Regulatory Alerts2019-01-01
Decision Amending Statistical Data Submission for Montenegro's Balance of Payments Compilation
The Council of the Central Bank of Montenegro amended its existing decision to update the terminology and reporting framework for compiling the country's balance of payment statistics. The revision replaces references to "international transactions" with "international payment transactions," deletes outdated provisions, and introduces new statistical account codes for factoring companies, micro-credit institutions, and ancillary financial entities. These regulatory changes standardize data submission deadlines and methods for financial institutions, taking effect eight days after publication in the Official Gazette of Montenegro.
Pursuant Article 14 point 9 and Article 44 paragraph 2 point 3 of the Central Bank of Montenegro Law (OGM 40/10, 46/10, 06/13, 70/17) and Article 6a paragraph 2 of the Law on Foreign Current and Capital Operations (OGRM 45/05, OGM 62/08, 62/13, 70/17), the Council of the Central Bank of Montenegro, at its meeting held on 13 April 2018, passed the following
DECISION amending the Decision on Statistical Data to be Submitted to the Central Bank of Montenegro for the Purpose of Compiling Balance of Payments of Montenegro Article 1 In the Decision on statistical data to be submitted to the Central Bank of Montenegro for the purpose of compiling balance of payments of Montenegro (OGM 61/12) in the title the following “compiling balance of payments of Montenegro” shall be replaced by the following “compiling the balance of payment statistics”. Article 2 Article 1 shall be amended, worded as follows: “This Decision shall regulate the manner and the deadlines for submitting to the Central Bank of Montenegro (hereinafter: the Central Bank) the statistical data on payment and collection in international payment system transactions for the purpose of compiling the balance of payment statistics.” Article 3 In Article 3 paragraph 2 the following “international transactions” shall be replaced by the following “international payment transactions”. Article 4 In Article 4 paragraph 1 a group of accounts under f) shall be amended, worded as follows: “f) Group 2300 (subgroup of accounts 2361-2378) Account – 2371 – Funds, non-residents - non-interest bearing Account – 2372 – Funds, non-residents - interest bearing Account – 2377 – Voluntary pension funds – non-residents, non-interest bearing Account – 2378 – Voluntary pension funds – non-residents, interest bearing“. After the group of accounts under g) a new group of accounts under h) shall be added, worded as follows: “h) Group 2300 (subgroup of accounts 2387-2398) Account – 2387 – Factoring companies – non-residents, non-interest bearing Account – 2388 – Factoring companies – non-residents, interest bearing Account – 2393 – Micro-credit financial institutions, non-residents, non-interest bearing Account – 2394 – Micro-credit financial institutions, non-residents, interest bearing Account – 2397 – Ancillary financial institutions, residents, non-interest bearing Account – 2398 – Ancillary financial institutions, residents, interest bearing“.
The current group of accounts under h) shall become group of accounts under i). In paragraph 2 the following “international transactions” shall be replaced by the following “international payment transactions”. Article 5 Article 7 shall be deleted. Article 6 This Decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO CHAIRMAN Decision number 0101-3393-4/2018 G O V E R N O R, Podgorica, 13 April 2018 Radoje Žugić m.p.