This week, both the stock index and trading volume on the Montenegro Stock Exchange showed positive growth, with Governor of the Central Bank of Montenegro (CBCG), Irena Radović, announcing expectations for continued reductions in interest rates for citizens into the coming year.
The index of the ten best-performing companies on the Montenegro Stock Exchange, MNSE10, increased by 0.8%, reaching 1,093.79 points, while MONEX rose by 0.3%, reaching 16,333.31 points.
Total trading volume for the week amounted to EUR 269,060, representing a 27% increase compared to the previous week.
The stocks of Jugopetrol rose by 8.2%, reaching EUR 15, while the share price of Crnogorski Telekom saw a slight increase to EUR 2.15.
However, shares of Poliex fell by 17.4%, dropping to 30 cents, while Plantaže decreased by 9.7%, ending at 18.6 cents. Additionally, shares of the Crnogorski elektroprenosni sistem and Elektroprivreda also slightly weakened, closing at EUR 1.39 and EUR 5.36, respectively.
Shares in Montenegroberza, TPC “Ražnatović”, and Sveti Stefan Hotels were also traded, with their prices at the end of the week standing at EUR 560, EUR 12.78, and EUR 5, respectively. Shares of the Port of Adria were priced at 23 cents on Friday.
Trading also took place in various funds, with Eurofond increasing by 18.6%, reaching 0.51 cents.
Midweek, Governor Radović stated that she anticipates the continuation of the interest rate reduction initiative for citizens, which began at the end of March, to extend beyond December 31. Discussions with commercial banks are expected to continue.
“I am pleased with the reduction in interest rates for loans to individuals, which has been the focus of this initiative, and the trend shows that this reduction has been significant,” Radović said at the annual press conference where key results of the CBCG’s work were presented.
She noted that the CBCG is closing the year with significant accomplishments, such as the modernization of the payment system and the preservation and enhancement of financial stability.
“This year has been filled with important achievements — Montenegro’s acceptance into the Single Euro Payments Area (SEPA), modernization of the payment system, the development of key laws needed to close the remaining measures for EU accession chapters, and the adoption of the CBCG’s Strategic Plan for 2024–2028,” Radović explained.
She also mentioned that the assets of banks surpassed EUR 7 billion, nearly equal to the projected Gross Domestic Product (GDP) for the year. Bank capital increased by more than 12%, reaching over EUR 914 million.
Loans increased by 14%, four times the projected GDP growth rate, with a record amount of new loans, totaling EUR 1.6 billion, granted over the past 11 months. Deposits also rose by over 5%.
The Ministry of Finance announced this week that it has paid a total of EUR 15.73 million this year to former workers of the “Radoje Dakić” factory, which is in bankruptcy.
Of this amount, EUR 6.39 million was paid based on judgments delivered by the Office of the Representative of Montenegro before the European Court of Human Rights by the end of the third quarter.
Payments for outstanding debts to 40 former workers of the former “Košuta” footwear industry in Cetinje also began this week. Payments to the remaining workers will be processed once all documentation is reviewed and verified.
Further payments are expected to begin at the start of next year, with around 150 workers scheduled to receive their claims in stages until all 693 workers are paid.
At the end of the week, Ivan Rakočević, the former head of the Security Department in Tivat, was appointed as the new director of Tivat Airport.
“The decision to change the leadership at Tivat Airport was made in order to improve the organization of human resources and enhance the services we provide to passengers and airlines,” stated the Montenegrin Airports company.
The company also reported that this year has been a record one for passenger traffic and gross business income. From January 1 to December 15, Montenegrin airports served over 2.82 million passengers, a 15% increase compared to last year and 8% more than in 2019.
Podgorica Airport served 36% more passengers than in 2019, while Tivat Airport reached a milestone of over one million passengers for the first time since the pandemic.
Management expects business revenues for Montenegrin Airports to rise by 15%, exceeding EUR 51 million, while net profits after taxes are expected to exceed EUR 10 million.
