Council of the Central Bank has adopted the decision on the appropriation of profit of the Central Bank of Montenegro for the year 2018. It also adopted the Decision on the Increase of the capital stock of the CB for the previous year. This was reported after the meeting of the Council during which it considered the accounts of the Central Bank of Montenegro for 2018, along with the Report of the Independent Auditor.
Independent external auditor has stated positive opinion on the financial statements of the CB and claimed that they indicate true, objective financial position of the Central Bank of Montenegro and its performance.
Auditor offered no recommendations in the domain of financial business of the CB that would refer to the shortcomings in the internal control system.
“According to the data derived from these accounts, total generated revenues of the Central bank of Montenegro, amounting €16,7 million, are by 17% higher than planned, and by 14% higher in comparison to 2017. These data indicate that financial operation of the Central Bank of Montenegro in 2018 has been very successful”, reads the notice of the Central Bank of Montenegro.
Trends in the costs side confirm rational operation of the CB. Total costs of the employees have maintained the level from 2017, whereas the administrative costs have been worked out at the planned level. Operational costs were lower than planned , by 7%.
As a result of such operation, in 2018 CB generated a profit of € 3,57 million, which is by 37% more than the net profit generated in 2017.
“The Council has adopted the guidelines for the development of risk analysis and risk factors, in order to prevent money laundering and financing terrorism. The guidelines enable that tributaries implement provisions of the Law uniformly and to act efficiently and effectively in the process of risk assessment”, said the representatives of the CB.
The Council has adopted the Report on the results of the survey on the credit activities of banks fr the IV quarter of 2018. The results indicate that credit standards for the economy and the citizens have been alleviated, as a consequence of the increased market competition.
Results of the survey show that the demand for credits increased in the IV quarter. The demand of the economy was guided by the need for financing current asset and restructuring existing debts. As for the citizens, main factors of the growing demand were need for refinancing existing debts and purchase of real estate and durable goods.
The Council has adopted the Decision on initiating bankruptcy proceedings in the Atlas bank.
