28 September 2019 - The introduction of a non-working Sunday, prescribed by the Internal Trade Law, will start on 14 October, Managing Director of the Directorate for Internal Market and Competition in the Ministry of Economy, Biljana Jakić, confirmed for Dnevne Novine daily.

This means the first Sunday off for trading shops in Montenegro will be on October 20^th.

“The Law Amending the Law on Internal Trade entered into force on 13 July 2019. The Law prescribes that the provision under Article 35a, which refers to a non-working Sunday, shall apply after three months from the day of entering into force. Therefore, the application of this Article starts from 14 October 2019,” Director Jakić explained.

“Considering that the law prescribed a transitional period for the application of Article 35a relating to a non-working Sunday, within three months from the date of entry into force of the law, we consider that employers have had sufficient time to organize the work process in accordance with this provision," Jakić pointed out. According to her, the Ministry of Economy is in direct communication with employers on the implementation of the new legal norm.

Montenegrin Economy Minister Dragica Sekulić previously explained that they predict that there would be no drop in turnover for traders, and that the business people believe that the daily takings will be passed over from one day to the next. However, the Montenegrin Employers Federation recently filed a law-review initiative with the Constitutional Court. The Federation believes that the law is problematic from the perspective of large and small trading systems, since the Montenegrin economy consists of 95 per cent for small and medium-sized businesses.

“We can already predict the negative effects that the adoption of the law will bring in the future, especially since we have strategically decided to make tourism our main industry. The question is whether we can afford the luxury of giving up the huge traffic that takes place on Sundays, which is affected by many tourists on the coast and in the north," the representatives of the Federation highlighted.

As of October 14, as defined by law, only pharmacies, bakeries, flower shops, souvenir shops, newsstands, shops that sell plant protection products and shops that sell funeral equipment can be open on Sundays.

Exemptions for working on Sundays are also found at gas stations, retail shops within gas stations, markets, stands, counters, showcases, mobile shops, as well as vending machines outside markets. Also, shops and vending machines located inside closed areas, buses, railway stations, airports and ports, booths and kiosks selling goods during events, festivals and events, fairs and public displays of cinematic works, as well as warehouses for wholesale trade are also an exception and can work on Sundays.

Amendments to the law stipulate that employers who violate the provision and open stores on Sundays may be fined between 1,000 and 10,000 euros.

28 September 2019 - On September 26, Montenegro successfully issued bonds in the international capital market under the most favourable conditions so far.

Bonds were issued for 500 million EUR, with a maturity of 10 years and the interest rate of 2.55%, which is the longest maturity period and the lowest interest rate achieved so far.

Following the positive reviews by the International Monetary Fund and the World Bank, as well as positive ratings from world's rating agencies, the international investment market also positively evaluated the activities of the Ministry of Finance and the Government of Montenegro.

In this way, the investors have given full confidence to the Government's continued policy, results achieved and future planned activities in the field of macroeconomic and fiscal policy, preservation of fiscal and financial stability, and implemented and planned activities in the field of Euro-Atlantic integration.

The good results are confirmed by demand for Montenegrin securities. The investors' offer exceeded the issued amount three times, reaching a maximum of over 1.8 billion EUR.

Furthermore, given that over 190 investors from different parts of the world have expressed interest, the Montenegrin bond is generating significant interest in the international securities market. In this regard, geographically speaking, the issue has been significantly diversified, with a considerable interest of investors from the United Kingdom, Europe, the United States, and Asia. On the other hand, institutional investors, i.e. investment funds, insurance companies, commercial banks, etc. were predominant.

Significant success has been achieved in the international capital market, delivering the most favourable market conditions achieved by Montenegro since the first issue of Montenegrin foreign securities.

28 September 2019 - Montenegro has no doubts when it comes to the country’s accession to the EU, and we hope that the next Brussels administration will give an additional impetus to the Union's more active role in the region, Deputy Prime Minister Zoran Pažin said at a meeting with ambassadors of the EU Member States and the Head of EU Delegation to Podgorica.

During the meeting, the Deputy Prime Minister and ambassadors exchanged views on current political topics and issues relevant to the process of European integration of Montenegro.

Regarding the current process of electoral reform and other legislation reform, the Deputy Prime Minister pointed out that the ruling majority is open to dialogue with the opposition in order to hold all future elections in Montenegro according to the highest international standards. He stressed, however, that the current demands of the opposition for a caretaker government have no political, democratic or constitutional basis, and that any dialogue that would mean the opposition's insistence on such unrealistic and unfounded demands has no future.

Speaking about the Law on Freedom of Religion, DPM Pažin noted that the Government is ready to achieve the maximum degree of consensus in constructive and professional dialogue with religious communities to further advance the legal text by accepting the recommendations of the Venice Commission. He estimated that yesterday's meeting between Prime Minister Duško Marković and Metropolitan Amfilohije was an expression of the democratic capacity of the Prime Minister and the Government and the readiness to engage in a constructive and reasoned dialogue with all religious communities on this subject, despite a very aggressive and factually unfounded campaign against the proposed law. The Deputy Prime Minister assessed the content of yesterday's meeting as a positive and encouraging step.

DPM Pažin said that in the case of the request of the Republic of Croatia for the extradition of Saša Sinđelić, his decision as Minister of Justice would be based on the law and very principled, respecting the position of the competent court on the fulfillment of the conditions for extradition.

Furthermore, the officials exchanged opinions on other issues of importance for Montenegro's accession to the European Union.

Ambassador Aivo Orav, the Head of the EU Delegation to Podgorica, thanked Deputy Prime Minister Pažin for open and honest dialogue and pointed out that the European Union wants to see Montenegro as its member as soon as possible, which is why European partners expect Montenegro to apply the highest standards of respect for European policies and values.

27 September 2019 - Montenegro and Slovenia have developed excellent political and bilateral relations, but also good economic cooperation that can be further enhanced in the fields of tourism, energy and agriculture, Prime Minister Duško Marković and newly appointed Ambassador of Slovenia to Montenegro Gregor Presker stressed at an official meeting held on September 24.

Prime Minister Marković said that the presence of about 150 Slovenian companies is very important for Montenegro and that foreign investments are accompanied with new knowledge, business practice and ethics. The positive evaluation of the Slovenian companies’ operations in Montenegro and their cooperation with the Government are the confirmation of the Government’s policy of continued advancement of the business environment. The interlocutors recalled Slovenian companies engaged in insurance, banking, energy, tourism, trade and planning that accomplished numerous achievements in these areas and that follow strategic plans for further expansion of business and new investments in the Montenegrin economy.

According to the report by the Government of Montenegro, the Prime Minister mentioned that Montenegro achieved strong economic growth of almost 5% in the past two years, reducing unemployment and improving infrastructure as key preconditions for development.

"Investment opportunities in Montenegro are great. We have consolidated the energy sector, turned to renewable energy sources and this area is a serious and great opportunity for the Montenegrin economy, as well as for foreign investments," Prime Minister Marković stated, also referring to tens of millions of euros of investments in agriculture, through the agro-budget and various EU support programmes.

Ambassador Presker emphasised that Montenegro is a factor of stability in the region and that Slovenia strongly supports EU enlargement to the Western Balkans. He added that Montenegro's experience in tourism would be valuable for his country.

The meeting also discussed the situation in the region, highlighting the importance of the EU Open-Door policy for the Western Balkan countries and the speeding up of the integration process.

27 September 2019 - Upon his arrival in New York, where he is attending the 74th session of the United Nations General Assembly, President of Montenegro Milo Đukanović met with representatives of the Diaspora organized by the Consulate General of Montenegro in New York.

The President of Montenegro expressed his gratitude to those present and the entire Diaspora for their loyalty to Montenegro and contribution to the aspirations of our modern state, noting that the Diaspora also represents a significant Montenegrin potential for the near better future.

They discussed the processes in our country and the region, in the context of integration aspirations, the achievement of European values ​​and standards and increasing the quality of life of citizens, reported the Office of the President of Montenegro.

President of Montenegro Milo Đukanović also had the opportunity to meet with representatives of the Montenegrin Diaspora Association on Thursday, following his address to the United Nations General Assembly.

Continuing his visit, President of Montenegro Milo Đukanović will also attend the official opening of the General Debate of the 74th Session of the General Assembly and will be a guest at a luncheon hosted by Antonio Guterres for top UN officials, as well as receptions by US President Donald Trump and Donald Tusk President of European Council.

Read more news about politics in Montenegro at TMN's dedicated page.

27 September 2019 - From the beginning of January to the end of July this year, total foreign direct investments inflow has reached 448,2 million EUR, while total outflow was estimated at 206,7 million EUR.

A total of 173 million EUR was invested in inter-company debt, investments that do not increase initial capital. Values of companies and banks have been increased by 167,8 million EUR of investment, non-residents invested 94,3 million EUR in real estate, whereas other investments reached 13 million EUR.

From the beginning of the year until the end of July, Hungary has been at the top of the list of countries that invested in our country (51,7 million EUR). Hungarians invested 2,9 million EUR through real estate. Investments in Montenegrin banks and companies amounted to 45 million EUR, reports Cafe del Montenegro.

Russian investors are in second place. Around 41 million EUR came from Russia. Russians contribute to Montenegrin balance by purchasing real estate. They invested 17,6 million EUR through inter-company debt, whereas foreign direct investments totaled only 722.533 EUR.

Bosnia and Herzegovina come third on the list, with 31,2 million EUR of investments: 1,3 million EUR of the real estate sale, 1,4 million EUR of inter-company debt and 28,5 million EUR of investments made by three companies.

When it comes to operations of our citizens abroad, non-confidential data refers to the inflow of money from a real estate sale, whose value is estimated to be 732.702 EUR.

Another 24 million EUR came to our country through a real estate sale. But the data are confidential because of a minimal number of investors.

Read more news about business in Montenegro at TMN's dedicated page.

25 September 2019 - Every year, several tourists get lost in the Montenegrin mountains just because they often go on tours on their own. According to experienced mountaineers, one must respect the laws of the country, as well as its territories regardless of the dangers in the mountains. However, Montenegro still does not oblige tourists to use services of licensed mountain guides, reports Cafe del Montenegro

Last year, there were four cases of rescuing foreign tourists in the National Park Biogradska Gora, while this year, there were two. According to the Director of the National Park Biogradska Gora Marko Vlahović, all these tourists did not use services of professional guides but went off the marked walking trails. No mountain rescue service has been charged ever.

The region, on the other side, has this well regulated. In case a tourist gets lost or seeks a guide’s help, he/she is obliged to pay for this service. Moreover, a group who is coming to a country needs to hire a guide from that country, while in Montenegro tourists still organize climbing tours on their own.

In this regard Vlahović urges the tourists coming to Montenegro to hire a mountain guide who knows the walking tours well as in that way it will be impossible to get lost!

However, once you find your guide, be sure to check out a hiking break in Northern Montenegro, where the tour is focused around the town of Pluzine, which is located in north-western Montenegro and is the center of the Piva region. A certain part of this cruise takes place through the Piva Canyon, which will take your breath away just by taking a look at its size and height. The two-night full board stay takes place in traditional cabins made of wood and stone, which are located in an eco-resort overlooking the Piva Lake, making this an excellent opportunity to relax, breathe in loads of fresh air and get your thoughts away. Also, many different culinary specialties of Montenegrin cuisine are included in this offer, featuring all three main meals, as well as a driver/guide, a hotel pickup and drop-off, some local taxes and all activities provided by the programme.

25 September 2019 - The citizens, economy and the Government in Montenegro owed more than 3 billion EUR to the banks on the grounds of different types of loans, shows the latest data of the Central Bank of Montenegro, reports CdM.

Domestic and foreign citizens owe 1,315 billion EUR but have 1,787 billion EUR in their accounts. At the end of August this year, financial institutions in Montenegro arranged a total of 3,033 billion EUR of loans for population, economy and the Government. Citizens of Montenegro owed 1,303 billion EUR.

Montenegrin companies had loans worth more than 1 billion EUR, whereas foreign financial firms owed 347,5 million EUR. Domestic financial institutions had 25 million EUR of loan debt and NGOs had 8,8 million EUR of debt.

Local and state governments, funds and state-owned companies had loans with a total value of 230 million EUR. This way, the Government owes 151,5 million EUR. Local administrations - 41,5 million EUR, funds - 1,5 million EUR and state companies owe 35,5 million EUR.

Average interest rates on all loans were 3,08% in August. Interest rates for Government and its institutions were held at the lowest range. Citizens still pay most to the banks – interest rates amounted to 7,63% at annual level.

For cash loans, banks were reimbursed with 8,49% of total funds at annual level. They earned most from education loans.

On the last day of August, there was a total of 3,535 billion EUR deposited in Montenegrin banks. Around 1,289 billion EUR belongs to Montenegrin citizens. Banks and similar institutions have 34,4 million EUR, and companies have 888,2 million EUR and non-profit organizations have 59,2 million EUR. The government entrusted 180,4 million EUR, local administrations – 70,2 million EUR, funds – 5,97 million EUR and state companies – 246,8 million EUR.

As far as deposited funds of foreigners are concerned, the financial sector keeps 8,7 million EUR in the accounts of Montenegrin banks. Other foreign companies have 25,9 million EUR, non-profit organizations have 3,1 million EUR and foreigners have 497,9 million EUR.

The average passive interest rate applied to keep money in banks amounted to 0,43% at the end of August. That means that companies could have earned 0,29% of the total amount annually, whereas the population could have had 0,58% of the amount.

Deposits interest rates are still at 0,02% at annual level. Lowest interest rates are demand deposits and one-year deposit interest rates (0,01% and 0,03% respectively).

Read more news about lifestyle in Montenegro at TMN's dedicated page.

25 September 2019 - Expensive loans, collection of receivables, extended deadlines for obtaining permits and long, drawn-out court procedures in commercial disputes are some of the most important challenges and barriers Montenegrin businesspeople are faced with, said CEO of Montenegro Business Alliance Milan Dragić, CdM reports.

He said that it was necessary to intensify activities and engagement of all relevant subjects in order to reduce barriers, especially those referring to sluggishness or insufficient responsibility in public administration.

"The problem of illiquidity and collection of receivables still exists. Provision of financial funds is a problem due to expensive loans and this issue should be addressed with utmost attention, as it affects the business development. Deadlines for obtaining different kinds of permits should be shorter and a number of documents required for the procedures should be reduced. It is necessary to accelerate court procedures in commercial disputes, especially in contract performance. These barriers target all sectors and they need to be addressed comprehensively. Every economy and society as a whole depend on business. Is there anything more important than providing optimal conditions to those who create new values," asked Dragić.

According to him, innovation is necessary if we want to be competitive in demanding foreign and domestic market. In that context, the quality of products and service offered is essential.

"We should endeavor to provide the greatest possible productivity in order to increase competitiveness. Creating a stimulating environment for businesses is crucial. MBA is very engaged in this regard," says Dragić.

Asked to give his opinion on the business environment in Montenegro, Dragić says that it has considerably improved.

"MBA was the first company to start dealing with the problem of business barriers. And the progress we have made is more than obvious. Usually, people who decide to set up their own business lack initial financial funds. In other words, they are required to provide the money on their own. That has to be changed if we want to encourage business development," pointed out Dragić.

He also added that the cooperation with state and local administration authorities is increasing.

"Certainly, it can be much better, but there is will and that is what matters. Representatives of state and local authorities are becoming aware of the importance of business associations and they are ready to take up our suggestions. To be more precise, they are starting to regard us as their equal partners and that is a necessary prerequisite for raising the quality of our business relations. We firmly believe that the role and influence of business associations will become even more important," concluded Dragić.

Read more news about business in Montenegro at TMN's dedicated page.

24 September 2019 - The Government is committed to constructive dialogue with representatives of the civil sector because as decision-makers they want the NGOs to be a reflection of the entire society, Prime Minister Duško Marković said in Bijelo Polje at a meeting with representatives of NGOs from northern Montenegro.

"We need a dialogue with NGOs. We appreciate the contribution of the civil sector to policy implementation," said PM Marković opening the roundtable "Cooperation between the Government and NGOs – the key to civil society development".

The Government, the Prime Minister said, is attentive to the suggestions and criticisms that come from the civil sector and creates responses systematically and sustainably. Furthermore, he noted that the Government does not claim success alone, although it is presented in public as the only responsible subject of success is lacking.

Commenting on areas of joint work and problem-solving, PM Marković praised the contribution of NGOs from the north to environmental issues.

"NGOs from the north have strongly and directly raised the issue of individuals and private companies that are adversely affecting our living environment," the Prime Minister stressed and recalled examples of recent Ćehotina pollution in Pljevlja and Lim in Bijelo Polje where the State responded through cooperation with local NGOs.

PM Marković also emphasised that tens of millions are being spent in the north for the development of road, traffic, energy and digital infrastructure, new water supply systems and other incentives, noting that without a developed infrastructure, neither companies nor investors can invest in the cities of northern Montenegro.

"In Kolašin, as part of the on-going project, 30 million EUR is being spent to develop infrastructure and a new ski centre. Twenty-three million is spent in Bijelo Polje. We are not talking about a project that should be done, but a project that is being implemented. As a citizen, I was delighted to see this morning in the media and on Twitter a picture of a new cable car that Leitner had installed in Cmiljača. I have already talked about Đalovića cave – 18 million EUR worth project, " the Prime Minister said.

Speaking about the development of the North, the Prime Minister also referred to some comments on development policy:

"Even today, these critics tell me – development is not road construction, it is easy to build roads, Montenegro needs to open factories. Who will open a factory in the North if there is no road? Who will make a viable business plan if there is no road, if there is no power, if there is no internet? These conditions are prerequisites for any business. Imagine if these obstacles still existed in the future, imagine them as a great hurdle for any serious business and factory that can be opened in Montenegro. Therefore, we are spending tens of millions in the north today to develop road, traffic, energy and digital infrastructure, the Ministry of Agriculture is investing in new water supply and other incentives. Without that, there are no companies or investors anywhere in the world, not even in the North. I know that it is too late, that maybe we should have done it earlier, but I know we had to go in that direction – and we did," PM Marković highlighted.