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IMF Delegation visited UBCG

Hui Miao, Senior Economist in the Monetary and Capital Market Department at International Monetary Fund and William Nortfield, an expert for banking operations at the IMF, visited the Association of Montenegrin Banks and held a meeting with Bratislav Pejaković, Secretary General and Nebojša Đoković, an advisor at the UBCG.

The IMF representatives held a meeting with a view to introducing the UBCG with their technical assistance in the area of the development of government securities’ market and the need for the development of additional financial services from capital market, funds and pension funds. It was also discussed on the possibility to upgrade the existing regulation and on more active role of the banks at the capital market. The representatives of both institutions exchanged opinions on the current situation in the banking sector of Montenegro, the process of alignment of local regulation with the EU directives and good communication with the Ministry of Finance and the CBCG as the regulator, as well as on the functional role of the Association through the activities with the media in order to bring the banks’ operations and their services closer to the households and the economy. The workshops on PSD2, IFRS9, GDPR, were mentioned at the meeting, as well as the workshops on the digitalization in the system and the forthcoming AQR. With regard to the situation in the banking system the solvency and liquidity of the system were highlighted as an interesting basis for the diversification of the placements in the development of capital market. Secretary General mentioned current activities of the Association and the plans for the forthcoming period, while the IMF representatives, expressing their interest on all aspects of the financial system, mentioned their views on the situation in the financial system of Montenegro.