FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
MONTENEGRO STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Montenegro Country Report
Zeljko Sturanovic, a former justice minister,
took office in November 2006 after
parliament approved a new government. He
succeeded his close ally and spearhead of
Montenegrin independence, Milo Djukanovic,
who stepped down in October, just a month
after winning the first post-independence
general elections. Mr Sturanovic has
promised to work for EU and NATO
membership.
At the time of his first premiership he was an
ally of then Serbian leader Slobodan
Milosevic and favored the preservation of a
federal Yugoslavia. Under his premiership
Montenegrin forces within the Yugoslav army
played an important role in the siege of
Croatia’s historic city of Dubrovnik. A rift with
Mr Milosevic developed from the mid 1990s
on.
He went on to win favor with the EU when he
declared that Montenegro was not a party to
the conflict over Kosovo when President
Milosevic’s actions there led to NATO air
strikes.
His pursuit of independence rang EU alarm
bells over potential dangers for Balkan
stability. Under EU pressure, he reluctantly
agreed to the formation of the new, looser
Union of Serbia and Montenegro in 2003 -
but only after it was agreed that the crucial
referendum on its future could be held three
years later.
The European Union has told Montenegro
there will be no shortcut to membership, but
that a key agreement could be concluded by
the end of 2006. Enlargement Commissioner
Olli Rehn said it was possible to reach a
"stability and association agreement" this
year.
He was speaking after talks with
Montenegrin leader Milo Djukanovic, who
says his country could fulfill all joining
conditions in a few years. It is his first trip
abroad since Montenegro voted for
independence.
Economic Performance
Montenegro severed its economy from
federal control and from Serbia during the
Milosevic era and maintained its own central
bank, used the euro instead of the Yugoslav
dinar as official currency, collected customs
tariffs, and managed its own budget. The
dissolution of the loose political union
between Serbia and Montenegro in 2006 led
to separate membership in several
international financial institutions, such as the
European Bank for Reconstruction and
Development. On 18 January 2007,
Montenegro joined the World Bank and IMF.
Montenegro is pursuing its own membership
in the World Trade Organization as well as
negotiating a Stabilization and Association
agreement with the European Union in
anticipation of eventual membership. Severe
unemployment remains a key political and
economic problem for this entire region.
Montenegro has privatized its large
aluminum complex - the dominant industry -
as well as most of its financial sector, and
has begun to attract foreign direct
investment in the tourism sector.*
* BBC Country Profile
https://www.cia.gov/library/publications/the-world-
factbook/geos/mj.html
Key Information Contacts
Securities Commission of Montenegro www.scmn.cg.yu
Central Depository Agency www.cda.cg.yu
Central Bank of Montenegro www.cb-cg.org
Ministry of Finance www.ministarstvo-finansija.cg.yu
Montenegro Statistical Office www.monstat.cg.yu
FOREIGN TRADE IMPORT (US$ millions)
Total
Europe
Asia
Africa
North and Central America
South America
Oceania
2000 2001 2002 2003 2004
354,531
307,274
17,760
6,669
7,519
15,177
132 529,409
451,301
25,677
542
18,497
33,269
123 681,587
589,846
33,420
1,143
24,109
32,835
234 601,716
516,476
43,346
840
21,245
19,360
449 -
-
-
-
-
-
-
2000 2001 2002 2003 2004
161,335
139,804
200
784
20,545
-
5 177,960
175,807
1,593
34
482
-
40 194,195
192,240
182
1,183
585
-
5 171,286
165,474
526
210
5,068
1
7 -
-
-
-
-
-
-
FOREIGN TRADE EXPORT (US$ millions)
Total
Europe
Asia
Africa
North and Central America
South America
Oceania
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