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Wednesday, April 24, 2024
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CBCG’s Profit Distribution: €2.6 Million to State Budget, Remaining Half Designated for Reserves

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The Council of the Central Bank (CBCG) has made a decision regarding the distribution of 50% of the profit for the year 2022. An amount of 2.6 million euros will be transferred to the budget of Montenegro, and the same amount will be allocated to the general reserves of the supreme monetary institution.

As stated, according to the Law amending the Law on the Central Bank of Montenegro, adopted by the Parliament of Montenegro on December 29, 2023, a different treatment for unrealized revaluation losses for financial assets measured at fair value has been established. These losses are not covered but are held in the account of unrealized revaluation reserves until the moment of their sale or maturity.

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Conditions have been created for the distribution of the financial results of the Central Bank of Montenegro for the year 2022, and the Council of the CBCG has made a decision on the distribution of the profit of the Central Bank of Montenegro for the year 2022 – it was explained.

According to this act, 50% of the profit of the CBCG for the year 2022, amounting to 2.6 million euros, is transferred to the state budget, while the remaining 2.6 million is allocated to the general reserves of the Central Bank. This contributes to the liquidity of the state budget and further strengthens the capital position of the CBCG – as stated in the announcement.

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The Council of the Central Bank of Montenegro has proposed the appointment of Ivana Joličić, Head of the Regulatory Directorate in the Control Sector of the Central Bank of Montenegro, as a member of the Board of Directors of the Deposit Protection Fund. According to the Deposit Protection Law, the members of the Board of Directors are appointed by the President of Montenegro.

The Council has also issued a resolution approving the provision of payment services to the payment institution Alta Pay Group from Budva. Additionally, it discussed and considered other matters within its jurisdiction.

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