IMF国际货币组织全球-Montenegro_Technical-Assistance-Report_29页_899kb

Summary of the Technical Assistance Report on Montenegro's Monetary and Financial Statistics Mission

Core Content

This Technical Assistance Report (TAR) was prepared by the International Monetary Fund (IMF) staff for the Central Bank of Montenegro (CBCG) to support the compilation and reporting of monetary and financial statistics (MFS) in line with the IMF's Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG 2016). The mission, conducted from December 5 to 19, 2018, aimed to improve the data collection framework and ensure the quality and consistency of MFS reporting.

Main Objectives

1. Compile MFS data for depository corporations (DCs) using the IMF's standardized report forms (SRFs), specifically 1SR and 2SR.
2. Review and prepare for the compilation of MFS data for other financial corporations (OFCs) using the SRF 4SR.
3. Design a joint plan for regular reporting of MFS data to the IMF's Statistics Department (STA).
4. Address methodological issues related to MFS data collection and reporting.

Key Outcomes and Recommendations

1. Regular Reporting to the IMF

• The mission recommended that the CBCG start regular monthly reporting to STA from June 2019 for SRF 1SR and 2SR, based on the MFSMCG 2016 methodology.
• Historical data from January 2013 to December 2017 should also be compiled and reported to STA by December 2019.
• The mission emphasized the importance of automatizing the compilation of monetary data to ensure quality and timeliness.

2. Data Collection Framework

• The CBCG has an improved data collection framework in place for DCs, aligned with IFRS9 and European regulations.
• A bridge table was developed to map the CBCG's chart of accounts (COA) to SRF 1SR, and a similar bridge table was created for ODCs to map their COA and additional reports to SRF 2SR.
• The Statistical Office of Montenegro (Monstat) maintains a register of institutions operating in the country, and the mission recommended that the registry be officialized and continuously updated.

3. Classification of Financial Institutions

• The classification of financial institutions in Montenegro is consistent with the MFSMCG 2016.
• The Investment Development Fund (IDF) is classified in the government sector due to its non-risk nature, and the mission endorsed this classification.

4. Currency Classification

• The currency classification for monetary statistics is in line with the MFSMCG 2016 and the IMF's Balance of Payments and International Investment Position Manual.
• The euro is the legal tender, and domestic positions in euros are classified under domestic currency, while positions with nonresidents are classified under foreign currency.

5. Handling of Negative Interest Accruals

• The mission advised on the correct treatment of negative interest accruals, recommending that they be reclassified to ensure they reduce the value of assets.
• This reclassification was applied to Eurobonds of the Government of Montenegro, which were previously classified as claims on nonresidents but are now classified as claims on government.

6. Exclusion of Ekos Bank

• Ekos Bank AD Podgorica, which has been under liquidation since 2003, was excluded from the ODC reporting population due to its small size.
• The mission recommended that the CBCG include this exclusion in the IFS Country Notes.

7. Additional Data Requests

• The mission identified the need for supplementary data from ODCs to ensure the granularity of monetary statistics.
• These include additional tables and counterparty sector and currency breakdowns for certain assets and liabilities.
• The mission suggested that these data requests be added to the existing reporting forms of ODCs.

Priority Recommendations

Main Views and Key Information

• The financial system in Montenegro is dominated by banks, which account for 92% of financial sector assets.
• The OFC sector includes insurance companies, pension funds, and other financial intermediaries, making up 8% of financial sector assets.
• The CBCG oversees most of the financial system, including commercial banks, microcredit institutions, and financial leasing and factoring companies.
• The Insurance Supervisory Agency (ISA) and Securities Exchange Commission (SEC) are responsible for supervising insurance companies and investment funds, respectively.
• The Financial Stability Council (FSC) monitors financial system risks and includes the CBCG, MOF, ISA, and SEC.
• The mission highlighted the importance of aligning with international standards (e.g., IFRS9, ESA 2010) and improving data quality and consistency.
• The automatization of data compilation is strongly recommended to enhance the timeliness and reliability of monetary statistics.
• The reclassification of Eurobonds and handling of negative interest accruals are critical steps to ensure data accuracy.