Montenegro: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission
IMF Staff Country Reports, July 30, 2019
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- Montenegro: Technical Assistance Report-Report on the Monetary and Financial Statistics Mission
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Bibliographic details
- Published: July 30, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513509334.002
Summary
- Mission work included compiling monetary data based on the IMF standardized report forms (SRF), 1SR, and SRF 2SR, for depository corporations.
- The depository corporations sector currently dominates the financial system in Montenegro.
- The Central Bank of Montenegro (CBCG) should ensure the availability of source data for the compilation and dissemination of a quarterly Other Financial Corporations (OFC) survey given the sector’s potential to grow.
- The mission found the CBCG’s current data collection framework is broadly appropriate for the compilation of monetary data in line with the MFSMCG 2016 for the depository corporations’ sector, but further work is needed for OFCs.
- The mission advised on the correct treatment of negative interest accruals (due to negative interest rates) to ensure that the negative accruals diminish the value of the asset.
Major findings
- Data compilation:
- Monetary data were compiled using IMF standardized report forms (SRF), 1SR, and SRF 2SR for depository corporations.
- The CBCG’s data collection framework is broadly appropriate for depository corporations under MFSMCG 2016.
- Other Financial Corporations (OFCs):
- The OFC sector has potential to grow; source data for a quarterly OFC survey should be made available.
- Further work is required to bring OFC data compilation in line with MFSMCG 2016 expectations.
- Negative interest accruals:
- Correct treatment was advised so that negative interest accruals diminish the value of the asset.
Policy recommendations and technical advice
- Ensure availability and regular collection of source data to support a quarterly OFC survey.
- Strengthen compilation procedures for OFCs to achieve compliance with MFSMCG 2016.
- Adopt the recommended accounting/treatment for negative interest accruals so that negative accruals reduce asset values.
Subject areas and keywords
- Subject: Banking, Chart of accounts, Commercial banks, Currencies, Economic and financial statistics, Financial institutions, Financial statements, Monetary statistics, Money, Public financial management (PFM)
- Keywords: CBCG management, CBCG official, CBCG staff, CBCG's chart of accounts, CBCG's Directorate for Accounting, CBCG's holding, CBCG's Information Technology Department, Chart of accounts, Commercial banks, CR, Currencies, fair value, Financial statements, financial system, holdings of debt securities, holdings of Eurobond, holdings of government, interest receivables, ISCR, Monetary statistics
Content in this bundle
- 1. Priority Recommendations