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Saturday, April 13, 2024
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Insights on Montenegro’s inflation trends

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In Montenegro, inflation is on the decline, with the trend expected to continue throughout the year, according to the Governor of the Central Bank (CBCG), Irena Radović.

Radović stated during her participation in the Regional Meeting of Central Bank Governors held in Split that, in addition to external factors, the previous period’s high inflation in Montenegro was attributed to a robust increase in aggregate demand driven by rising wages and a significant influx of non-residents.

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One of the topics discussed during the roundtable was the impact of the European Central Bank’s tightening monetary policy, which led to high interest rates and contributed to the record profitability of banks in the region and the European Union.

Radović also highlighted the significant responsibility demonstrated by commercial banks in Montenegro by accepting the CBCG’s initiative to reduce interest rates, emphasizing their commitment to improving citizens’ living standards.

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She affirmed that CBCG remains focused on developing and implementing effective consumer protection policies and enhancing financial literacy.

During discussions among central bank representatives, it was agreed that monitoring the impact of inflation and interest rate movements on the financial sector should remain a priority for central banks.

The meeting participants stressed the importance of taking measures to strengthen banks’ resilience and continuously monitor potential risks, while advocating for comprehensive education and consumer protection policies.

As part of the event, governors also participated in a roundtable discussion at the Faculty of Economics in Split on the topic “Banks and Consumers in the Conditions of High, but Declining Inflation and Rising Interest Rates.”

Prior to the governors’ discussion, Alfred Kamer, the Director of the European Department at the International Monetary Fund, addressed the audience.

Following individual presentations, the governors fielded numerous questions from students and business representatives in attendance.

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