Central Bank Of Montenegro

Central Bank of Montenegro is the main monetary authority in Montenegro. The Central Bank of Montenegro Law was passed in 2000, on the basis of which the Central Bank of Montenegro was established in March 2001 as an independent institution of the Republic of Montenegro responsible for monetary policy, establishment and maintenance of sound banking system and efficient payment system in the Republic. Its independence function was set forth in the Law. The Central Bank of Montenegro does not have an issuing function. The Council governed by the Central Bank consisting of seven members: President of the Council, Director General and two deputies of the Director General who were at the same time executive officers in the Central Bank. Parliamentary body responsible for elections and appointments proposed executive officers, and three members of the Council not employed by the Central Bank were proposed by the Government of Montenegro. The Central Bank Council was appointed by the Parliament of Montenegro. Based on the new Constitution of Montenegro (which defined CBCG as constitutional category), new Central Bank of Montenegro was passed in 2010. According to this law, CBCG became responsible for preserving financial system stability, including encouraging and maintaining sound banking system and safe and efficient payment system. Moreover, CBCG contributed to preserving price stability. Currently, the Central Bank Council governs the Central Bank comprising of seven members: Governor, two Vice-Governors and four members. Members of the Council are appointed by the Parliament of Montenegro: the Governor upon the proposal of the President of Montenegro, Vice-Governors upon the proposal of the Governor and four members upon the proposal of the Parliamentary body responsible for finance.