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Europe > Montenegro

You are looking at 1 - 10 of 32 items for :

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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 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 Sector Stress Testing-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
The main objective of this technical note is to assess bank’s balance sheet and profits, solvency stress test, and liquidity stress test. The financial system in Montenegro is dominated by the banking sector. By the end of 2014, 12 licensed banks operated in Montenegro, with total banking sector assets amounting to 3.1 billion euros or 88 percent of total financial system assets and 92 percent of GDP. The stress-testing exercise is aimed to test the banking system’s resilience to extreme but plausible shocks. The stress test is a tool to assess the vulnerabilities of the banking system that may expose it to risks.
Keywords:
ISCR; CR; bank; capital adequacy ratio; capital; loan; capital shortfall; parent bank funding; ratio projection; Montenegro bank; bank portfolio; a number of bank; bank failure; EU bank; exposure loss; percentage share; bank network analysis; return on assets; Commercial banks; Loans; Credit; Nonperforming loans; Stress testing; Global
Cover IMF Staff Country Reports
Montenegro: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper focuses on the important issues of Montenegro economy which are as follows: microfinancial setting, financial system resilience, financial oversight, resolution of nonperforming loans, and financial safety nets. Montenegro is still dealing with the aftermath of the collapse of the lending boom in 2008. Economic momentum has accelerated in 2015, but there are numerous downside risks. System-wide solvency and liquidity indicators appear broadly sound, but significant pockets of vulnerabilities exist among domestically owned banks. Decisive action to deal with weak banks is critical for preserving financial stability. While the legal, regulatory, and supervisory frameworks for banking and insurance sector have markedly improved since 2006 Financial Sector Assessment Program, further progress is required.
Keywords:
ISCR; CR; bank; asset; bridge bank; funding; resolution planning; camel rating; liquidity contingency plans; CBM payment system; CBM-managed payment; CBM oversight function; relationship management; camel-rated bank; a number of bank; private sector; excessive risk aversion; bank relationship management; Nonperforming loans; Commercial banks; Liquidity; Credit; Global
Cover IMF Staff Country Reports
Montenegro: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
This report highlights the recent economic developments and outlook and risks related to the Montenegro’s economy. It also discusses policies which need to be implemented to boost growth. Montenegro’s economy has rebounded in the past year, and strong growth looks set to continue in 2016, at slightly more than 4 percent. Although the government’s growth strategy can bring substantial gains, it also carries sizable risks, notably to the public finances. The authorities have taken various policy measures to (1) contain fiscal sustainability risks, (2) sustainably revitalize credit conditions, (3) safeguard financial sector stability, and (4) boost competitiveness and economic flexibility.
Keywords:
ISCR; CR; asset; production GDP estimate; asset quality; consumer price index; Montenegro; article IV staff; growth strategy; Montenegro's economy; Montenegro authorities; insurance oversight framework; assessment of the resilience; Credit; Public sector wages; Global
Cover Regional Economic Issues, April 2015, Europe
Regional Economic Issues, April 2015, Europe
The Western Balkans: 15 Years of Economic Transition
International Monetary Fund. European Dept.

Abstract

This report analyses the main economic developments and achievements in the Western Balkan countries, and lays out the key macroeconomic policy challenges for the future.

Keywords:
REO; western Balkan countries; Balkans; country; economy; economic growth; IMF staff estimate; foreign exchange; fiscal policy; IMF assistance; Balkan economy; private sector; Credit; Labor markets; Capital inflows; Credit booms; Inflation; Global; Europe; Baltics
Cover IMF Working Papers
Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe
Greetje Everaert
,
Ms. Natasha X Che
,
Ms. Nan Geng
,
Bertrand Gruss
,
Gregorio Impavido
,
Miss Yinqiu Lu
,
Christian Saborowski
,
Mr. Jerome Vandenbussche
, and
Mr. Li Zeng
Countries in Central, Eastern, and Southeastern Europe (CESEE) experienced a credit boom-bust cycle in the last decade. This paper analyzes the roles of demand and supply factors in explaining this credit cycle. Our analysis first focuses on a large sample of bank-level data on credit growth for the entire CESEE region. We complement this analysis by five case studies (Latvia, Lithuania, Montenegro, Poland, and Romania). Our results of the panel data analysis indicate that supply factors, on average and relative to demand factors, gained in importance in explaining credit growth in the post-crisis period. In the case studies, we find a similar result for Lithuania and Montenegro, but the other three case studies point to the fact that country experiences were heterogeneous.
Keywords:
WP; credit growth; demand and supply; credit demand; credit supply; parent bank; Credit; Eastern Europe; Disequilibrium Model; bank characteristic; excess supply; asset quality; excess demand; credit to household; demand and supply factor; bank funding; demand development; Consumer credit; Credit booms; Loans; Bank credit; Global; Baltics
Cover IMF Staff Country Reports
Montenegro: 2013 Article IV Consultation
International Monetary Fund. European Dept.
This 2013 Article IV Consultation highlights that Montenegro’s recovery from the collapse of the lending boom in 2008 has been slowed by the debt overhang that remains in the private sector. Output contracted in 2012 because of unusually severe winter weather early in the year, as well as a sharp decline in aluminum production as the financial position of the troubled aluminum company (KAP) continued to worsen. Activity picked up in early 2013 as more favorable weather conditions resulted in a sharp increase in hydro-based electricity production. A sustained, multi-year fiscal consolidation effort is needed to reduce the public debt burden to an appropriately low level in the medium term.
Keywords:
ISCR; CR; debt; Montenegro; current account; private sector balance sheets; lending boom; labor market; sluggish private sector demand; financial asset; debt accumulation; Credit; Tourism; External sector statistics; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper on the Republic of Kosovo’s 2013 Article IV Consultation highlights growth and Kosovo’s external environment. In the wake of the global financial crisis, Kosovo’s economic growth slowed but remained positive, while most other Western Balkans slipped into recession. Moreover, the annual average growth rate has been among the highest in the Western Balkans since the onset of the financial crisis in 2007. Kosovo’s tax-to-GDP ratio is comparable to the average of Southeastern Europe, although its tax system relies significantly more on indirect taxation—including a high share of trade taxes. Kosovo’s reliance on trade taxes may create budgetary pressures in the event of further trade liberalization.
Keywords:
ISCR; CR; Kosovo; tax; trade; trade liberalization; FDI inflow; IMF BOP manual; trade tax; FX financing need; banking sector development; Taxes on trade; Trade liberalization; Remittances; Income and capital gains taxes; Global; Europe; Eastern Europe; Central Asia
Cover IMF Staff Country Reports
Montenegro: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Montenegro
International Monetary Fund
Since its independence in 2006, Montenegro has experienced an economic and financial roller coaster ride. The baseline is predicated on continued improvements in cost competitiveness and productivity-raising foreign direct investment (FDI). Avoiding a relapse into recession will thus require strengthening the health of the banking system and removing impediments to restructuring the economy. Montenegro’s attractiveness to investors will depend on reducing macroeconomic and structural vulnerabilities. The business environment needs to be further improved. Redressing solvency issues and improving liquidity were jointly seen as priority tasks.
Keywords:
ISCR; CR; staff recommendation; authority; staff; authorities of Montenegro; policy effort; swift response; fund team; Commercial banks; Income; Credit; Personal income; Government finance statistics; Global; Europe