Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Europe > Montenegro

You are looking at 1 - 10 of 40 items for :

  • Type: Journal Issue x
  • Financial and monetary sector x
  • Banks and Banking x
Clear All Modify Search
Cover Selected Issues Papers
Surviving Low Interest Rates Central Banks in Kosovo and Other Western Balkan Countries: Republic of Kosovo
Mr. Si Guo
Interest income from foreign reserves is one of the main revenue sources for most emerging market central banks. For central banks in the Western Balkan region, the low global interest rates during 2008–2021 negatively affected their revenues, and the impact was more pronounced for central banks in Kosovo, Montenegro, and Bosnia and Herzegovina because they cannot use seigniorage to finance their operations. This paper explores how these central banks coped with the long period of low-interest rates. The main finding is that the decline in interest income from foreign reserves was partially compensated by higher fees, commissions, and other regulatory revenues.
Keywords:
Central bank; Low interest rates; Kosovo; Montenegro; Bosinia; Herzegovina; interest income; central banks in Kosovo; emerging market central banks; rising interest rates; personnel cost-to-GDP ratio; Income; International reserves; Central bank rates; Government securities; Exchange rate arrangements; Global
Cover Regional Economic Outlook, October 2020, Europe
Regional Economic Outlook, October 2020, Europe
Whatever It Takes: Europe’s Response to COVID-19
International Monetary Fund. European Dept.

Abstract

The COVID-19 pandemic has caused dramatic loss of human life and major damage to the European economy, but thanks to an exceptionally strong policy response, potentially devastating outcomes have been avoided.

Keywords:
lockdowns; pandemic; corporate liquidity; recovery; reopening; economic outlook; forecasting; REO; policy support; infection curve; job retention program; Europe transform; financial market disruption; pandemic economy; solvency risks in Europe; time trend; reopening indices; infection incidence; reinfection risk; infection rate; credit access; containment policy; COVID-19; Liquidity; Solvency; Infrastructure; Europe; Global
Cover IMF Staff Country Reports
Montenegro: Technical Assistance Report-Report on External Sector Statistics Mission
International Monetary Fund. Statistics Dept.
The IMF’s Statistics Department (STA) conducted a technical assistance mission to support the Central Bank of Montenegro (CBM) for the compilation of external sector statistics in Montenegro during January 20–31, 2020. The mission recommended that the CBM compile preliminary quarterly International Investment Position data and submit them to STA for review by the end of December 2020. The mission recommended that the CBM start recording the Economic Citizenship Program (ECP) according to the characteristics of the payments from the applicants by the end of March 2020. The ECP was just introduced in 2019 and details of the program were not made available during the mission. The mission advised that the payments from applicants for the ECP should be recorded in services, current or capital transfers, or direct or portfolio investment, according to the characteristics of the payments. The CBM plans to start recording data based on the information obtained from the international transaction reporting system (ITRS). The mission advised that the CBM approach the agency in charge of the ECP to collect precise information on the characteristics of the payments and cross-check the data from the ITRS.
Keywords:
ISCR; CR; CBM start; Montenegro; asset; CBM use LBS data; ITRS; CBM plan; CBM record; loan assets; Foreign direct investment; External sector statistics; International investment position; Portfolio investment; Reserve assets
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

The Articles of Agreement of the International Monetary Fund were adopted at the United Nations Monetary and Financial Conference (Bretton Woods, New Hampshire) on July 22, 1944. They were originally accepted by 29 countries and since then have been signed and ratified by a total of 189 Member countries. As the charter of the organization, the Articles lay out the Fund’s purposes, which include the promotion of “international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems”. The Articles also establish the mandate of the Organization and its members’ rights and obligations, its governance structure and roles of its organs, and lays out various rules of operations including those related to the conduct of its operations and transactions regarding the Special Drawing Rights. The key functions of the IMF are the surveillance of the international monetary system and the monitoring of members’ economic and financial policies, the provision of Fund resources to member countries in need, and the delivery of technical assistance and financial services. Since their adoption in 1944, the Articles of Agreement have been amended seven times, with the latest amendment adopted on December 15, 2010 (effective January 26, 2016). The Articles are complemented by the By-laws of the Fund adopted by the Board of Governors, themselves being supplemented by the Rules and Regulations adopted by the Executive Board.

Keywords:
AA; Fund; special drawing rights; public international organizations; purposes of the fund; transactions in special drawing rights; general international organization; fund's holding; Currencies; Freely usable currencies; Reserve assets; International monetary system; Bank liquidation; Global; Africa
Cover IMF Staff Country Reports
Montenegro: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance Report on Montenegro highlights work of the mission with the authorities which included compiling monetary data based on the IMF standardized report forms (SRF), 1SR, and SRF 2SR, for depository corporations. While the depository corporations sector currently dominates the financial system in Montenegro, the Central Bank of Montenegro (CBCG) should also ensure the availability of source data for the compilation and dissemination of a quarterly Other Financial Corporations (OFC) survey given the sector’s potential to grow. The mission found the CBCG’s current data collection framework is broadly appropriate for the compilation of monetary data in line with the MFSMCG 2016 for the depository corporations’ sector, but further work is needed for OFCs. The mission advised on the correct treatment of negative interest accruals (due to negative interest rates) to ensure that the negative accruals diminish the value of the asset.
Keywords:
ISCR; CR; CBCG staff; financial system; CBCG official; CBCG's chart of accounts; CBCG management; holdings of Eurobond; holdings of government; CBCG's Directorate for Accounting; CBCG's holding; holdings of debt securities; interest receivables; CBCG's Information Technology Department; fair value; Monetary statistics; Chart of accounts; Commercial banks; Financial statements; Currencies
Cover IMF Staff Country Reports
Montenegro: Technical Assistance Report-Financial Soundness Indicators Mission (November 29 - December 5, 2017)
International Monetary Fund. Statistics Dept.
This Technical Assistance (TA) report focuses the compilation of financial soundness indicators (FSI) for the deposit takers (DTs), which cover 15 commercial banks, using the chart of accounts (COAs) and supervisory series as source data. The regulatory and accounting practices of the DTs are broadly in line with the FSI Guide, which defers to Basel principles and International Accounting Standards. The mission recommended an action plan with the following priority recommendations to support progress in the FSI compilation. The mission highlighted the need to complement the FSI data with the corresponding metadata. Metadata should also contain information on the content and coverage of the FSIs, as well as the accounting conventions and other national guidelines. As the financial performance of commercial banks’ counterpart sectors as well as key markets has direct impact on the soundness of the financial sector, it is recommended to coordinate with regulators of other financial institutions that are not under the Central Bank of Montenegro’s supervision to draw a work program to collect data for compiling FSIs for other financial corporations.
Keywords:
ISCR; CR; FSI Guide; TA mission; FSD; compilation framework; financial system; CBM official; core FSIs; compilers in Montenegro; Financial soundness indicators; Commercial banks; Financial sector; Financial statements; Financial sector stability
Cover Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
International Monetary Fund

Abstract

Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017.

Keywords:
SEM; interest rate; euro; central bank; rate; bank; interest rate differential; interest rate environment; ECB monetary policy; FX reserve; risk-taking channel; Currencies; Negative interest rates; Financial sector stability; Exchange rates; Central bank policy rate; Global; Europe; Western Europe; Eastern Europe; Baltics; ECB monetary policy implementation framework; International reserves
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the current status of banking supervision and regulation in Montenegro in the context of select Basel Core Principles. It provides a brief overview of the financial system structure, bank system performance, and the framework for financial oversight. Laws, regulations, and supervision have improved significantly since the 2006 Financial Sector Assessment Program to align more closely with Basel and EU requirements. The banking sector dominates the financial system and accounts for about 90 percent of financial system assets, equivalent to about 93 percent of GDP as of June 2015. There are currently 14 banks operating in Montenegro, up from 11 in 2013.
Keywords:
ISCR; CR; central bank; CBM regulation; banking system; bank d; CBM supervisor; holding company; joint stock; liquidity contingency plans; risk management system; CBM state; CBM methodology; CBM analysis; CBM monitoring; CBM contingency plans; Operational risk; Credit risk; Bank risk management; Bank supervision; Stress testing; Eastern Europe; Southern Europe; Global
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Financial Crisis Preparedness and Management-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper provides assessment of the crisis preparedness and management framework of Montenegro. The banking sector dominates the financial system and accounts for about 90 percent of financial system assets, equivalent to about 93 percent of GDP as of June 2015. In 2010 the Financial Stability Council (FSC) was established to maintain financial system stability and avoid financial distress. FSC members are the Central Bank of Montenegro (CBM) governor (chair), the minister of finance, the president of the Insurance Supervision Agency Council, and the Securities and Exchange Commission president. The CBM functions as the de facto resolution authority for banks.
Keywords:
ISCR; CR; CBM Law; bank bankruptcy law; CBM governor; CBM liquidity loan; resolution fund; CBM contingency plan; camel rating; liquidity contingency plans; CBM order; CBM fund; bank shareholder; Bank resolution; Bank resolution framework; Crisis management; Lender of last resort; Contingency planning; Global
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Framework for NonPerforming Loans Workout and Insolvency and Creditor Rights-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper examines the current state of nonperforming loans (NPLs) in Montenegro, assesses the regulatory and supervisory framework as well as the insolvency and creditor rights regime, and makes recommendations for strengthening the framework. The paper evaluates the legal, regulatory, and supervisory regimes in four key areas: (1) creditor rights and enforcement systems (for secured and unsecured credit); (2) debt recovery and informal enterprise workout practices; (3) formal insolvency system (liquidation and reorganization proceedings); and (4) effectiveness of the relevant institutional, regulatory, and supervisory frameworks in implementing laws, regulations, and supervisory requirements in this area. The local and regional boom-bust cycle has left a legacy of high NPLs in Montenegro.
Keywords:
ISCR; CR; bank account; credit risk; management practice; mortgage registration procedure; coverage ratio; resolution strategy; enforcement procedure; NPL resolution; enterprise restructuring; resolution practice; promissory note; debtor's house exemption; management goal; NPL portfolio; Nonperforming loans; Mortgages; Loans; Collateral; Debt restructuring