The Central Bank is governed by Council of the Central Bank of Montenegro, consisting of seven members – four executive officers of CBM and three members that are not CBM employees.

In addition to governing the CBM, the Council determines policies in compliance with the law, passes regulations, recommendations and orders issued by the CBM, decides on issuing and revoking licenses to banks, financial institutions and payment system bearers, and performs other duties specified in the law.

The decisions made by the Council have the nature of general acts – regulations – and are published in the "Official Gazette of the Republic of Montenegro".

The Council decides on its meetings.  A meeting must be attended by at least five members to be held.  The meetings are held on a monthly basis as a minimum.  The Council Secretary takes minutes of the meetings.