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May 2, 2003 - Friday |
Money supply drops in Montenegro
PODGORICA - According to the figures released by the Central Bank of Montenegro, the current money supply in the republic is 360 million euro, which is by eight million less than in late January this year, and by as much as 78 million euro less than at the end of 2002.
Economic expert Aleksandar Radulovic has said that the three main reasons for the drop in the bank deposits and the reduction of the overall money supply are: "First, Montenegro's foreign trade deficit is big; second, with the introduction of the value added tax on April 1 a part of the transactions has gone from legal to illegal flows, and third, there is not enough trust in commercial banks, which is well illustrated with the fact that the total savings in the banks amounts barely to one or one and a half percent of the money supply".
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