Every year late July and early August, unique International Book Fair, an event which gathers hundreds of domestic and foreign editors and tens of distinguished writers, takes place in the ancient "town of writers" – Herceg Novi. Devotees of books together with writers gather in a park next to the fountain of the Institute in Igalo, promoting new books and author evenings during the fifteen days of the Fair. In the biggest outdoors bookstore in the Balkans, readers have an opportunity to see and buy the latest belletristic and reference books, at favourable price. Apart from other prizes, the Fair also awards the prestige prize "The Golden Palm" for the best editorial project of the year.

The organizers of this event are the Assembly of the Herceg Novi Municipality, the Ministry of Culture of the Republic of Montenegro, the Association of writers of Montenegro and the Institute of Igalo.