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Centralna banka Crne GoreCentral Bank of Montenegro
Bilten Centralne banke Crne GoreJul 2010
Bulletin of Central Bank of MontenegroJuly 2010
iiBilten Centralne banke Crne Gore Jul 2010.
IZDAVAČ: Centralna banka Crne Gore Bulevar Svetog Petra Cetinjskog br.6 81000 Podgorica Telefon: +382 20 665 331 Fax: + 382 20 665 336 WEB ADRESA: http:// www.cb-cg.org
SAVJET CENTRALNE BANKE: Mr Ljubiša Krgović Mr Milojica Dakić Mr Velibor Milošević Krunislav Vukčević Radmila Savićević Prof. Dr. Franjo Štiblar
PRIPREMA: Dr Nikola Fabris, glavni ekonomista i Direkcija za monetarnu politiku i fiskalna istraživanja Direkcija za platni bilans i realni sektor
GRAFIČKO UREĐIVANJE: Odjeljenje za publikacije
Podaci objavljeni u ovom Biltenu su preliminarni i moguće su korekcije nakon dobijanja konačnih podataka.
Molimo korisnike ove publikacije da prilikom korišćenja podataka iz izvještaja obavezno navedu izvor.
Bulletin of Central Bank of MontenegroJuly 2010
iii
PUBLISHED BY: Central Bank of Montenegro Bulevar Svetog Petra Cetinjskog 6 81000 Podgorica Telephone: +382 20 665 331 Fax: +382 20 665 336
WEBSITE: http:/www.cb-cg.org
CENTRAL BANK COUNCIL: Ljubiša Krgović, MS, president Milojica Dakić, MS Velibor Milošević, MS Krunislav Vukčević Radmila Savićević Prof. Franjo Štiblar, PhD
PREPARED BY: Nikola Fabris, PhD, Chief Economist Directorate for Monetary Policy and Fiscal Research Directorate for Balance of Payments and Real Sector TRANSLATED BY: Translation Services Division
DESIGNED BY: Publications Division
Data published in this Bulletin are preliminary and subject to revision as final data become available.
Users of this publication are requested to make reference to the source of information whenever they use data from the Report.
ivBilten Centralne banke Crne Gore Jul 2010.
Bilten Centralne banke Crne Gore predstavlja mjesečnu publikaciju koju priprema Centralna ban-ka Crne Gore. Bilten je pregled najvažnijih statističkih podataka koji predstavljaju dobru bazu za sadašnje i buduće analize kretanja u crnogorskom bankarstvu i privredi. Osnovni akcenat je na podacima čiji je izvor Centralna banka Crne Gore, vezanim za monetarna kretanja, bankarski sistem, platni bilans i platni promet u zemlji i inostranstvu. Takođe je napravljena statistička baza drugih makroekonomskih pokazatelja iz realnog i fiskalnog dijela, tržišta novca i tržišta kapitala, kao i neki uporedni podaci o zemljama koje su u procesu Evropskih integracija. Sadržajno se sastoji iz dva dijela: kratkog pregleda kretanja i statističkog pregleda. Na kraju su data metodološka objašnjenja tabela.
Bulletin of Central Bank of MontenegroJuly 2010
v
The Bulletin of Central bank of Montenegro is a monthly publication prepared by the Central Bank of Montenegro. Bulletin has been envisaged as an overview of the most important statistical data that represent a good base for current and future analyses of developments in the Montenegrin banking system and economy. The emphasis was put on data whose source is the Central Bank of Montenegro and which are related to monetary developments, banking developments, the balance of payments, and payment operations in the country and abroad. There is also a statistical base of other macroeconomic indicators in the real and the fiscal sphere, the money market and the capital market, as well as some comparative data on countries undergoing the European integration process. The content consists of two parts: a short overview of developments and a statistical overview. Methodological explanations of tables are given at the end of the document.
viBilten Centralne banke Crne Gore Jul 2010.
Sadržaj
MAKROEKONOMSKA KRETANJA 8
STATISTIČKI BILTEN 34
I Monetarna statistika 34
II Tržište novca i tržište kapitala 49
III Ekonomski odnosi sa inostranstvom 62
IV Platni promet 67
V Realni sektor 73
VI Fiskalni sektor 78
VII Međunarodne komparacije 85
VIII Metodologija 90
Bulletin of Central Bank of MontenegroJuly 2010
vii
Contents
MACROECONOMIC OVERVIEW 9
STATISTICAL BULLETIN 34
I Monetary Statistics 34
II Money Market and Capital Market 49
III International Economic Relations 62
IV Payment operations 67
V Real Sector Developments 73
VI Fiscal Developments 79
VII International Comparison 85
VIII Methodology 91
8Bilten Centralne banke Crne Gore Jul 2010.
Makroekonomska kretanja
Grafik br. 1 – Potrošačke cijene
Izvor: Monstat
Inflacija i dalje niska. Industrijska proizvodnja je u porastu. Pojedini segmenti saobra-ćaja i šumarstvo su zabilježili rast. Ukupna aktiva banaka, depoziti, krediti i ukupan ka-pital su u porastu. Neto priliv stranih direktih investicija je i dalje visok, iako nešto niži u odnosu na isti period prethodne godine.
Kretanje cijena
Potrošačke cijene su u junu 2010. godine u odnosu na maj zabilježile pad od 0,4%. Pad cije-na od 0,8% zabilježen je u kategoriji „hrana i bezalkoholna pića“, najviše zbog pada cijena povrća od 14,3% i cijena mesa od 0,2%. Pad cijena od 0,1% zabilježen je kod sljedećih kate-gorija: „pokućstvo i oprema za kuću“, „alkoholna pića i duvan“ i „kultura i rekreacija. Cijene kategorije „stanovanje” su smanjene za 0,3%, „ostala dobra i usluge” 0,2%, dok se cijene pre-ostalih šest kategorija (odjeća i obuća, prevoz, zdravstvo, komunikacije, obrazovanje i resto-rani i hoteli,) nisu mijenjale u odnosu na prethodni mjesec.
Stopa inflacije u odnosu na kraj prethodne godine je iznosila -0,2%, dok je godišnja stopa inflacije u junu iznosila 0,2%. Prosječna stopa (prvih šest mjeseci ove godine u odnosu na isti period prethodne) je iznosila 0,4%.
Bulletin of Central Bank of MontenegroJuly 2010
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Macroeconomic overview
Source: Monstat
Graph 1 - Consumer prices
Inflation remains low in June 2010. Industrial production is on an increase. Certain transportation segments and forestry trend upward. Total assets, deposits, loans, and capital of banks are on an increase. Net FDI inflow remains high although somewhat lower than in the same period last year.
Prices
Consumer prices recorded monthly decline of 0.4% in June 2010. A 0.8% decline recorded the prices under “food and non-alcoholic beverage”, primarily due to a decrease in the prices of vegetables and meat of the respective 14.3% and 0.2%. The prices under “household furnishing and equipment”, “alcoholic beverages and tobacco” and “culture and recreation” each recorded a decline of 0.1%. The prices under “dwelling” and “other goods and services” decreased by 0.3% and 0.2%, respectively, while those under the remaining six categories (“clothes and footwear”, “health care”, “transportation”, “communication”, “education”, and “restaurants and hotels”) remained the same as in the previous month.
Inflation was -0.2% as of end-2009 and the annual rate amounted to 0.2% in June this year. An average rate of inflation (first six months of 2010 in comparison with the same six-month period last year) amounted to 0.4%.
10Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 2 – Cijene proizvođača industrijskih proizvoda
Izvor: Monstat
Cijene proizvođača industrijskih proizvoda
Cijene proizvođača industrijskih proizvoda, u junu 2010. godine u odnosu na maj, zabilje-žile su pad od 0,7%, pri čemu su cijene u prerađivačkoj industriji niže za 1,0%, dok su cijene proizvođača električne energije, gasa i vode i cijene vađenja ruda i kamena ostale nepromi-jenjene u odnosu na prethodni mjesec.
Na godišnjem nivou, cijene proizvođača industrijskih proizvoda više su za 2,2%, usljed rasta cijena u prerađivačkoj industriji za 10,1%. Cijene vađenja ruda i kamena na godišnjem ni-vou niže su za 15,9%, a cijene proizvodnje električne energije, gasa i vode za 13,5%.
Industrijska proizvodnja
Industrijska proizvodnja je, u junu 2010. godine, zabilježila rast od 8,9% u odnosu na pret-hodni mjesec. Dva sektora su zabilježila rast proizvodnje, i to sektor vađenje ruda i kamena od 54,8% i prerađivačka industrija od 19,6%, dok je proizvodnja električne energije, gasa i vode ostvarila pad od 7,6%
U prvih šest mjeseci ove u odnosu na isti period prethodne godine zabilježen je pad ukupne industrijske proizvodnje od 0,1%. Pad proizvodnje zabilježen je u sektoru prerađivačke in-dustrije za 18,5% i sektoru vađenja ruda i kamena za 1,8%, dok je rast ostvaren jedino u se-ktoru proizvodnje električne energije, gasa i vode za 27,3%.
U prerađivačkoj industriji, u prvih šest mjeseci ove godine u odnosu na isti period pretho-dne godine dva podsektora bilježe porast proizvodnje (proizvodnja proizvoda od ostalih nemetalnih minerala 21,4% i proizvodnja mašina i uređaja, ostala 51,8%). Preostalih deset podsektora bilježe pad proizvodnje, s tim da je najveći pad zabilježen u podsektoru proi-zvodnja kože i predmeta od kože za 80%, dok je najmanji pad od 1,9% zabilježen u podse-ktoru prerada drveta i proizvodi od drveta. Godišnji rast industrijske proizvodnje u junu u odnosu na isti mjesec prethodne godine iznosio je 41,6%.
Bulletin of Central Bank of MontenegroJuly 2010
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Graph 2 - Producers̀ prices of manufactured products
Source: Monstat
Producers` prices of manufactured products
The producers` prices recorded monthly decrease of 0.7% in June this year, whereby the prices in manufacturing industry declined by 1.0% and those in the production of electricity, gas and water supply and the mining and quarrying remained at the previous month levels.
At the annual level, the producers` prices rose by 2.2% due to a 10.1% increase in the prices in manufacturing industry. The mining and quarrying prices and the prices of the production of electricity, gas and water supply showed the annual decline of 15.9% and 13.5%, respectively.
Industrial output
Industrial output registered monthly growth in June this year of 8.9%. Two sectors recorded increases, the mining and quarrying of 54.8% and manufacturing industry of 19.6%, while the production of electricity, gas and water supply decreased by 7.6%.
The period-on-period comparison shows that overall industrial production recorded a 0.1% decrease in the first six months of the current year. Output decline recorded manufacturing industry, of 18.5%, and the mining and quarrying, of 1.8%, whereas the production of electricity, gas and water supply was the only sector that recorded an increase of 27.3%.
The period-on-period comparison shows that in the first six months of 2010, production increase was recorded only in two subsectors, the manufacturing of other non-metal minerals (21.4%) and the manufacturing of other machines and devices (51.8%). The remaining ten subsectors recorded production declines, with the severest being in the manufacturing of leather and leather items, 80%, and the lowest decline of 1.9% was recorded in the manufacturing of wood and wood products. The annual increase in industrial production in June this year amounted to 41.6%.
12Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 3 – Industrijska proizvodnja
Izvor: Monstat
Saobraćaj, šumarstvo i građevinarstvo
U željezničkom saobraćaju, u prvih šest mjeseci ove godine, prevezeno je 7,7% putnika ma-nje, u vazdušnom je broj prevezenih putnika viši za 17,8%, dok je u drumskom saobraćaju prevezeno 27,8% manje putnika nego u istom periodu prethodne godine.
U prvih šest mjeseci ove godine, u željezničkom saobraćaju, prevoz robe je povećan za 66% (mjereno tonskim kilometrima), u vazdušnom saobraćaju za 97,4%, dok je u drumskom sa-obraćaju prevoz robe smanjen za 15,2% (mjereno tonskim kilometrima) u odnosu na isti period prethodne godine.
Ukupni promet u lukama za prvih šest mjeseci iznosio je 839,7 hiljada tona, i bio je veći za 13,6% u poređenju sa istim periodom prethodne godine, pri čemu je izvoz povećan za 34,4%, a uvoz smanjen za 23,7%.
U šumarstvu je, u junu, proizvedeno 36 hiljada m3 šumskih sortimenata, što je za 79,6% više nego u prethodnom mjesecu, a 40,9% više nego u istom mjesecu prethodne godine. U prvih šest mjeseci ove godine proizvedeno je 81,8 hiljada m3 šumskih sortimenata, što predstavlja rast od 14,4% u odnosu na isti period prethodne godine.
Prema preliminarnim podacima Monstata vrijednost izvršenih građevinskih radova u dru-gom kvartalu ove godine veća je za 0,7% u odnosu na isti kvartal prethodne godine, dok je mjerena efektivnim časovima rada smanjena za 8,2%.
Turizam
Crnu Goru je u prvih šest mjeseci posjetilo 274,9 hiljada turista, što je za 0,3% manje nego u istom periodu prethodne godine. U istom periodu ostvareno je 1.474,5 hiljada noćenja, što je za 0,5% manje nego u istom periodu prethodne godine. Strani turisti su ostvarili 84,6% ukupno realizovanih noćenja.
Bulletin of Central Bank of MontenegroJuly 2010
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Graph 3 – Industrial output
Source: Monstat
Transportation, forestry, construction
Railway and road passenger transport recorded declines of the respective 7.7% and 27.8% in the first six months of 2010, while air passenger transport increased by 17.8% in comparison with the same six-month period of the previous year.
At the same time, railway cargo transport (tonne-kilometres) and air cargo transport rose by the respective 66% and 97.4%, whereas road cargo transport (tonne-kilometres) declined by 15.2%.
Total turnover in ports amounted to 839.7 thousand tonnes in the first six months of 2010, thus being 13.6% higher than in the same period last year, whereby exports rose by 34.4% and imports declined by 23.7%.
Forestry output in June 2010 amounted to 36 thousand m3 of wood products, which is 79.6% and 40.9% more than in the previous month and June 2009, respectively. In the first six months of 2010, 81.8 thousand m3 of wood products were produced, which is a 14.4% growth in comparison with the same period a year ago.
As per Monstat`s preliminary data, the value of performed construction works in the second quarter of 2010 is 0.7% higher than in the comparative quarter last year, but if measured in effective working hours it was 8.2% lower.
Tourism
Some 274.9 thousand tourists visited Montenegro in the first six of the current year, which is 0.3% less than in the comparative period of 2009. The number of tourist overnights amounted to 1.474,5 thousand, showing the period-on-period decline of 0.5%. Foreign tourists accounted for 84.6% of total tourist overnights.
14Bilten Centralne banke Crne Gore Jul 2010.
Tabela br. 1 - Ročna struktura depozita, kraj perioda, %
XII 2009. V 2010. VI 2010.
Depoziti po viđenju 36,6 38,5 38,3
Oročeni depoziti 63,4 61,5 61,7
Do 3 mjeseca 19,5 18,1 18,5
Od 3 mjeseca do 1 godine 31,6 31,9 31,7
Od 1 do 3 godine 10,8 10,2 10,2
Preko 3 godine 1,6 1,3 1,3
1 Podaci o broju zaposlenih za jun nisu raspoloživi.
Zaposlenost1
Broj nezaposlenih lica je u junu u odnosu na prethodni mjesec manji za 3,3%, a broj neza-poslenih u odnosu na isti mjesec prethodne godine viši je za 15,5%.
Bruto plate su kao i neto plate u junu, u odnosu na prethodni mjesec, zabilježile pad od 2,9%. Realne plate bez poreza i doprinosa u junu u odnosu na maj su bile niže za 2,5%. Na godi-šnjem nivou ostvaren je rast bruto plata za 9% i neto plata za 1,5%.
Ukupna aktiva i pasiva banaka
Ukupna aktiva banaka je na kraju juna 2010. godine iznosila 2.981,9 miliona eura i u odno-su na prethodni mjesec porasla je za 1,6%, dok se u odnosu na jun 2009. godine smanjila za 5,0%.
U strukturi ukupne aktive banaka, najveće učešće bilježe neto krediti (72,4%), zatim slijede novčana sredstva i depoziti kod depozitnih institucija (18,8%) i ostala aktiva (6,7%), dok ostatak (2,2%) čine preostale stavke aktive banaka. Posmatrano u odnosu na maj 2010. go-dine, u aktivi banaka rast su zabilježile pozicije novčana sredstva i depoziti kod depozitnih institucija (7,4%), neto krediti (0,3%), kastodi poslovi (9,5%) i ostala aktiva (0,7%).
U strukturi pasive banaka, najveće učešće bilježe depoziti (60,6%), pozajmice (22,8%) i uku-pan kapital banaka (11,4%), dok ostatak (5,1%) čine preostale stavke pasive banaka. U odno-su na prethodni mjesec, rast su zabilježile pozicije ukupan kapital (20,6%), ostale obaveze (5,2%) i depoziti (0,1%).
Ukupan kapital banaka iznosio je 340,8 miliona eura na kraju juna tekuće godine, i ostvario je rast u odnosu na maj 2010. godine (20,6%) i rast u odnosu na jun 2009. godine (25,6%).
Depoziti
Ukupni depoziti kod banaka iznosili su 1.808,3 miliona eura na kraju juna 2010. godine, i u odnosu na prethodni mjesec bilježe rast od 0,1%. U odnosu na jun 2009. godine ukupni depoziti su ostvarili rast od 2,9%.
U ročnoj strukturi depozita, dominantno učešće ostvarili su oročeni depoziti (61,7%). U strukturi oročenih depozita, najveće učešće imali su depoziti ročnosti od 3 mjeseca do 1 go-dine (31,7%) i depoziti ročnosti do 3 mjeseca (18,5%).
Bulletin of Central Bank of MontenegroJuly 2010
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Table 1 - Structure of deposits, period-end, %
1 June data on employment are not available.
Employment1
In June 2010, unemployment recorded monthly decline of 3.3% and a 15.5% year-on-year increase.
Gross and net salaries each declined by 2.9% in comparison with the previous month. An average real salary without taxes and contributions recorded a 2.5% month-on-previous-month decrease in June 2010. At the annual level, both gross and net salaries recorded growths of the respective 9% and 1.5%.
Total assets and liabilities of banks
Total assets of banks amounted to EUR 2.981,9 million at end-June this year, being 1.6% higher than in the previous month, yet 5% lower than in the same month last year.
In the structure of total assets, net loans accounted for the main share of 72.4%, followed by monetary assets and deposits with depository institutions with 18.8% and other banks’ assets with 6.7%, while other asset items accounted for the remaining 2.2%. Monthly increase recorded monetary assets and deposits with depository institutions (7.4%) then net loans (0.3%), custody operations (9.5%), and other assets (0.7%).
As for the banks` liabilities, deposits accounted for the main share of 60.6%, followed by borrowings with 22.8% and total banks’ capital with 11.4%, whereas the remaining 5.1% were other liabilities items. Monthly growth in June this year recorded total capital (20.6%), other liabilities (5.2%), and deposits (0.1%).
Total capital of banks amounted to EUR 340.8 million at end-June 2010, being 20.6% and 25.6% higher than in the previous month and June 2009, respectively.
Deposits
Total deposits in banks amounted to EUR 1,808.3 million at end-June 2010, thus showing a month-to-previous-month increase of 0.1%. However, they recorded the year-on-year growth of 2.9%.
The maturity structure of deposits shows the main share of time deposits, 61.7%, wherein deposits with the maturity from 3 months up to 1 year and deposits up to 3 months accounted for the main shares of the respective 31.7% and 18.5%.
December 2009 May 2010 June 2010
Demand deposits 36.6 38.5 38.3
Time deposits 63.4 61.5 61.7
Up to 3 months 19.5 18.1 18.5
From 3 months up to 1 year 31.6 31.9 31.7
From 1 to 3 years 10.8 10.2 10.2
Over 3 years 1.6 1.3 1.3
16Bilten Centralne banke Crne Gore Jul 2010.
Tabela br. 2 - Sektorska struktura depozita, kraj perioda
XII 2009. V 2010. VI 2010. XII 2009. V 2010. VI 2010.
u 000 EUR u %
1. Finansijske institucije 185.361 196.652 188.541 10,2 10,9 10,4
2. Nefinansijske institucije 603.246 592.141 606.010 33,1 32,8 33,5
3. Opšta vlada (Vlada, fondovi, opštine) 158.467 127.617 120.530 8,7 7,1 6,7
4. Fizička lica 843.907 866.257 868.321 46,2 47,9 48,0
5. Neprofitne organizacije 25.105 22.073 22.011 1,4 1,2 1,2
6. Ostalo 8.602 2.653 2.895 0,5 0,1 0,2
UKUPNO 1.824.688 1.807.393 1.808.308 100,0 100,0 100,0
Grafik br. 4 - Depoziti stanovništva po ročnosti, u 000 000 eura
Izvor: CBCG
Posmatrano po sektorima, u ukupnim depozitima i dalje dominiraju depoziti fizičkih lica sa 48%.
Depoziti stanovništva
Ukupni depoziti stanovništva iznosili su 868,3 miliona eura na kraju juna 2010. godine. U odnosu na maj 2010. godine, depoziti stanovništva zabilježili su rast od 0,2%, a u odnosu na jun 2009. godine 15,7%, odnosno 118 miliona eura.
Na kraju juna u ročnoj strukturi depozita stanovništva, dominantno učešće od 66,9% ostva-rili su oročeni depoziti, dok se na depozite po viđenju odnosilo 33,1%.
Krediti
Na kraju juna 2010. godine ukupni krediti banaka iznosili su 2.334,3 miliona eura, i u odno-su na maj 2010. godine ostvarili su rast od 0,1%.
Koeficijent krediti/depoziti iznosio je 1,29 u junu 2010. godine, kao i prethodnog mjeseca, dok je smanjen u odnosu na jun 2009. godine, kada je iznosio 1,51.
Bulletin of Central Bank of MontenegroJuly 2010
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Table 2 - Structure of deposits by sectors, period-end
December2009
May 2010
June 2010
December2009
May2010
June2010
EUR thousand In %
1. Financial institutions 185,361 196,652 188,541 10.2 10.9 10.4
2. Non-financial institutions 603,246 592,141 606,010 33.1 32.8 33.5
3. General Government (Government, Funds, municipalities) 158,467 127,617 120,530 8.7 7.1 6.7
4. Households 843,907 866,257 868,321 46.2 47.9 48.0
5. Non-profitable organisations 25,105 22,073 22,011 1.4 1.2 1.2
6. Other 8,602 2,653 2,895 0.5 0.1 0.2
TOTAL 1,824,688 1,807,393 1,808,308 100.0 100.0 100.0
Source: CBM
Graph 4 – Household deposits by maturity, in EUR million
Observed by sectors, household deposits still account for the main share of total deposits, 48%.
Household deposits
Total household deposits amounted to EUR 868.3 million at end-June 2010. They recorded the month-to-previous-month growth of 0.2% and the year-on-year increase of 15.7% or EUR 118 million.
As for the maturity structure of household deposits at end-June 2010, the main share, 66.9%, was of time deposits, whereas demand deposits made up the remaining 33.1%.
Loans
At end-June 2010, total loans granted by banks amounted to EUR 2,334.3 million, which is monthly increase of 0.1%.
The loans/deposits ratio amounted to 1.29 in June this year, same as in the previous month, but it was lower than in June 2009 when it was 1.51.
18Bilten Centralne banke Crne Gore Jul 2010.
Izvor: CBCG
Grafik br. 5 – Ukupni krediti i depoziti, u 000 eura
Grafik br. 6 – Odobreni krediti, depoziti i pozajmice banaka,
u 000 eura
Izvor: CBCG
Grafik br. 7 – Krediti privrede i stanovništva, u 000 eura
Izvor: CBCG
Odnos kredita i depozita uvećanih za ukupno uzete pozajmice iznosio je 0,938 na kraju juna tekuće godine, i pogoršan je u odnosu na prethodni mjesec kada je iznosio 0,931, a pobolj-šan u odnosu na jun prethodne godine, kada je iznosio 0,965.
U strukturi ukupno odobrenih kredita, dominantno učešće od 94,7% bilježe krediti odo-breni privredi i stanovništvu, dok se preostalih 5,3% odnosilo na banke, ostale finansijske institucije, organizacije u javnom vlasništvu, neprofitne finansijske organizacije i dr.
Bulletin of Central Bank of MontenegroJuly 2010
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Source: CBM
Graph 5 – Total loans and deposits, EUR thousand
Source: CBM
Graph 6 - Loans disbursed, borrowings and deposits of banks, EUR thousand
Graph 7 - Corporate and household loans, EUR thousand
Source: CBM
The loans/deposits-plus-borrowings ratio amounted to 0.938 at end-June this year, thus showing deterioration in relation to the previous month when it was 0.931 but also improvement in comparison with June 2009 when it amounted to 0.965.
In the structure of total disbursed loans, corporate and household loans accounted for the main share of 94.7%, whereas the remaining 5.3% were loans granted to banks, other financial institutions, public owned organisations, non-profitable organisations and others.
20Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 8 – Obavezna rezerva, u 000 eura
Izvor: CBCG
Likvidnost banaka
U junu 2010. godine, koeficijent likvidnosti, na dnevnoj i dekadnoj osnovi bio je iznad pro-pisanog minimuma za bankarski sistem u cjelini. Posmatrano po bankama, u sve tri dekade juna sve banke su imale dnevne i dekadne koeficijente likvidnosti iznad propisanog mini-muma.
Prosjek likvidnih sredstava u junu ove godine iznosio je 468,6 miliona eura i povećan je u odnosu na jun prethodne godine kada je iznosio 332,2 miliona eura, takođe je veći i u odno-su na prethodni mjesec kada je iznosio prosječno 429,3 miliona eura.
Obavezna rezerva
Na kraju juna, ukupna izdvojena obavezna rezerva banaka kod CBCG iznosila je 162,9 mi-liona eura. Izdvajanje banaka je u junu bilo za 0,8 miliona eura ili 0,5% više u odnosu na prethodni mjesec.
U junu tekuće godine devet banaka je iskoristilo mogućnost izdvajanja dijela obavezne re-zerve u obliku državnih zapisa. Tako su na kraju juna, banke izdvojile ukupno 36,6 miliona eura obavezne rezerve u obliku državnih zapisa.
Od iznosa ukupno izdvojene rezerve, na računu obavezne rezerve u zemlji izdvojeno je 63,9%, u državnim zapisima 22,5%, a na računu Centralne banke u inostranstvu 13,7%. Efektivna stopa obavezne rezerve, mjerena odnosom izdvojene obavezne rezerve i ukupnih depozita, iznosila je 9% u junu i ista je kao i prethodnog mjeseca.
Mikrokreditne finansijske institucije (MFI)
Aktiva mikrokreditnih finansijskih institucija na kraju juna 2010. godine iznosila je 66,1 miliona eura. U odnosu na prethodni mjesec bilježi pad od 2,4%, dok u odnosu na jun 2009. godine bilježi pad od 14,9%. Ukupna vrijednost odobrenih kredita iznosi 54,3 miliona eura na kraju juna, što predstavlja nastavak opadajućeg trenda. U odnosu na jun 2009. godine iznos odobrenih kredita zabilježio je pad od 24,9%, dok je u odnosu na maj 2010. godine zabilježen pad kredita za 3,6%.
Bulletin of Central Bank of MontenegroJuly 2010
21
Graph 8 - Reserve requirements, EUR thousand
Source: CBM
Liquidity of Banks
In June 2010, daily and ten-day liquidity ratios at the banking system level and of individual banks were above the prescribed minimum.
Liquid assets averaged EUR 468.6 million, recording an increase in comparison with June 2009 when they amounted to EUR 332.2 million, and also in relation to May this year, when this average amounted to EUR 429.3 million.
Reserve requirements
Total allocated reserve requirements of banks deposited with the Central Bank of Montenegro amounted to EUR 162.9 million at end-June 2010. These allocations recorded monthly increase of EUR 0.8 million or 0.5%.
Nine banks used the opportunity to allocate a part of their reserve requirements in T-bills in this month. Thus, at end-June banks allocated EUR 36.6 million of their reserve requirements in the form of T-bills.
Of total reserve requirements, 63.9% was allocated to the reserve requirement account in the country, 22.5% were in T-bills, and the remaining 13.7% to the Central Bank accounts held abroad. The effective reserve requirement rate, measured as the ratio of allocated reserve requirement to total deposits, amounted to 9% in June this year, thus remaining at the previous month level.
Micro-credit financial institutions (MFIs)
Assets of MFIs amounted to EUR 66.1 million at end-June 2010. They recorded the respective monthly and annual decreases of 2.4% and 14.9%. Total loans granted by these institutions amounted to EUR 54.3 million at end-June, thus continuing their downward trend. The annual and monthly declines in loans granted by MFIs amounted to 24.9% and 3.6%, respectively.
22Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 9 – Kretanje prosječnih ponderisanih nominalnih i efektivnih
kamatnih stopa na nivou sistema
Izvor: CBCG
Grafik br. 10 – Kretanje prosječnih ponderisanih efektivnih kamatnih
stopa na kredite odobrene fizičkim i pravnim licima
Izvor: CBCG
Aktivne kamatne stope
U junu, aktivna prosječna ponderisana nominalna kamatna stopa (APPNKS) iznosila je 8,91%, dok je aktivna prosječna ponderisana efektivna kamatna stopa (APPEKS) iznosila 9,52%.
U odnosu na prethodni mjesec, obije kamatne stope imale su rastući trend, pri čemu je APPNKS ostvarila rast od 0,02 procentna poena, a APPEKS 0,04 p.p.
Nominalna prosječna ponderisana kamatna stopa na kredite odobrene fizičkim licima izno-sila je 9,77%, i ostvarila pad od 0,02 p.p., dok je efektivna kamatna stopa iznosila 10,51%, i ostvarila pad od 0,01 p.p.
Prosječna ponderisana nominalna kamatna stopa na kredite odobrene pravnim licima izno-sila je 8,38%, i ostvarila rast od 0,06 p.p., dok je prosječna ponderisana efektivna kamatna stopa iznosila 8,90% i ostvarila je rast od 0,08 p.p.
Bulletin of Central Bank of MontenegroJuly 2010
23
Graph 10 - Movement of weighted average effective interest rates on loans granted to natural and legal persons
Source: CBM
Graph 9 - Movement of weighted average lending nominal and effective interest rates at the system level
Source: CBM
Lending interest rates
In June this year, the weighted average nominal lending interest rate (WALNIR) and the weighted average lending effective interest rate (WALEIR) amounted to 8.91% and 9.52%, respectively.
Both WALNIR and WALEIR showed the month-on-previous-month uptrend of the respective 0.02 and 0.04 percentage points.
The WALNIR on household loans amounted to 9.77% and the corresponding WALEIR amounted to 10.51%, thus recording respective declines of 0.02 and 0.01 percentage points.
At the same time, the WALNIR and WALEIR on loans granted to legal persons amounted to 8.38% and 8.90%, whereby the first rose 0.06 percentage points and the latter increased by 0.08 percentage points.
24Bilten Centralne banke Crne Gore Jul 2010.
Tabela br. 3 - Ročnost PPPEKS na ukupne depozite banaka
Ročnost VI 2010
Depoziti po viđenju 0,86
Oročeni depoziti
Do 3 mjeseca 5,06
Od 3 mjeseca do 1 godine 6,09
Od 1 do 3 godine 6,08
Od 3 do 5 godina 4,52
Preko 5 godina 5,59
Pasivne kamatne stope
U junu 2010. godine, pasivna prosječna ponderisana efektivna kamatna stopa (PPPEKS) iznosila je 3,88% i ostala na istom nivou kao i prethodni mjesec, dok je u odnosu na jun 2009. godine, PPPEKS viša za 0,08 p.p.
PPPEKS na depozite fizičkih lica iznosila je 4,47%, dok je PPPEKS na depozite pravnih lica iznosila je 3,34%, i ostale su na istom nivou od maja 2010. godine.
U junu je razlika između aktivnih i pasivnih kamatnih stopa na nivou sistema iznosila 5,64 p.p.
Kamatna margina kod kredita odobrenih fizičkim licima iznosila je 6,04 p.p., dok je na kre-dite odobrene pravnim licima iznosila 5,56 p.p.
Tržište kapitala
Ukupno ostvaren promet na crnogorskim berzama u junu je iznosio 8,1 miliona eura i u odnosu na prethodni mjesec veći je za 45,8%. Ostvareni promet bio je niži od prosječnog mjesečnog prometa ostvarenog u prethodnoj godini za 25,7 miliona eura. U strukturi pro-meta, najveće učešće imale su akcije (86,5%), dok se na obveznice fonda za obeštećenje i akcije FZU odnosilo 7,4% i 5,0% respektivno.
Dva indeksa su zabilježila mjesečni pad i to indeks Moste za 1,9% i NEX PIF za 4,1%, dok je NEX 20 zabilježio rast od 1,4%. U odnosu na jun prethodne godine, sva tri indeksa su ostva-rila pad, i to indeks Moste za 34,3%, indeks NEX 20 za 7,9%, i indeks Nex PIF za 17,8%.
U odnosu na njihove istorijski maksimalne vrijednosti dostignute u 2007. godini, indeksi su na kraju juna 2010. godine bili niži i to: Moste za 80,5%, NEX 20 za 73,1% i NEX PIF za 87,1%.
Bulletin of Central Bank of MontenegroJuly 2010
25
Table 3 - Maturity structure of WADEIR on total deposits in banks
Maturity June 2010
Demand deposits 0.86
Time deposits
Up to 3 months 5.06
From 3 months up to 1 year 6.09
From 1 to 3 years 6.08
From 3 to 5 years 4.52
Over 5 years 5.59
Deposit interest rates
The weighted average deposit effective interest rate (WADEIR) amounted to 3.88% in June this year and thus remained at the previous month level, whereas it recorded a 0.08 percentage points increase in comparison with June 2009.
The WADEIR on household deposits amounted to 4.47% and that on deposits of legal persons was 3.34%, both remaining at the previous month levels.
In June this year, the difference between the lending and deposit interest rates amounted to 5.64 percentage points at the system level.
The interest rate margin for loans granted to natural persons and legal persons was 6.04 percentage points and 5.56 percentage points, respectively.
Capital Market
Total turnover on Montenegrin stock exchanges amounted to EUR 8.1 million in June 2010, recording the month-on-previous-month increase of 45.8%. The stock exchanges turnover showed EUR 25.7 million decrease in relation to the average monthly turnover in 2009. As for the turnover structure, company shares accounted for the main portion of 86.5%, while restitution bonds and shares of joint investment funds made up the respective 7.4% and 5.0%.
Two stock exchange indices recorded monthly decline in June, the MOSTE by 1.9% and the NEX PIF by 4.1%, whereas the NEX 20 rose by 1.4%. At the year-on-year level, all three indices registered respective declines of 34.3%, 17.8%, and 7.9%.
However, compared to their record values reached in 2007, the indices were much lower at end-June 2010: MOSTE by 80.5%, NEX20 by 73.1% and NEX PIF by 87.1%.
26Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 11 – Kretanje indeksa MOSTE
Izvor: Montenegroberza
Grafik br. 12 – Kretanje indeksa NEX20 i NEXPIF
Izvor: Nex Montenegro berza
Grafik br. 13 – Koeficijent obrta sredstava
Izvor: Nex Montenegro berza, Montenegro berza
Ukupna kapitalizacija na Montenegroberzi u junu je bila veća u odnosu na maj 2010. godi-ne za 2,2%, dok je na Nex Montenegroberzi kapitalizacija bila manja za 2,4%. Na Montenegroberzi kapitalizacija je na godišnjem nivou bila manja za 9,1%, a na Nex Montenegro berzi za 11,0%.
Bulletin of Central Bank of MontenegroJuly 2010
27
Graph 11 - The MOSTE index movements
Source: Montenegro Stock Exchange
Graph 13 - Turnover coefficient
Source: Nex Montenegro and Montenegro stock exchanges
Graph 12 - NEX20 and NEX PIF indices movements
Source: Nex Montenegro Stock Exchange
Total capitalisation on the Montenegro stock exchange recorded monthly increase of 2.2%, while that on the Nex Montenegro stock exchange declined by 2.4% in June this year. The annual capitalisation on the respective stock exchanges was 9.1% and 11.0% lower.
28Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 14 – Ukupan priliv stranih direktnih investicija u periodu
2009 – jun 2010. godine, u hiljada-ma eura
Izvor: CBCG
Koeficijent obrta sredstava je u junu ove godine zabilježio rast na Nex berzi i iznosio je 0,0-02292, dok je na Montenegroberzi zabilježio pad i iznosio je 0,001427.
Domaći platni promet
U junu 2010. godine, vrijednost realizovanog platnog prometa u zemlji je iznosila 1.878,2 miliona eura. U odnosu na prethodni mjesec, realizovani platni promet ostvario je rast od 22,6%. U strukturi ukupno realizovanog platnog prometa, dominantno učešće ostvario je interni platni promet (56,3%), dok se ostatak (43,7%) odnosio na međubankarski platni pro-met.
Posmatrano kroz učešće realizovanih naloga, 63,5% izvršenih naloga se odnosilo na naloge u internom platnom prometu, dok se 36,5% odnosilo na naloge međubankarskog platnog prometa.
Strane direktne investicije
Neto priliv stranih direktnih investicija u periodu januar-jun 2010. godine, prema prelimi-narnim podacima, iznosio je 314,3 miliona eura i za 3,7% je bio manji u odnosu na isti pe-riod 2009. godine, što predstavlja značajan priliv imajući u vidu da u posmatranom periodu nismo imali većih privatizacija. Ukupan priliv stranih direktnih investicija iznosio je 370,5 miliona eura, što je za 7,1% manje u odnosu na isti period 2009. godine. Međutim, ako upo-redimo priliv SDI u prvih šest mjeseci ove godinu sa istim periodom 2009. godine, bez pri-liva od prodaje akcija EPCG, SDI pokazuju trend rasta.
Najveći priliv SDI, posmatrano po strukturi, ostvaren je po osnovu ulaganja u domaće kom-panije i banke u iznosu od 204,8 miliona eura, što je za 11,5% manje nego u istom periodu 2009. godine. U formi interkompanijskog duga ostvaren je priliv od 82,4 miliona eura, što predstavlja smanjenje za 4,3%. Investicije u nekretnine u zemlji zabilježile su pad od 4,7% i iznosile su 77,3 miliona eura. Priliv po osnovu povlačenja novčanih sredstava koja su rezi-denti investirali u inostranstvu iznosio je 5,9 miliona eura.
Bulletin of Central Bank of MontenegroJuly 2010
29
Graph 14 - Total FDI inflow in the period 2009 – June 2010, EUR thousand
Source: CBM
The turnover coefficient on the Nex Montenegro stock exchange increased in June to reach 0.002292, whereas the respective coefficient on the Montenegro stock exchange declined and came down to 0.001427.
Domestic Payment Operations
The value of the domestic payment transactions amounted to EUR 1,878.2 million in June 2010, being 22.6% higher than in the previous month. The structure of payment transactions shows that internal payment transactions accounted for the main share of 56.3%, whereas the remaining 43.7% were interbank payment transactions.
Observed as a share of executed payment orders, 63.5% were internal payment orders and the remaining 36.5% were interbank payment orders.
Foreign Direct Investments (FDI)
Preliminary data for the period January – June 2010 show that net FDI inflow amounted to EUR 314.3 million and it was 3.7% lower than in the comparative period last year, but this was still a substantial inflow considering the fact that there were no larger privatizations in the reporting period. Total FDI inflow amounted to EUR 370.5 million, which is 7.1% less than in the comparative six-month period in 2009. However, the period-on-period comparison indicates that FDI show an upward trend this year (if the sale of the Electric Power Company (EPCG) in 2009 were to be excluded).
The FDI structure shows that most of FDIs went into local companies and banks, EUR 204.8 million, which is 11.5% less than in the comparative period of 2009. Investments in the form of intercompany debt totalled EUR 82.4 million, recording the period-on-period decrease of 4.3%. Investments in real estates in the country declined by 4.7%, amounting to EUR 77.3 million. The inflow arising from the withdrawal of the residents` capital invested abroad amounted to EUR 5.9 million.
30Bilten Centralne banke Crne Gore Jul 2010.
Grafik br. 15 – Struktura ukupnog priliva stranih
direktnih investicija u periodu januar - jun 2010. godine
Izvor: CBCG
Ukupan odliv stranih direktnih investicija u periodu januar-jun 2010. godine iznosio je 56,2 miliona eura i manji je za 22,6%, u poređenju sa istim periodom 2009. godine. Najveći odliv je ostvaren po osnovu interkompanijskog duga u iznosu od 40,4 miliona eura. Investicije rezidenata u banke i preduzeća u inostranstvu iznosile su 5,7 miliona eura. Odliv po osno-vu nekretnina iznosio je 7,2 miliona eura, dok je odliv po osnovu povlačenja sredstava in-vestiranih u domaće banke i preduzeća iznosio 2,8 miliona eura.
Budžet Crne Gore
Budžet Crne Gore sa državnim fondovima u periodu januar-jun 2010. godine, prema pre-liminarnim podacima Ministarstva finansija ostvario je ukupne primitke u iznosu od 534-,8 miliona eura. Tekući prihodi iznosili su 511 miliona eura ili 16,4% projektovanog BDP-a, prihodi od pozajmica i kredita iz domaćih i inostranih izvora su iznosili 20,9 miliona eura ili 0,7% projektovanog BDP-a, dok su prihodi od privatizacije i donacija iznosili 2,9 miliona eura ili svega 0,1% BDP-a. Tekući prihodi budžeta u odnosu na plan za period januar-jun zabilježili su pad za 2,5%, dok su u odnosu na isti period 2009. godine veći za 1,9%.
U strukturi tekućih prihoda najveće učešće od 59,7% ostvarili su prihodi od poreza, zatim doprinosi 32,6%, takse 2,1%, naknade 2,4%, ostali prihodi 2,9% i primici od otplate odobre-nih kredita 0,3%. Prihodi od poreza su iznosili 305,3 miliona eura i bili su niži u odnosu na plan za 9,05%. Najveći iznos prihoda po osnovu poreza ostvaren je po osnovu poreza od PDV-a, akciza i carina u iznosu od 244,3 miliona eura, što čini 47,8% tekućih budžetskih prihoda. U odnosu na plan za posmatrani period povećani su prihodi po osnovu doprino-sa za (16,13%).
Konsolidovani izdaci budžeta (ukupni izdaci umanjeni za otplatu dugova) u drugom kvar-talu tekuće godine, iznosili su 522,9 miliona eura ili 16,8% BDP-a. U strukturi izdataka Budžeta najveće učešće 41% ili 214,3 miliona eura imaju tekući izdaci, od čega se 23% odno-si na bruto zarade. U drugom kvartalu po osnovu datih garancija nije bilo plaćanja.
U poređenju sa drugim kvartalom prethodne godine smanjeni su prihodi od poreza za (0,5%) zbog smanjenja prihoda od poreza na dobit pravnih lica za (55,3%), što je posledica manje ostvarene dobiti pravnih lica u 2009. godini i promjene zakonske regulative koja se odnosi na ukidanje akontativne naplate poreza na dobit. Ostale kategorije prihoda od po-reza ostvarili su rast i to: porezi od PDV-a za (5,3%), carina za (8,4%), porezi na dohodak fi-zičkih lica (9,5%), akciza (1,4%) i ostali porezi za (22%). Kod ostalih kategorija tekućih pri-
Bulletin of Central Bank of MontenegroJuly 2010
31
Graph 15 - Structure of total FDI inflow, January-June 2010
Source: CBM
Total FDI outflow over the January-June 2010 period amounted to EUR 56.2 million, which is 22.6% less than in the corresponding period of 2009. The largest outflow was in the form of intercompany debt, EUR 40.4 million. The residents` investments in banks and companies abroad amounted to EUR 5.7 million. The outflow arising from real estates amounted to EUR 7.2 million, while the withdrawal of foreign capital from local banks and companies totalled EUR 2.8 million.
Budget of Montenegro
According to preliminary data of the Ministry of Finance, revenues of the Budget of Montenegro and the state funds amounted to EUR 534.8 million. Current revenues amounted to EUR 511 million or 16.4% of the projected GDP, revenues from borrowings and loans from domestic and foreign sources totalled EUR 20.9 million or 0.7% of the projected GDP, whereas revenues from privatizations and donations were EUR 2.9 million or a mere 0.1% of GDP. The collection of current revenues was 2.5% lower than planned for the period January - June this year, yet 1.9% higher in comparison with the same six-month period of 2009.
In the structure of current revenues, tax collections accounted for the main share of 59.7%, followed by contributions with 32.6%, duties 2.1%, fees 2.4%, other revenues 2.9%, and revenues from loan repayments 0.3%. Tax revenues amounted to EUR 305.3 million or 9.05% less than planned for the period. The largest amount of tax revenues came from VAT, excise and customs duties, EUR 244.3 million, which represents 47.8% of the current budget revenues. Revenues from contributions exceeded the plan by 16.13%.
Consolidated budget expenditures (total revenues less debt repayments) amounted to EUR 522.9 million or 16.8% of GDP in the second quarter of 2010. In the structure of budgetary expenditures the main share of 41% or EUR 214.3 million was of current expenditures, of which some 23% related to gross earnings. In the second quarter of the year there were no payments for issued guarantees.
Compared to the second quarter of 2009, tax revenues show a 0.5% decrease due to 55.3% lower revenues from corporate income tax as a result of lower profit earned by legal entities in 2009 and the amendments to the legislation regulating advance payment of corporate income tax. Other tax revenues that recorded increase are VAT (5.3%), customs duties (8.4%), personal income tax (9.5%), excise duties (1.4%), and other taxes (22%). As for the remaining
32Bilten Centralne banke Crne Gore Jul 2010.
hoda povećanja su zabilježili doprinosi (24,8%), takse (3,3%) i naknade (5,5%), dok su ostali prihodi i primici od otplate kredita zabilježili pad, (10,5%) i (93,1%) respektivno. Izdaci su bili veći za 8,3% u odnosu na isti period prethodne godine, kao rezultat povećanih teku-ćih izdataka za (11,6%), transfera za socijalnu zaštitu za (25,6%) i rente za (28,8%).
Budžet Crne Gore u prvih šest mjeseci ove godine ostvario je deficit od 11,9 miliona eura, ili 0,4 % BDP-a.
Grafik br. 16 – Budžetski suficit/deficit u periodu 2007 – jun 2010,
u milionima eura
Izvor: Ministarstvo finansija
Bulletin of Central Bank of MontenegroJuly 2010
33
Graph 16 - Budget surplus/deficit in the period 2007 – June 2010, EUR million
Source: Ministry of Finance
revenues categories, contributions, duties and fees recorded respective increases of 24.8%, 3.3% and 5.5%, whereas other revenues and receipts from loan repayments declined by 10.5% and 93.1%, respectively. Budget expenditures rose by 8.3% in comparison with the six-month period in 2009 due to an increase in current expenditures (11.6%), social security transfers (25.6%), and rents (28.8%).
The Budget of Montenegro recorded a deficit of EUR 11.9 million in the first six months of 2010, which represents 0.4% of GDP.
34Statistički biltenJul 2010.
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467.9
3822
.455
00
22.45
544
5.483
490
150
98.16
1-9
8.012
1.158
-96.3
63-4
4.028
258.9
9883
.548
342.5
4618
05.9
696.1
4944
.453
***D
ec20
0831
922
.283
258.6
2224
.514
07.3
0531
3.043
23.13
80
023
.138
289.9
0558
321
811
.546
-11.3
272.7
84-7
.961
-43.7
8121
6.575
45.93
726
2.512
178
11.59
411
.772
51.44
120
08Ja
n13
79.4
1444
3.247
21.30
70
7.081
481.1
8522
.903
00
22.90
345
8.282
312
202
132.5
10-1
32.30
91.1
71-1
30.82
6-4
3.941
278.4
2939
.701
318.1
3017
07.2
197.3
8945
.878
Jan
Feb
188
11.04
744
0.471
21.44
70
7.008
480.1
6122
.665
00
22.66
545
7.496
330
152
127.2
05-1
27.05
21.1
90-1
25.53
3-4
5.079
285.0
0737
.874
322.8
8130
07.2
267.5
2746
.634
Feb
Mar
191
17.17
341
7.938
21.38
20
6.864
463.5
4922
.188
00
22.18
844
1.361
478
169
134.9
30-1
34.76
21.1
84-1
33.09
9-4
1.634
278.7
6716
.188
294.9
5517
07.2
257.3
9547
.536
Mar
Apr
231
10.11
643
5.699
21.33
60
6.896
474.2
7922
.297
00
22.29
745
1.982
305
149
133.7
22-1
33.57
393
7-1
32.33
0-4
4.972
279.7
9427
.879
307.6
7317
38.2
808.4
5448
.498
Apr
Maj
231
12.09
545
5.409
21.23
70
6.897
495.8
6922
.302
00
22.30
247
3.567
300
166
150.7
37-1
50.57
197
3-1
49.29
8-4
4.935
280.2
6632
.550
312.8
1616
18.5
648.7
2547
.663
May
Jun
231
15.11
646
0.745
21.19
60
6.840
504.1
2722
.112
00
22.11
248
2.016
505
186
160.5
44-1
60.35
897
0-1
58.88
4-4
2.843
283.2
4625
.312
308.5
5815
98.5
698.7
2848
.690
June
Jul
231
25.58
247
7.886
21.38
00
6.853
531.9
3122
.158
00
22.15
850
9.773
264
136
176.7
36-1
76.60
097
9-1
75.35
6-4
4.521
288.8
4729
.965
318.8
1218
110
.024
10.20
549
.920
July
Aug
275
15.29
451
1.698
21.51
60
7.032
555.8
1522
.267
00
22.26
753
3.548
240
145
188.5
75-1
88.43
01.5
14-1
86.67
7-4
5.278
298.6
9632
.098
330.7
9416
910
.065
10.23
451
.123
Aug
Sep
275
12.73
150
9.370
21.60
90
7.186
551.1
7022
.755
00
22.75
552
8.416
528
155
196.8
16-1
96.66
11.6
63-1
94.47
0-4
5.814
287.5
6429
.310
316.8
7418
210
.065
10.24
752
.640
Sep
Okt
275
38.94
238
4.832
24.08
80
7.700
455.8
3724
.383
00
24.38
343
1.454
354
165
158.3
22-1
58.15
72.1
03-1
55.70
0-4
7.704
234.7
7323
.937
258.7
1023
310
.661
10.89
453
.853
Oct
Nov
319
31.46
435
8.128
24.32
30
7.624
421.8
5824
.142
00
24.14
239
7.717
339
169
126.7
00-1
26.53
12.8
46-1
23.34
7-4
7.165
229.3
2226
.814
256.1
3617
211
.272
11.44
453
.956
Nov
Dec
319
22.28
325
8.622
24.51
40
7.305
313.0
4323
.138
00
23.13
828
9.905
583
218
11.54
6-1
1.327
2.784
-7.96
1-4
3.781
216.5
7545
.937
262.5
1217
811
.594
11.77
251
.441
Dec
2009
28.45
522
.488
314.2
3925
.119
07.1
8239
7.483
22.75
128
.100
050
.851
346.6
3277
748
796
.893
-96.4
053.5
37-9
2.091
-43.2
2913
4.400
103.9
1223
8.312
126
12.85
712
.983
46.47
620
09Ja
n31
917
.424
236.2
8124
.575
07.6
8328
6.282
24.33
70
024
.337
261.9
4626
011
918
.766
-18.6
472.8
05-1
5.582
-44.9
3219
6.653
30.40
722
7.061
270
12.01
212
.282
51.95
4Ja
nFe
b33
613
.751
241.8
8324
.690
07.6
5928
8.320
24.26
20
024
.262
264.0
5927
714
017
.587
-17.4
472.8
10-1
4.360
-45.3
3819
8.093
31.75
022
9.843
172
12.90
213
.075
52.11
8Fe
bM
ar33
618
.063
200.7
5324
.843
07.4
1525
1.409
23.48
70
023
.487
227.9
2248
726
216
.881
-16.6
182.8
18-1
3.313
-44.0
2717
0.254
25.25
719
5.511
138
10.45
510
.593
52.53
2M
arAp
r33
622
.202
159.5
3224
.773
07.4
4421
4.287
23.58
80
023
.588
190.6
9930
626
615
.689
-15.4
232.9
14-1
2.203
-44.6
5213
6.676
474.7
6561
1.441
125
11.35
411
.479
52.39
1Ap
rM
aj34
414
.483
177.5
5924
.820
07.2
4722
4.454
22.95
60
022
.956
201.4
9834
729
218
.076
-17.7
842.8
96-1
4.541
-43.2
6714
3.550
23.13
216
6.682
143
11.36
111
.504
52.03
8M
ayJu
n34
417
.921
187.7
9324
.920
07.2
4823
8.226
22.96
00
022
.960
215.2
6764
828
020
.730
-20.4
492.9
24-1
6.877
-44.1
8315
0.891
32.90
418
3.795
138
11.36
611
.504
47.27
4Ju
neJu
l34
415
.583
256.6
4824
.843
07.2
5130
4.670
22.96
90
022
.969
281.7
0050
930
036
.077
-35.7
772.9
10-3
2.358
14.77
413
0.923
43.83
417
4.757
187
12.57
212
.759
47.05
3Ju
lyAu
g22
.546
16.17
220
2.224
24.86
90
7.251
273.0
6322
.969
22.19
60
45.16
522
7.898
610
284
40.50
1-4
0.217
2.906
-36.7
01-4
4.068
127.6
5247
.714
175.3
6610
612
.727
12.83
347
.065
Aug
Sep
28.43
920
.836
364.2
3725
.129
07.1
4144
5.782
22.62
128
.089
050
.709
395.0
7394
140
213
4.471
-134
.069
2.936
-130
.192
-43.9
0713
8.330
110.9
5424
9.284
140
11.78
211
.922
47.58
3Se
pOc
t28
.439
12.18
633
9.311
25.04
80
7.090
412.0
7422
.459
28.08
90
50.54
736
1.527
683
457
120.6
85-1
20.22
83.3
40-1
16.20
5-4
1.781
132.3
6597
.288
229.6
5318
412
.848
13.03
247
.418
Oct
Nov
28.44
313
.650
351.2
2125
.113
07.0
7442
5.501
22.40
828
.089
050
.496
375.0
0548
244
814
3.788
-143
.340
3.507
-139
.351
-43.4
5013
3.918
85.20
921
9.126
150
12.85
213
.002
46.97
6No
vDe
c28
.455
22.48
831
4.239
25.11
90
7.182
397.4
8322
.751
28.10
00
50.85
134
6.632
777
487
96.89
3-9
6.405
3.537
-92.0
91-4
3.229
134.4
0010
3.912
238.3
1212
612
.857
12.98
346
.476
Dec
2010
2010
Jan
29.09
112
.418
286.3
3525
.119
07.3
4536
0.307
23.26
528
.736
052
.001
308.3
0643
845
710
2.289
-101
.832
3.560
-97.8
35-4
3.545
131.0
9262
.961
194.0
5317
013
.360
13.53
046
.434
Jan
Feb
29.52
212
.660
291.2
8525
.242
07.4
5410
366.1
7223
.611
29.16
40
52.77
431
3.398
461
462
98.53
4-9
8.072
3.565
-94.0
46-4
4.430
128.7
7874
.554
203.3
3317
213
.963
14.13
546
.314
Feb
Mar
29.44
413
.447
268.2
3025
.464
07.4
3414
344.0
3323
.548
29.08
60
52.63
429
1.400
707
602
75.06
9-7
4.468
3.795
-69.9
65-4
4.142
128.3
8276
.731
205.1
1311
713
.767
13.88
446
.580
Mar
Apr
29.66
415
.145
245.1
1725
.549
07.4
9021
322.9
8723
.726
29.30
60
53.03
226
9.955
480
650
62.19
8-6
1.548
3.842
-57.2
26-4
4.471
126.2
7569
.190
195.4
6632
814
.840
15.16
846
.567
Apr
Maj
31.10
411
.021
250.9
2225
.701
07.8
5727
326.6
3224
.888
30.74
20
55.63
027
1.002
457
654
55.31
0-5
4.657
4.076
-50.1
24-4
5.625
125.7
2779
.330
205.0
5719
014
.844
15.03
546
.411
May
Jun
31.48
312
.026
228.6
7825
.694
07.9
5431
305.8
6625
.195
31.12
10
56.31
624
9.550
703
342
42.92
6-4
2.584
4.066
-37.8
16-4
5.929
126.2
8169
.953
196.2
3416
914
.849
15.01
846
.411
June
12
34
56
78
(1+2
+..+
7)9
1011
12
(9+1
0+11
)13
(8-
12)
1415
1617
(15-
16)
1819
(1
4+15
+16)
2021
2223
(2
1+22
)24
2526
(24+
25)
27
Mon
etar
y go
ld an
d SD
R ho
ldin
gs
Fore
ign
curre
ncy
Depo
sits
Secu
ritie
s ot
her t
han
shar
esLo
ans
IMF
Rese
rve
posit
ion
Tota
lDe
posit
sSD
R al
loca
tion
Othe
r lia
bilit
ies
Tota
lNe
t fo
reig
n as
sets
Clai
ms o
n ba
nks
Clai
ms o
n Ce
ntra
l Go
vern
men
tLia
bilit
ies t
o Ce
ntra
l Go
vern
men
tNe
t cla
ims
Clai
ms o
n ot
her s
ecto
rsTo
tal
Othe
r ite
ms
(net
)
Rese
rve
reqi
rem
ents
Othe
r de
posit
sTo
tal
Dem
and
depo
sits
Tim
e de
posit
sTo
tal
Tota
l ca
pita
l Ne
t cla
ims o
n Ce
ntra
l Gov
ernm
ent
Bank
s’ de
posit
sDe
posit
s of o
ther
sect
ors b
y
Clai
ms o
n no
nres
iden
tsLia
bilit
ies t
o non
resid
ents
Dom
estic
cred
itLia
bilit
ies*
Statistički biltenI Monetarna statistika (preliminarni podaci)
Statistical bulletinI Monetary Statistics (preliminary data)
Statistical BulletinJuly 2010
35
Tab
ela
1.2
- Mon
etar
ni p
regl
ed -
bila
ns b
anak
a, u
000
eur
a, s
tanj
e na
kra
ju p
erio
da
* Sta
nje
na 3
1. 1
2.**
Izvr
sena
revi
zija
pod
atak
a i m
eted
olog
ije za
per
iod
od 2
007.
god
ine
Izvo
r: CB
CG
Tab
le 1
.2 -
Oth
er D
epos
itor
y Co
rpor
atio
ns S
urve
y, e
nd-p
erio
d b
alan
ce, E
UR
thou
sand
* Bal
ance
as a
t 31
Dec
embe
r**
Dat
a an
d m
etho
dolo
gy re
vise
d sin
ce 2
007
Sour
ce: C
BM
Potr
aživ
anja
od
nere
zide
nata
Obav
eze p
rem
a ner
ezid
entim
a
Neto
stra
na
aktiv
a
Dom
aći k
redi
ti
Neto
os
tale
st
avke
Obav
eze
Stra
na
valu
taDe
pozi
tiHO
V os
im
akcij
aKr
editi
Osta
la
potr
aživ
anja
Ukup
noDe
pozi
tiHO
V os
im
akcij
aKr
editi
Osta
le
obav
eze
Ukup
noPo
traž
ivan
ja
od CB
CG
Neto
pot
raži
vanj
a od
cent
raln
e Vla
dePo
traž
ivan
ja
od o
stal
ih
sekt
ora
Ukup
no
Obav
eze
prem
a Ce
ntra
lnoj
ba
nci
Depo
ziti
osta
lih se
ktor
a
HOV
osim
ak
cija
Ukup
an
kapi
tal
Potr
aživ
anja
od
ce
ntra
lne
Vlad
e
Obav
eze
prem
a ce
ntra
lnoj
Vl
adi
Neto
po
traž
ivan
ja
Depo
ziti
po
viđe
nju
Oroč
eni
depo
ziti
Ukup
no
12
34
56
(1+
2+..+
5)7
89
1011
(7
+...+
10)
12
(6-1
1)13
1415
16 (1
4-15
)17
18
(13+
16+1
7)19
2021
2223
(21+
22)
2425
*200
771
.471
243.
426
027
.131
034
2.02
828
1.13
84.
577
513.
208
079
8.93
3-4
56.9
0534
2.43
89.
362
79.8
14-7
0.45
22.
249.
532
2.52
1.51
873
.063
552
791.
196
960.
989
1.75
2.18
51.
881
236.
941
*200
7*2
008
48.4
0415
9.95
90
41.6
470
250.
010
423.
294
4.58
782
9.53
80
1.25
7.41
9-1
.007
.409
262.
165
6.32
514
5.71
3-1
39.3
882.
803.
461
2.92
6.23
812
3.92
543
557
6.48
893
6.71
21.
513.
200
1.89
127
9.37
620
08Ja
n81
.658
202.
511
022
.252
030
6.42
128
1.143
4.57
753
2.98
90
818.
719
-512
.298
317.4
109.
327
78.6
46-6
9.31
92.
279.
919
2.52
8.01
064
.085
552
723.
558
984.
335
1.70
7.89
31.
882
241.
310
Jan
Feb
78.12
218
6.94
20
26.3
520
291.
416
277.
217
4.57
854
9.84
70
831.
651
-540
.235
322.
149
9.78
683
.976
-74.
190
2.40
7.910
2.65
5.86
962
.888
552
748.
866
1.05
6.80
11.
805.
667
1.88
324
4.65
6Fe
bM
ar57
.991
219.
573
040
.589
031
8.15
332
4.29
54.
579
593.
375
092
2.25
7-6
04.10
429
4.88
29.
025
90.9
91-8
1.96
62.
471.
494
2.68
4.41
070
.245
552
719.
044
1.02
9.70
71.
748.
751
1.88
425
8.88
3M
arA
pr64
.279
201.
821
042
.716
030
8.81
634
8.47
14.
580
627.1
820
980.
240
-671
.424
307.
543
10.3
9889
.295
-78.
897
2.58
7.57
52.
816.
221
71.6
3055
271
1.98
51.
084.
137
1.79
6.12
21.
884
274.
617
Apr
Maj
72.7
4118
3.57
70
38.6
520
294.
970
362.
044
4.58
064
9.83
60
1.01
6.46
7-7
21.4
9731
2.67
210
.443
91.7
76-8
1.33
32.
661.
048
2.89
2.38
781
.682
544
733.
890
1.07
6.12
41.
810.
014
1.88
627
6.77
4M
ayJu
n77
.382
226.
253
039
.399
034
3.03
437
5.43
44.
581
715.
029
01.
095.
050
-752
.016
308.
937
10.3
8294
.655
-84.
273
2.72
3.08
12.
947.7
4577
.294
511
738.
898
1.09
6.30
81.
835.
206
1.88
628
0.83
7Ju
neJu
l76
.811
175.
220
039
.705
029
1.73
638
0.63
34.
582
727.1
760
1.112
.396
-820
.660
318.
688
10.3
7597
.601
-87.
226
2.79
6.76
73.
028.
229
79.2
4048
971
1.69
01.1
30.0
021.
841.
692
1.88
728
4.26
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lyAv
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.753
187.
895
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9.90
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1.32
24.
583
726.
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01.1
22.5
45-8
02.6
3733
1.31
610
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104.
513
-94.
169
2.82
7.85
33.
065.
000
84.8
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972
3.84
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69.9
591.
893.
799
1.88
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1.34
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202.
922
041
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031
2.09
544
6.92
84.
584
748.
696
01.
200.
211
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317.
354
10.2
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7-9
3.73
12.
851.1
493.
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87.4
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969
1.40
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22.3
661.
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769
1.88
928
3.02
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.058
191.
215
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1.76
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3.89
14.
585
766.
657
01.
215.
135
-943
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258.
955
4.90
695
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788
2.82
0.79
62.
988.
963
88.3
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7.485
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91.
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034
1.89
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4.83
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3.57
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8.99
54.
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801.
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01.
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353
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256.
275
4.84
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2.60
9-9
7.763
2.78
6.03
92.
944.
551
81.9
2548
956
0.72
51.
003.
487
1.56
4.21
21.
891
304.
259
Nov
Dec
48.4
0415
9.95
90
41.6
470
250.
010
423.
294
4.58
782
9.53
80
1.25
7.419
-1.0
07.4
0926
2.16
56.
325
145.
713
-139
.388
2.80
3.46
12.
926.
238
123.
925
435
576.
488
936.
712
1.51
3.20
01.
891
279.
376
Dec
2009
57.2
9223
0.59
10
39.9
190
327.
802
339.
422
4.59
969
5.60
30
1.03
9.62
4-7
11.8
2223
8.29
948
.515
131.
632
-83.
117
2.42
4.80
92.
579.
991
129.
226
344
534.
199
870.
769
1.40
4.96
81.
898
331.
734
2009
Jan
54.4
4416
9.26
60
41.9
270
265.
637
416.
186
4.58
786
4.31
10
1.28
5.08
4-1
.019
.447
226.
870
1.38
814
1.04
9-1
39.6
612.
772.
031
2.85
9.24
014
5.73
343
553
0.21
188
7.751
1.41
7.962
1.89
227
3.77
2Ja
nFe
b47
.476
185.
211
039
.838
027
2.52
541
8.91
04.
589
921.1
570
1.34
4.65
6-1
.072
.131
216.
305
1.35
114
6.50
3-1
45.15
22.
705.
664
2.77
6.81
713
3.85
743
548
9.71
281
3.72
21.
303.
434
1.89
326
5.06
5Fe
bM
ar45
.881
172.
834
046
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026
5.43
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7.927
4.58
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0.93
70
1.35
3.45
3-1
.088
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195.
355
33.4
9215
8.09
2-1
24.6
002.
693.
193
2.76
3.94
814
9.67
043
549
0.92
776
8.46
81.
259.
395
1.89
426
4.54
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arA
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.164
189.
722
046
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028
7.55
045
3.50
34.
591
943.
672
01.
401.
766
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4.21
615
8.14
733
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144.
452
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2.69
9.34
62.
746.
678
160.
106
435
459.
082
751.
409
1.21
0.49
11.
895
259.
538
Apr
Maj
70.7
8520
7.25
90
46.3
100
324.
354
421.
397
4.59
293
0.63
80
1.35
6.62
7-1
.032
.273
166.
718
33.5
2214
8.95
1-1
15.4
292.
686.
933
2.73
8.22
215
9.00
243
551
7.89
276
2.26
81.
280.
160
1.89
526
4.45
5M
ayJu
n75
.440
179.
644
045
.217
030
0.30
141
6.13
74.
594
911.
968
01.
332.
699
-1.0
32.3
9818
4.36
333
.702
140.
881
-107
.179
2.66
5.77
62.
742.
960
162.
934
403
522.
858
751.1
521.
274.
010
1.89
627
1.32
4Ju
neJu
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172.
223
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030
2.41
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4.79
14.
594
896.
856
01.
266.
241
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173.
969
35.7
6114
2.86
1-1
07.10
02.
637.
640
2.70
4.50
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4.21
238
057
7.87
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51.
303.
139
1.89
727
1.05
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170.
561
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029
9.72
632
1.90
14.
595
824.
998
01.1
51.4
94-8
51.7
6817
4.42
435
.359
156.
880
-121
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2.60
0.94
02.
653.
843
177.
676
375
600.
624
731.1
151.
331.
739
1.89
829
0.40
5Au
gSe
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7.439
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5.48
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4.52
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824.
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2-7
67.6
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139
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151.
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7.34
52.
744.
328
180.
422
375
785.
949
713.
923
1.49
9.87
21.
897
294.
099
Sep
Oct
77.12
117
2.67
90
41.5
040
291.
304
317.
861
4.59
777
7.448
01.
099.
906
-808
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228.
386
48.4
3515
2.25
7-1
03.8
222.
588.
470
2.71
3.03
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8.74
437
558
5.10
384
4.63
41.
429.
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1.89
825
3.68
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ctN
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046
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030
3.90
933
1.77
24.
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758.
968
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095.
338
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219.
096
48.4
3315
3.44
5-1
05.0
122.
580.
277
2.69
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9.01
137
559
4.40
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1.53
21.
445.
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1.89
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238.
299
48.5
1513
1.63
2-8
3.11
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9.99
112
9.22
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4.19
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0.76
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1.89
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54.5
0913
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7-7
6.05
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080
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1.39
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150
0.67
387
3.29
01.
373.
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1.89
931
3.66
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861
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601
660.
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92.11
320
6.18
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367
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22.
515.
882
143.
771
321
508.
629
864.
914
1.37
3.54
31.
899
304.
232
Mar
Apr
62.5
2419
9.52
00
48.3
320
310.
376
330.
157
4.60
267
6.76
70
1.01
1.52
6-7
01.15
019
5.42
162
.956
119.
002
-56.
046
2.35
6.89
62.
496.
271
146.
693
321
504.
214
845.
903
1.35
0.11
71.
899
296.
092
Apr
Maj
78.3
1223
5.00
80
48.4
530
361.
773
348.
289
4.60
266
0.28
20
1.01
3.17
3-6
51.4
0020
4.52
863
.044
118.
555
-55.
511
2.34
2.84
72.
491.
864
160.
353
321
538.
531
856.
824
1.39
5.35
51.
899
282.
536
May
Jun
87.8
8027
1.96
20
47.18
70
407.
029
322.
712
4.60
364
4.12
60
971.
441
-564
.412
195.
625
63.2
4011
1.97
2-4
8.73
22.
344.
714
2.49
1.60
716
3.43
126
855
0.97
586
9.78
11.
420.
756
1.90
034
0.84
4Ju
ne
12
34
56
(1+
2+..+
5)7
89
1011
(7
+...+
10)
12
(6-1
1)13
1415
16
(14-
15)
1718
(1
3+16
+17)
1920
2122
23
(21+
22)
2425
Curr
ency
in
vaul
tsDe
posit
s
Secu
ritie
s ot
her
than
sh
eres
Loan
sOt
her
claim
sTo
tal
Depo
sits
Secu
ritie
s ot
her
than
sh
eres
Loan
sOt
her
liabi
litie
sTo
tal
Net f
orei
gn
asse
ts
Clai
ms o
n Ce
ntra
l Ban
k
Clai
ms o
n Ce
ntra
l go
vern
men
t
Liab
ilitie
s to
Cent
ral
gove
rnm
etn
Net c
laim
sCl
aim
s on
othe
r sec
tors
Tota
lOt
her
item
s (n
et)
Liab
ilitie
s to
the
Cent
ral
bank
Dem
and
depo
sitsu
Tim
e de
posit
sTo
tal
Secu
ritie
s ot
her
than
sh
ares
Tota
lCa
pita
l
Net c
laim
s on
Cent
ral g
over
nmen
tDe
posit
s by o
ther
sect
ors
Clai
ms o
n no
nres
iden
tLi
abili
ties t
o no
nres
iden
tsDo
mes
tic lo
ans
Liab
ilitie
s
36Statistički biltenJul 2010.
Tab
ela
1.3-
Mon
etar
ni p
regl
ed, u
000
eur
a, s
tanj
e na
kra
ju p
erio
da
Tab
le 1
.3 -
Dep
osit
ory
Corp
orat
ions
Sur
vey,
end
-per
iod
bal
ance
, EU
R th
ousa
nd
* Cen
traln
a ba
nka
Crne
Gor
e ne
ma
emisi
onu
funk
ciju
; eur
o je
zvan
ično
sred
stvo
pla
ćanj
a u
Crno
j Gor
i**
Sta
nje
na 3
1.XI
I **
* Izv
rsen
a re
vizi
ja p
odat
aka
i met
odol
ogije
za p
erio
d od
200
7. g
odin
eIz
vor:
CBCG
* Cen
tral B
ank
of M
onte
negr
o do
es n
ot is
sue
curre
ncy;
EU
RO is
the
lega
l ten
der i
n M
onte
negr
o**
Bal
ance
as a
t 31
Dec
embe
r**
*Dat
a an
d m
etho
dolo
gy re
vise
d sin
ce 2
007
Sour
ce: C
BM
Potr
aživ
anja
od
nere
zide
nata
Ob
avez
e p
rem
a ne
rezi
dent
ima
Net
o st
rana
ak
tiva
Dom
aći k
redi
tiN
eto
osta
le
stav
ke
Ob
avez
e*
CBC
GBa
nke
Uku
pno
CBC
GBa
nke
Uku
pno
Net
o p
otra
živa
nja
od
cent
raln
e V
lade
Potr
aživ
anja
od
ost
alih
se
ktor
aU
kup
noD
epoz
iti p
o vi
đenj
uO
roče
ni
dep
ozit
iU
kup
no
dep
ozit
iH
OV
osi
m
akci
jaK
apit
al
12
3 (1
+2)
45
6 (4
+5)
7 (3
-6)
89
10 (8
+9)
1112
1314
(12+
13)
1516
**20
0746
7.93
834
2.02
880
9.96
622
.455
798.
933
821.
388
-11.
422
-168
.464
2.25
0.69
02.
082.
226
29.2
0479
1.37
696
6.95
81.
758.
334
1.88
128
1.39
4**
*200
720
0831
3.04
325
0.01
056
3.05
323
.138
1.25
7.41
91.
280.
557
-717
.504
-150
.715
2.80
6.24
52.
655.
529
80.3
4357
6.66
694
8.30
61.
524.
972
1.89
133
0.81
720
08Ja
n48
1.18
530
6.42
178
7.60