Cash management and forecasting The relationship between the Ministry of Finance and the Central Bank of Montenegro Marija Popović Branka Rogošić Pavle.

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Presentation transcript:

Cash management and forecasting The relationship between the Ministry of Finance and the Central Bank of Montenegro Marija Popović Branka Rogošić Pavle Kaluđerović Moscow, April 4-6, 2017

The Central Bank of Montenegro is the supreme institution within the monetary system of Montenegro. It was established in November 2000 and started its business operations on March 15, 2001 as one of the youngest central banks in the world. It acts as a fiscal agent, banker and advisor to the state and conducts regular macroeconomic analyses, providing the Government with recommendations concerning economic policies. Financial Stability Council is one of the bodies comprised of, among others, the Minister of Finance and the Governor of the Central Bank. Its objective is monitoring, identification, prevention and mitigation of potential system risks within the financial system and preserving its stability.

2010 Law on the Financial Stability Council; The Central Bank may deposit cash of the state bodies and organisations, open accounts for those subjects and make payments on those accounts; It makes payments on demand of state bodies and organisations up to the amount of deposited funds; It pays interests on deposited funds at least at rates prevailing on the market of Montenegro, and calculates and charges fees for carrying out such operations;

Pursuant to the Law on Banks, the Central Bank provides recommendation for economic policy management to the Montenegro Government on a yearly basis. The Law on Budget and Fiscal Responsibility provides that the Ministry of Finance shall conclude an agreement with the Central Bank for performing banking operations, and the Ministry may also, in accordance with the debt management strategy guidelines, invest the free resources from the consolidated account of the Treasury as the deposit at the Central Bank. The Central Bank issues an opinion to the Government, i.e. the Ministry of Finance, on the Debt Management Strategy which defines the framework borrowing program for the 3-year period, guidelines for risk identification while taking loans, guidelines for debt, cash, guarantee and loan management, and other issues significant for debt management.

It may perform tasks regarding securities issued by Montenegro, including tasks of registering those securities; it may make payments of principals, interests and other costs concerning securities and perform other related tasks, pursuant to the conditions agreed upon with the Ministry of Finance; As the fiscal agent of the Government and the Ministry of Finance, it acts during an auction of government records, for which the offers are submitted through this Bank. The bidders pay the funds to the Liquidity account at this Bank as a means of payment guarantee; the funds are recovered to the unsuccessful bidders, and the successful ones pay the full purchase price of the accepted offer minus the offer guarantee to the Liquidity account

The Central Bank makes the payment of funds for buy-back of government records in the name and account of the Ministry of Finance, and based on a specific authorisation The Ministry of Finance pays the fees for all the services of the Central Bank as set in the Decision on Determining Tariffs for Calculating Fees by the Central Bank or based on a specific Agreement Apart from the fees, the Agreement also provides the details concerning the time and manner of performing transactions for specific services provided to the Ministry of Finance by the Central Bank as the state’s banker and fiscal agent. Thank you!