The Central Bank of Montenegro reported on the 76th meeting of the Financial Stability Council, which reviewed the fourth quarter 2025 financial stability update and examined the first year of implementation of the Financial Sector Roadmap towards Sustainable Finance. The Council concluded that the Montenegrin financial system remains stable, while noting measurable early progress in establishing the governance, capacity and regulatory groundwork for sustainable finance. The Council cited 3.2% economic growth in the first nine months of 2025, with annual growth in retail trade and construction and a decline in industrial production, while January–November saw slightly higher foreign tourist revenues despite a 1.4% fall in overnight stays and a 5% rise in arrivals. In the banking sector, it observed continued deposit growth and assessed exposure to systemic risks at end-2025 as moderate, identifying cyclical risks linked primarily to strong credit growth and rising real estate prices; it also reviewed 2025 public finance trends and assessed the Deposit Protection Fund as having adequate capacity to meet its statutory responsibilities. On sustainable finance, the implementation report highlighted progress in 2025 including the establishment of governance and coordination mechanisms, institutional capacity building, and preparation of regulatory and methodological foundations, including banking-sector guidelines for ESG risk management and preparatory work in the capital market on legislation for green and sustainable instruments. Key challenges were identified as limited institutional and market capacity, lack of comparable data and the need to keep pace with evolving European Union requirements, with the forthcoming period prioritising operational rollout of frameworks and guidelines, improved data collection and reporting tools, further training and technical assistance, and continued sectoral, regional and international cooperation.

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