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State-owned bank in Montenegro From Wikipedia, the free encyclopedia
The Central Bank of Montenegro (Montenegrin: Centralna Banka Crne Gore, or CBCG) is the central bank of Montenegro. Montenegro does not issue its own currency, and unilaterally adopted the euro in 2002. The stated mission of the central bank is to establish and maintain a sound banking system and monetary policy.
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| Headquarters | Podgorica |
|---|---|
| Established | March 15, 2001 |
| Ownership | 100% state ownership[1] |
| Governor | Irena Radović |
| Central bank of | Montenegro |
| Reserves | 1.7 billion USD[2] |
| Preceded by | National Bank of Yugoslavia |
| Succeeded by | European Central Bank 1 |
| Website | Official website |
| 1 Many policies are managed de facto by the ECB/eurosystem, even if the bank is not part of the Eurosystem or the European System of Central Banks. | |
The Central Bank of Montenegro was established by the Parliament of Montenegro in November 2000, when the country was part of a political union of Federal Republic of Yugoslavia. With its establishment, the Republic of Montenegro obtained an independent authority responsible for monetary policy, and establishment and maintenance of sound banking system and efficient payment system operations.
The Central Bank of Montenegro does not participate in the European System of Central Banks or in ECB meetings. Instead, it tracks ECB policy, making the latter the de facto central bank of Montenegro for monetary policy purposes. One of the main proclaimed goals of the Central Bank of Montenegro is the accession of the country to the Eurozone. Montenegro does not mint, issue or print euro coins or notes and imports them from other countries that are part of the Eurozone.
 | This article needs additional citations for verification. (July 2022) |
The Central Bank of Montenegro is the supreme institution of the monetary system of Montenegro. It was established by the Law on the Central Bank in November 2000, and began its work on 15 March 2001, which makes it one of the youngest central banks in the world.
The Constitution of Montenegro defined it as "an independent organization responsible for the monetary and financial stability and functioning of the banking system". In fulfilling the responsibilities assigned to the Constitution, the Bank, among other things: performs supervision of the banking system; performs and controls inter-bank payment operations in the country and abroad; acts as a fiscal agent, a banker and a state advisor, and performs regular macroeconomic analyzes, giving recommendations to the Government for Economic Policy.
The Montenegrin monetary system was euroized on 2 November 1999, when the German Mark was adopted as legal tender alongside the Yugoslav Dinar. Since January 2001, the sole means of payment has been the German mark until the country unilaterally adopted the euro at end-March 2002. One of the Central Bank of Montenegro's strategic objectives of the CBM is to join the Eurosystem.
The CBM is not an issuing bank, and it has the following powers and responsibilities in the performance of its functions determined by law:
The current Governor of the Central bank of Montenegro is Irena Radović, as of 15th December 2023.[3] The position of the Governor was created after Montenegro achieved independence in 2006. The holder of the office is confirmed by vote in Parliament.
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