Organization Structure of the Central Bank




I.                     PRESIDENT OF THE COUNCIL OFFICE performs technical and administrative operations for the needs of the President of the CBM Council.


II.                   INTERNAL AUDIT performs regular monitoring and control system operations in the Central Bank and evaluates the established internal audit systems.


The Inspector General manages internal audit.

Inspector General: Pero Ćuk, tel. 403-103, and 245-418


III.                  BANK SUPERVISION DEPARTMENT perform operations related to: supervision of banks and financial institutions, cooperation with other bank supervision authorities, preparation of proposals of enabling acts governing banking and financial institutions, issuing licenses, permissions and approvals for banking operations, monitoring of implementation of proposed measures, and other activities aimed at establishing and maintaining a sound banking system.

Divisions within the Department:

-         Indirect Supervision of Banks - OFF SITE control

-         Direct Supervision of Banks - ON SITE control,

-         Legal-Normative Operations,

-         Issuing Licenses, Permissions, and Approvals for Banking Operations

-         Monitoring and Implementation of Measures Against Banks

Director: Tarik Telaćević


IV.               FINANCIAL AND BANK OPERATIONS DEPARTMENT performs operations related to: short-term lending to banks, providing banking services on behalf of authorities and agencies of the Republic, foreign governments, and foreign central banks; handling foreign exchange reserves, international payment operations, international correspondent relations, and other operations related to banking and finance.

Divisions within the Department:

-         Banking Operations

-         Foreign Exchange Handling

-         International Payment Operations and Correspondence

Director: Idriz Ćetković, tel. 225-311, and 403-140


V.                 PAYMENT SYSTEM OPERATIONS DEPARTMENT performs inland payment system operations related to settlement and inter-bank clearing, maintains accounts and carries out payment operations on behalf of the clients of the CBM, and supplies the regions with cash.

Divisions within the Department:

-         Inter-bank Payment Operations

-         Information System of Payment Operations

-         Register of Accounts

-         Payment Operations on Behalf of the Clients of the CBM

-         Fiscal Function Implementation

Director: Goran Bakić, tel. 232-011, E-mail


VI.               RESEARCH AND STATISTICS DEPARTMENT collects, processes, and analyses data for preparation of macroeconomic studies and forecasts, prepares reports for financial and other international organisations, reports and publications of the CBM, the director general and chief economist, and proposes recommendations given to the Government in the area of economic policy.

Divisions within the Department:


-         Monetary Research and Statistics

-         Balance of Payments

-         Analysis and Research of Real Sector Developments

-         Fiscal Analyses

-         Publications and Library

The Chief Economist manages the Department.

Chief Economist: Ph. D. Econ. Nikola Fabris, tel. 224-376, and 403-115, E-mail

VII.              VAULT monitors cash flows, sees to provide sufficient quantities of banknotes and coins within the territory of the Republic, organizes and performs transactions with precious metals and other valuables, and takes measures on revealing false means of payment.

Divisions within the Department:

-         Cash Operations

-         Cash Distribution

-         Division for Means of Payments Expertise and Precious Metals Transaction

Manager: Todor Cicmil, tel. 225-116, and 403-113, e-mail:


VIII.            DIVISION FOR LEGAL AND ADMINISTRATIVE OPERATIONS proposes regulations that are the jurisdiction of the Central Bank and that are not in the jurisdiction of other organisational units; proposes general acts, and contract; gives opinions on acts and contracts prepared by other organisational units, act as legal representatives on behalf of the CBM in the competent courts, prepares individual acts on rights, obligations, and responsibilities of employees, keeps personnel records; receives, files, and distributes mail, notes necessities, and carries out public procurement procedures.

Divisions within the Department:

-         Normative and Legal Operations

-         Administrative Operations

-         Office Operations

-         Public Procurement

Manager: Stojanka Redžić tel. 225-971, and 403-256, E-mail


IX.               DIVISION FOR REGULATIONS AND PAYMENT OPERATIONS CONTROL proposes regulations for inland payment operations, receives and processes payment system licensing applications, proposes regulations on issuing and revoking licenses for payment system operations.


Divisions within the Department:

-         Payment Operations Regulation

-         Payment Operations Control

-         Payment System Licensing

Manager: Veselin Koprivica, tel. 230-031, and 230-033, E-mail


X.                 INFORMATION TECHNOLOGY CENTRE provides IT support to all organisational units of the CBM in performing tasks related to the CBM principal functions, as well as those of general and organisational nature.

Divisions within the Centre:

-         Development of Program Solutions

-         System Architecture

-         IT Maintenance and Protection

-         Users` Support

Director: Tamara Gazdić, tel 224-535; 403-128 E-mail:


XI.               DIVISION FOR COOPERATION WITH FINANCIAL AND OTHER INTERNATIONAL ORGANISATIONS cooperates with financial and other international organisations


Manager: Snežana Milić, tel.403-187, E-mail:


XII.              HUMAN RESOURCES MANAGEMENT DIVISION manages development and professional training of employees, and proposes personnel policy implementation measures.


Manager: Stanka Vizi, tel.244-430, E- mail:


XIII.            ACCOUNTING AND FINANCES DIVISION takes care of earmarked funds and economical usage of the Central Bank`s funds, and in time preparation of all financial reports.


Units within the Division:

-         Finances

-         Accounting

Manager: Zdenka Rakočević, tel. 224-687, E-mail:


XIV.          DIVISION FOR COMMON AFFAIRS performs general operations that enable working conditions of other organisational units.


Units within the Division:

-         Security

-         Current and Investment Maintenance

-         Services and Material Requisition

Manager: Sreten Pejović, tel. 225-243, and 403-120