The Montenegro Stock Exchange saw a dip in both indices and trading volume during the week when the government passed key legislation related to the Europe Now 2 program.
The MNSE10 index, representing the top ten companies on the exchange, decreased by 0.8% to 980.11 points. Meanwhile, the MONEX index fell by 0.5% to 14,964.57 points. Trading volume dropped significantly to EUR 24,220, marking a 19-fold decrease from the previous week.
The government approved several laws crucial for implementing the Europe Now 2 program, which will boost wages for all employees in Montenegro starting in October. Additionally, a technical budget rebalancing was also sanctioned.
“The approved laws have been sent to the Montenegrin Parliament, with a request for a parliamentary session on August 30 to discuss these matters,” the statement noted.
During the week, lawmakers deliberated the creation of a Development Bank, seen as a significant opportunity for Montenegro’s economy. Vasilije Čarapić from the Europe Now Movement (PES) explained that the Development Bank would be formed by transforming the Investment and Development Fund (IRF), which has been pivotal for the Montenegrin economy but is now seen as inadequate given the country’s strategic direction and EU accession goals.
Čarapić emphasized that the Development Bank aims to drive economic growth, focusing on supporting business expansion and infrastructure projects rather than generating profit.
In terms of stock performance, shares of Solana “Bajo Sekulić” plummeted by 69.3% to EUR 0.61, Luka Bar fell by 10% to EUR 0.252, and Crnogorski Telekom decreased by 3.7% to EUR 2.07. Conversely, shares of Budvanska Rivijera Hotels increased by 1.4% to EUR 7.4, and Crnogorski elektroprenosni sistem (CGES) rose by 0.8% to EUR 1.3. Elektroprivreda Crne Gore (EPCG) shares also saw a 0.8% increase, reaching EUR 5.28.
The average electricity bill for July in Montenegro was EUR 43.77, excluding readings from unoccupied properties.
“Households in Pljevlja reported the lowest average bill of EUR 20.36, while those in Ulcinj had the highest average bill of EUR 79.33,” EPCG reported.
The company noted that 55.1% of households would receive bills up to EUR 30, 18.2% between EUR 30 and 50, 18.9% between EUR 50 and 100, and 7.8% over EUR 100.
Energy Minister Saša Mujović has called for the dismissal of the EPCG Solar Construction Board, citing dissatisfaction with its decisions, which he claims do not adhere to agreed principles and are contrary to the cooperation standards between the Ministry and energy entities.
“The dismissal of Executive Director Valerija Saveljić without clear justification for her performance raises concerns of political motives. The Ministry and the Minister want no part in this,” the statement concluded.
Shares of Nikšić’s Veleprodaja remained steady at EUR 25.
