IMF Staff Country Reports

Montenegro: Central Bank Transparency Code Review

April 4, 2025

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International Monetary Fund. Monetary and Capital Markets Department "Montenegro: Central Bank Transparency Code Review", IMF Staff Country Reports 2025, 083 (2025), accessed May 22, 2025, https://doi.org/10.5089/9798229005203.002

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Summary

The transparency of the Central Bank of Montenegro (CBCG)’s legal framework, its mandate, autonomy, and decision-making arrangements have all been strengthened over time, but further improvements are recommended. The most important room for improvement is for the CBCG’s website to clearly explain that Montenegro’s unilateral euroization limits the scope for an independent monetary policy and for the provision of ELA. That should be aligned with an enhanced policy strategy, which should explain its operational framework and toolkit, helping the public understand how policies are formulated and what to expect. In addition, it should ensure timely publication of all its opinions on draft laws concerning the financial sector. The discussion on the website of the CBCG’s existing functional autonomy could stress that the CBCG can perform its mandate without prior approval needed from the Government. Finally, the CBCG’s transparency could be enhanced by clarifying the function of the Governor’s Collegium and by publishing the general act establishing the remuneration of the Governor, Vice-Governors, and Council members on its website, along with existing links to their incomes and assets, which is already available in the Anti-Corruption Agency website.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central Banks, Crime, Financial sector policy and analysis, Financial sector stability, International reserves, Reserves management, Social networks, Technology

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CBCG bulletin, CBCG communication channel, Central bank Transparency Code, Financial sector stability, Global, International reserves, Knowledge gap index, Reserves management, Review mission, Social networks

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