CBCG: The economy is growing, positive trends in tourism

According to preliminary data, the Montenegrin economy grew by 6.1% last year, which was mainly contributed by an increase in private consumption, as well as a strong recovery in the export of goods and services, it was assessed at the session of the Council of the Central Bank of Montenegro (CBCG).
Annual reports were adopted at the session, which contain an overview and evaluation of the implementation of CBCG policies and activities implemented in the previous year.
As stated, positive trends were recorded in the field of tourism, trade and most types of traffic, while a decline was recorded in the field of industrial production and construction.
– The banking sector in 2022, despite the challenging economic environment, was characterized by high liquidity, good capitalization, and the growth of deposits and loans. In the first quarter of this year as well, the stability and resilience of the banking sector was preserved, expressed, among other things, through a high capital adequacy ratio – the Central Bank announced.
As stated in the announcement, in order to fulfill the CBCG‘s obligation to determine the countercyclical buffer rate for the territory of Montenegro on a quarterly basis, which stems from the Law on Credit Institutions, the Council adopted the Decision on the countercyclical capital buffer rate for the third quarter of 2023.
– Based on the results of the previously conducted analysis of relevant trends in the banking sector and the overall economy, the decision determined that the countercyclical capital buffer rate for the third quarter of 2023 will be 0% – the decision states.
The council also adopted the Report on the operations and policy implementation of the CBCG for March 2023 and other materials from its jurisdiction.

Sign up for business news updates & special reports.