This week, the Montenegro Stock Exchange saw a decline in both indices and trading volume, while political and economic discussions continued regarding the public debt and fiscal plans of Montenegro. The Minister of Finance, Novica Vuković, announced that one billion euros will be needed next year to pay off debt from previous years. He also addressed questions from MPs regarding the impact of debt repayments, particularly the eurobond payment of 500 million euros due in 2018.
The value indicator of the ten largest companies on the Montenegro Stock Exchange, MNSE10, weakened slightly to 1,089.32 points, while the MONEX index dropped to 16,409.62 points. Trading volume amounted to EUR 56.43 thousand, 25 percent lower than the previous week.
Minister Vuković emphasized that public debt should not be viewed as a disaster but as an essential element for economic planning. According to Vuković, Montenegro’s public debt on September 30 of this year was EUR 4.4 billion, or 61.33 percent of GDP. Taking into account the Ministry of Finance’s deposits, which amounted to EUR 617 million, the net public debt stood at EUR 3.8 billion, or 52.84 percent of GDP.
Shares of Plantaže fell by 5 percent to 19 cents, while Trenda dropped by 6.3 percent to 4.5 cents. However, stocks of Hemijska Industrija Poliex rose by 19.7 percent to 17.6 cents, Crnogorski Telekom gained 2.3 percent, reaching EUR 2.19, and shares of Crnogorski elektroprenosni sistem (CGES) rose slightly to EUR 1.4.
In other news, the United Nations Development Program (UNDP) and Electric Power Company of Montenegro (EPCG) signed a memorandum of understanding aimed at strengthening cooperation in green development and sustainability. The memorandum was signed by UNDP’s permanent representative in Montenegro, Ekaterina Paniklova, and EPCG’s CEO, Ivan Bulatović. This partnership is aimed at promoting green jobs, supporting low-carbon development, and encouraging public and private investment in Montenegro’s green transition.
On the fiscal front, the Tax Administration of Montenegro reported that for the first ten months of this year, it collected EUR 1.36 billion in gross revenue, which is EUR 212.6 million or 18.5 percent more than in the same period last year. The revenue collection plan for January-October was exceeded by EUR 124.8 million, or 10 percent.
Furthermore, the Montenegrin banking sector posted positive results for the third quarter of the year. All 11 commercial banks in Montenegro reported profits, with a total profit of EUR 136.34 million. The Crnogorska Komercijalna Banka recorded the highest profit of EUR 44.87 million, followed by NLB and Hipotekarna banks with EUR 22.06 million and EUR 18.57 million in profits, respectively, according to the Central Bank of Montenegro (CBCG).
