Montenegro country presentation

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Montenegro-country presentation-

Nikola Fabris, PhD - Chief Economist of the
CBoM
The Center of Excellence in Finance, Ljubljana,
Slovenia October 21, 2008
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Basic macroeconomic indicators
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Labour Market in Montenegro Institutional
Framework

• A set of strategic documents
• The National Employment Strategy in the period
  2007-2010
• White Paper Human Resources Development in
  Montenegro by 2017
• The Poverty Reduction Strategy
• Economic-Social Council
• Improved legislative framework
• A new Labour Law greater labour market
  flexibility,
• Reduced personal income tax rates and pension and
  health insurance contributions (2007-2010)
• Short-term objectives
• Law on National Vocational Qualifications
• Continuation of the labour market statistics
  reform.

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Financial sector Achieved Targets

• Jan 07 Member of the IMF, World Bank
• Oct 07 Constitution of Montenegro, specifying
  the financial stability mandate for the CBoM
• Banking Law enacted in March 08
• Other important laws enacted
• Insurance Supervisory Agency established
• Measures of the CBoM limitation of credit growth

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Influence of Global Financial Turmoil

• Banks are in a good shape
• Minor withdrawal of deposits
• Set of Measures simillar to Decalration of EMU
  countries summit
• Recapitalization of banking system

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Financial sector Medium-term goals

• Financial stability to form a Memorandum of
  understanding among regulatory bodies
• The New Law on Central Bank
• Financial reports of corporates to be prepared
  more frequently (biannually, if not quarterly)
• Stock exchanges to merge
• Deepen implementation and surveillance of IAS and
  IFRS

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Thank you for your attention.