NewsBanking sector growth in Montenegro: Positive outlook and collaborations

Banking sector growth in Montenegro: Positive outlook and collaborations

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The increase in banks’ capital by 20% at the end of February compared to the same period last year, alongside other positive indicators in key balance sheet positions, affirms the robustness and stability of the banking sector, as stated by Irena Radović, the Governor of the Central Bank of Montenegro (CBCG).

During a meeting with the team from the European Bank for Reconstruction and Development (EBRD), led by Francis Malige, Director for Financial Institutions of the bank, Radović emphasized the stability, high liquidity, and strong capitalization of the banking sector.

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To sustain these favorable trends, the CBCG is prioritizing activities focused on monitoring the implementation of banking regulations and aligning them further with relevant EU directives.

Radović highlighted the significance of cooperation with the EBRD, particularly in enhancing access to financing sources, especially for vulnerable segments. The upcoming signing of the Memorandum of Understanding between the CBCG and the EBRD for implementing the WE Finance Code project is expected to significantly contribute to this objective.

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“This initiative, a global effort involving financial service providers, regulators, development banks, and other stakeholders, aims to collectively enhance financing for micro, small, and medium-sized enterprises led by women,” the statement noted.

The meeting also addressed the imperative of implementing reforms and making investments in line with Montenegro’s accession process to the European Union.

Malige expressed the EBRD’s willingness to support Montenegro in this journey, aligned with the institution’s strategic priorities.

“Enhanced collaboration has been agreed upon to further refine regulations for financial service providers and bolster the CBCG’s role in the green transition process, along with implementing ESG standards in the financial system,” the statement added.

Additionally, discussions revolved around specific initiatives aimed at unlocking new avenues for sustainable financing and fostering a greener, more resilient future.

Present at the meeting, representing the EBRD, were Aleksandra Vukosavljević, Director for Financial Institutions in the Western Balkans and Eastern Europe, Milos Kosic, Head of the Financial Institutions Sector for Montenegro, Bosnia and Herzegovina, North Macedonia, and Serbia, Remon Zakaria, Head of the EBRD Office in Montenegro, and Selma Demirović, EBRD Office Banker in Montenegro.

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