PODGORICA (Montenegro), February 7 (SeeNews) – Montenegro's central bank CBCG plans to hire an international audit company to analyse its commercial banks supervision activities in the last five years, it said.
The project will be carried out in cooperation with the Delegation of the European Union (EU) to Montenegro and will aim to guarantee the credibility of the central bank's activities, CBCG said in a statement on Wednesday.
In December, Montenegro's central bank placed Atlas Banka [MNG:ATBA] and Invest Banka [MNG:IBMN] under its temporary administration, citing their poor financial condition, after audit results showed that the capital of the two lenders did not meet the minimum risk requirements.
In an open letter to Montenegro's president Milo Djukanovic and prime minister Dusko Markovic in December, the owner of Atlas Banka, Dusko Knezevic, said the country's justice system was at the root of the two banks' problems and expressed concerns about the quality of the central bank's work.