Banking System in Montenegro Remains Stable

By , 14 Dec 2018, 23:11 PM Business
Banking System in Montenegro Remains Stable Copyrights: Association of Montenegrin Banks

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14 December 2018 - On Thursday, December 13, the Board of Directors of the Association of Montenegrin Banks, which consists of the directors of all banks in Montenegro, discussed the situation in the banking system in Montenegro during an official session.

Namely, the main topic of the session was the stability of the banking system of the country after the Central Bank of Montenegro (CBM) introduced the provisional administration to Atlas Bank and IBM Bank on December 7th, based on the audit process previously carried out in those banks.

The conclusion of the session of the Board of Directors was that the introduction of interim management in Atlas Bank and Invest Bank Montenegro (IBM) did not have a negative effect on the stability of the banking system, as no significant withdrawal of deposits was made.

"After analysing information of the period which includes several days after the introduction of interim administrations, the Board noted that these measures did not have a negative effect on the stability of the banking sector, as no deposit withdrawals from banks had occurred. We expect that the system will remain stable in the forthcoming period as well, "the statement said.

Association of Montenegrin Banks fully supports all decisions of the Central Bank of Montenegro in its effort to find a recovery solution for Atlas and IBM Bank as soon as possible so that the clients of both banks have as little inconvenience as possible due to the temporary blockade of funds disposal.

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