CBCG Governor Meets the new Head of Montenegro for the EBRD


23/11/2021

The Governor of the Central Bank of Montenegro (CBCG), Radoje Žugić, met with Remon Zakaria, the newly appointed Head of Montenegro for the European Bank for Reconstruction and Development (EBRD) in Montenegro.

Governor Žugić briefed Mr Zakari and his associates on the banking sector’s condition, with particular reference to the results of the recently conducted Asset Quality Review (AQR) process. He stated that the banking system remained sound, resilient and highly liquid even in pandemic conditions. It resulted from the effects of 10 packages of measures the CBCG implemented for preserving financial stability, which international financial institutions, especially the IMF and ECB, assessed as adequate and timely. Governor Žugić also informed the Head of the EBRD Office about the CBCG priorities in the coming period.


“Payment system modernisation, digitalisation and instant payment systems introduction and green economy projects are the priorities in the coming period,” Žugić pointed out.


The Head of the EBRD Office, Mr Zakaria, pointed out the strong partnership the EBRD is developing with Montenegro’s institutions and the private sector.


“The key priorities in the coming period will be to strengthen the private sector’s competitiveness and support the transition to a green economy,” Zakaria said.


The interlocutors also referred to the project of establishing the Credit-Guarantee Fund as an independent public institution, which has entered the second phase. Governor Žugić pointed out that the Credit Guarantee Fund was an important segment for supporting SMEs, especially in the COVID crisis. At the same time, Mr Zakaria emphasised the importance of CBCG support in establishing the Credit-Guarantee Fund.


“The Credit-Guarantee Fund is a necessity. It will enable financial institutions to increase their credit capacities and facilitate access to finance, especially for entrepreneurs and SMEs affected by the COVID-19 pandemic,” said Zakaria.