45.278 298.696 32.098 330.794 169 10.065 10.234 51.123 Aug Sep 275 12.731 509.370 21.609 0 7.186 551.170 22.755 0 0 22.755 528.416 528 155 196.816-196.661 1.663-194.470-45.814 287.564 29.310 316.874 182 10.065 10.247 52.640 Sep Okt 275 38.942 384.832 24.088 0 7.700 455.837 24.383 0 0 24.383 431.454 354 165 158.322-158.157 2.103-155.700-47.704 234.773 23.937 258.710 233 10.661 10.894 53.853 Oct Nov 319 31.464 358.128 24.323 0 7.624 421.858 24.142 0 0 24.142 397.717 339 169 126.700-126.531 2.846-123.347-47.165 229.322 26.814 256.136 172 11.272 11.444 53.956 Nov Dec 319 22.283 258.622 24.514 0 7.305 313.043 23.138 0 0 23.138 289.905 583 218 11.546-11.327 2.784-7.961-43.781 216.575 45.937 262.512 178 11.594 11.772 51.441 Dec 2009 28.455 22.488 314.239 25.119 0 7.182 397.483 22.751 28.100 0 50.851 346.632 777 487 96.893-96.405 3.537-92.091-43.229 134.400 103.912 238.312 126 12.857 12.983 46.476 2009 Jan 319 17.424 236.281 24.575 0 7.683 286.282 24.337 0 0 24.337 261.946 260 119 18.766-18.647 2.805-15.582-44.932 196.653 30.407 227.061 270 12.012 12.282 51.954 Jan Feb 336 13.751 241.883 24.690 0 7.659 288.320 24.262 0 0 24.262 264.059 277 140 17.587-17.447 2.810-14.360-45.338 198.093 31.750 229.843 172 12.902 13.075 52.118 Feb Mar 336 18.063 200.753 24.843 0 7.415 251.409 23.487 0 0 23.487 227.922 487 262 16.881-16.618 2.818-13.313-44.027 170.254 25.257 195.511 138 10.455 10.593 52.532 Mar Apr 336 22.202 159.532 24.773 0 7.444 214.287 23.588 0 0 23.588 190.699 306 266 15.689-15.423 2.914-12.203-44.652 136.676 474.765 611.441 125 11.354 11.479 52.391 Apr Maj 344 14.483 177.559 24.820 0 7.247 224.454 22.956 0 0 22.956 201.498 347 292 18.076-17.784 2.896-14.541-43.267 143.550 23.132 166.682 143 11.361 11.504 52.038 May Jun 344 17.921 187.793 24.920 0 7.248 238.226 22.960 0 0 22.960 215.267 648 280 20.730-20.449 2.924-16.877-44.183 150.891 32.904 183.795 138 11.366 11.504 47.274 June Jul 344 15.583 256.648 24.843 0 7.251 304.670 22.969 0 0 22.969 281.700 509 300 36.077-35.777 2.910-32.358 14.774 130.923 43.834 174.757 187 12.572 12.759 47.053 July Aug 22.546 16.172 202.224 24.869 0 7.251 273.063 22.969 22.196 0 45.165 227.898 610 284 40.501-40.217 2.906-36.701-44.068 127.652 47.714 175.366 106 12.727 12.833 47.065 Aug Sep 28.439 20.836 364.237 25.129 0 7.141 445.782 22.621 28.089 0 50.709 395.073 941 402 134.471-134.069 2.936-130.192-43.907 138.330 110.954 249.284 140 11.782 11.922 47.583 Sep Oct 28.439 12.186 339.311 25.048 0 7.090 412.074 22.459 28.089 0 50.547 361.527 683 457 120.685-120.228 3.340-116.205-41.781 132.365 97.288 229.653 184 12.848 13.032 47.418 Oct Nov 28.443 13.650 351.221 25.113 0 7.074 425.501 22.408 28.089 0 50.496 375.005 482 448 143.788-143.340 3.507-139.351-43.450 133.918 85.209 219.126 150 12.852 13.002 46.976 Nov Dec 28.455 22.488 314.239 25.119 0 7.182 397.483 22.751 28.100 0 50.851 346.632 777 487 96.893-96.405 3.537-92.091-43.229 134.400 103.912 238.312 126 12.857 12.983 46.476 Dec 2010 2010 Jan 29.091 12.418 286.335 25.119 0 7.345 360.307 23.265 28.736 0 52.001 308.306 438 457 102.289-101.832 3.560-97.835-43.545 131.092 62.961 194.053 170 13.360 13.530 46.434 Jan Feb 29.522 12.660 291.285 25.242 0 7.454 10 366.172 23.611 29.164 0 52.774 313.398 461 462 98.534-98.072 3.565-94.046-44.430 128.778 74.554 203.333 172 13.963 14.135 46.314 Feb Mar 29.444 13.447 268.230 25.464 0 7.434 14 344.033 23.548 29.086 0 52.634 291.400 707 602 75.069-74.468 3.795-69.965-44.142 128.382 76.731 205.113 117 13.767 13.884 46.580 Mar Apr 29.664 15.145 245.117 25.549 0 7.490 21 322.987 23.726 29.306 0 53.032 269.955 480 650 62.198-61.548 3.839-57.226-44.471 126.275 69.190 195.466 328 14.840 15.168 46.563 Apr Maj 31.104 11.021 250.922 25.701 0 7.857 27 326.632 24.888 30.742 0 55.630 271.002 457 654 55.310-54.657 4.076-50.124-45.625 125.727 79.330 205.057 190 14.844 15.035 46.412 May Jun 31.483 12.026 228.678 25.694 0 7.954 31 305.866 25.195 31.121 0 56.316 249.550 703 342 42.926-42.584 4.066-37.816-45.929 126.281 69.953 196.234 169 14.849 15.018 46.411 June Jul 30.460 11.818 212.896 25.443 0 7.693 6 288.316 24.367 30.098 0 54.465 233.851 449 374 28.338-27.965 4.056-23.459-44.871 125.586 67.688 193.274 184 15.973 16.157 45.832 July Avg 31.095 12.640 213.223 25.560 0 7.854 7 290.380 24.878 30.728 0 55.606 234.775 443 461 29.530-29.069 3.887-24.739-45.397 128.336 64.922 193.258 144 15.977 16.121 46.053 Aug Sep 29.810 13.021 396.560 25.631 0 7.526 9 472.556 23.838 29.443 0 53.281 419.275 713 470 216.656-216.186 3.708-211.765-44.703 127.509 60.894 188.403 122 17.472 17.594 46.217 Sep Okt 29.657 16.468 385.177 25.530 0 7.486 13 464.331 23.713 29.290 0 53.003 411.328 454 522 177.339-176.817 3.667-172.696-44.899 133.222 85.068 218.290 487 18.478 18.965 46.276 Oct Nov 30.684 17.548 377.551 25.630 0 7.747 7 459.168 24.540 30.311 0 54.852 404.316 448 498 157.141-156.643 3.664-152.532-45.885 133.231 99.471 232.702 227 18.485 18.712 46.256 Nov Dec 30.318 13.880 334.640 29.941 0 7.654 0 416.432 24.244 29.945 0 54.189 362.243 718 550 71.480-70.930 3.680-66.533-45.527 134.114 142.119 276.233 177 18.493 18.670 46.334 Dec 1 2 3 4 5 6 7 Monetary gold and SDR holdings 8 (1+2+..+7) 9 10 11 12 (9+10+11) 13(8-12) 14 15 16 17(15-16) 18 19 (14+15+16) 20 21 22 23 (21+22) 24 25 26(24+25) 27 Claims on Liabilities to Securities IMF Reserve Other Demand Time Foreign currency Deposits SDR Other other than Loans Reserve Total Deposits Total Net Claims on Central Central Net claims Claims on allocation liabilities shares position foreign banks Government Government Total Other Total Total reqirements deposits deposits deposits Total other sectors items capital assets Net claims on Central Government (net) Banks deposits Deposits of other sectors by Claims on nonresidents Liabilities to nonresidents Domestic credit Liabilities* * Centralna banka Crne Gore nema emisionu funkciju; euro je zvanično sredstvo plaćanja u Crnoj Gori ** Stanje na 31.XII *** Izvrsena revizija podataka i metodologije za period od 2007. godine Izvor: CBCG * Central Bank of Montenegro does not issue currency; EURO is the legal tender in Montenegro ** Balance as at 31 December ***Data and methodology revised since 2007 Source: CBM Statistički bilten Januar 2011. 34