English

A €300 mil deposit growth proves trust in the banking system

Fabris

The best indicator of maintained confidence in the banking system is the growth in total deposits, which increased by 9.23 per cent in the first nine months of the year, while the total profit of commercial banks amounted to €48.6 million, which tells us that the system is stable and very resilient to shocks, Deputy Governor of the Central Bank of Montenegro (CBCG), Mr Nikola Fabris, told in an interview for Dnevne Novine daily.

Two decades after the official introduction of the Deutsche Mark as the only means of payment, Montenegro today uses the euro, which has created a stable and predictable system.

“A number of factors have contributed to faster economic development, and, in my opinion, if we hadn’t had the euro, our growth would have been much slower,” Mr Fabris underlined.

Top officials of both the IMF and the World Bank (WB) expressed very positively about Montenegro during the autumn session, according to him.

“It was noted that the financial system is stable and most indicators are at historical highs. Representatives from both the IMF and the WB noted that reforms in the banking system were going in the right direction and that in the coming period the emphasis should be on the implementation of new regulations. In addition, it was suggested that structural reforms and investment in human resources and infrastructure should be continued, given their great importance for further economic growth and ensuring fiscal sustainability,” Mr Fabris said.

 

 

 

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