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CBM policy for 2016

Pursuant to Article 44 paragraph 2 item 1 of the Central Bank of Montenegro Law (OGM 40/10, 46/10 and 6/13), at its meeting held on 24 November 2015, the Council of the Central Bank of Montenegro adopted the following


I. In line with its constitutional responsibilities and statutory obligations and accountability for monetary and financial stability and the banking system functioning, and adhering to the principles of transparency and independence, in 2016, the Central Bank of Montenegro (the CBCG) will:

  1. with a view to improving confidence to the complete financial system, improve stability and soundness of the banking sector, and minimize adverse effects and risks, follow the policy of monetary and financial stability based on taking all necessary activities and using all available instruments and measures within its competence. With a view to fostering and preserving monetary stability, the CBCG will pursue the reserve requirement policy based on the assessment of effectiveness and efficiency of the applicable solutions and instruments and - if required - implement other monetary policy instruments. With a view to further promoting and preserving the financial stability, it will supervise the implementation of the macro-prudential framework, develop indicators assessing the financial stability and combating systemic risks, as well as instruments for supressing the latter. With the aim of fostering the financial system, it will particularly focus on fostering and maintaining the stability of the banking sector. To that end, it will continue to monitor and analyse the situation in the banking sector and, if necessary, take corrective actions, promote the strengthening of corporate governance and risk management in banks, and continue the implementation of the relevant internationally accepted standards and principles in this area. It will participate in the implementation of measures related to the financial restructuring of debts with financial institutions in order to encourage the recovery of economically viable business entities and mitigate the problem of non-performing loans, stimulate economic growth and development and, ultimately, maintain the stability of the financial system. It will continue with the harmonisation of its regulatory framework with the acquis communautaire as per established schedule and the strengthening of cross-border supervisory cooperation.

  2. support the Government of Montenegro in the economic policy pursuit to the extent that will not jeopardize the attainment of its objectives, constitutional responsibilities and independence;

  3. maintain a sound, efficient and effective payment operations to be improved through aligning with the new EU legislation, the implementation of international standards, principles and best practices in the functioning of the contemporary payment systems and payment operations in general;

  4. maintain system of efficient and quality managing of international reserves and risks pertinent to the process of investing these funds, and continuously improving it adhering  to the principles of safety, liquidity, and profitability. It will provide quality performing of the task of depositor, banker and fiscal agents of public authorities and institutions constantly improving the efficiency of these functions. It will maintain the efficient international payment operations by providing timely servicing of Montenegro’s international financial obligations, adhering to the principle of good international banking practice and standards. It will continue to provide the undisturbed supply of necessary quantity and denomination structure of cash, as well as the protection of euro from counterfeiting;

  5. continue with active participation in Montenegro’s EU accession process and strengthening cooperation with the European Central Bank (the ECB), the European Commission and other relevant EU institutions, as well as with international financial institution and organisations, and participate in their operations;

  6. continue to maintain the appropriate structure of administrative capacities, with professional skills and know-how necessary for the pursuit of the functions of the CBCG;

  7. in line with the highest transparency standards, continue providing the public with timely, reliable and relevant  information about its operations;

  8. with a view to preserving, protecting, and maintaining the historical and cultural numismatic heritage in Montenegro, it will continue with collecting and supplementing the collection of money and other monetary instruments, with a particular emphasis on completing the collection of the only Montenegrin money – the Perper;

  9. also adequately develop other areas of importance for the attainment of its objectives and the exercising of its functions such as the information system development, improving the systems for operational risk management, information safety, business continuity and the like;

  10. base its functioning on the principle of a socially responsible institution as an active participant in a modern society trends.

II. This Policy shall be published on the website of the CBCG.


Dec. no. 0101-4014/79-3 


Podgorica, 24 November 2015


Milojica Dakić

    Pursuant to Article 44 paragraph 2 item 1 of the Central Bank of Montenegro Law (OGM 40/10, 46/10 and 6/13), at its meeting held on 24 November 2015, the Council of the Central Bank of Montenegro adopted the following


    1. With a view to fostering and preserving monetary and financial stability, and particularly fostering and preserving the banking system stability, the Central Bank of Montenegro (hereinafter: the CBCG) will:

    a. take necessary activities and apply all available measures and instruments of monetary and prudential policies in line with the law;

    b. continuously revisit its reserve requirement policy as the most important  monetary policy instrument, the efficiency of its implementation and, if necessary, amend reserve requirement rates and/or base coverage;

    c. continuously analyse potential risks and threats to financial stability with a view to their identification and minimising their effects through the implementation of other monetary policy instruments – open market operations, liquidity facility for banks, and the lender of last resort;

    d. monitor and analyse the situation in all segments of the financial system with a view to timely determining all potential causes of system’s instability and system’s ability to absorb them;

    e. analyse the impact of macroeconomic trends in the country and of the region on financial stability in Montenegro and, depending on the results, take adequate measures within its authority and recommend taking adequate measures outside the competences of the CBCG authority, in accordance with its powers bestowed by the Central Bank of Montenegro Law, the Financial Stability Council Law, and the Law on Foreign Current and Capital Transactions;

    f. improve the existing and develop new statistical basis and instruments for monitoring financial stability with a view adequate identifying and assessing potential risks in the areas under the CBCG competence;

    g. carry out macro stress tests aimed at testing the banking system resilience to potential macro shocks;

    h. improve mechanisms for maintaining financial stability, and/or instruments for acting in the case of a potential systemic crisis;

    i. carry out crisis simulation exercises in order to test the efficiency of solutions proposed in the CBCG’s Contingency Plan in order to ensure effective, consistent, and comprehensive acting in bank and/or systemic crisis;

    j. initiate that the Financial Stability Council continuously assesses the efficiency of the solutions contained in the National Contingency Plan;

    k. intensively cooperate with other financial system regulators in the country and with relevant international regulators and other institutions in the area of financial system stability issues;

    l. with a view to maintaining banking system stability as the key financial sector element for preserving financial stability, the CBCG will:

    - considering the protection of interests of bank depositors and creditors as the major concern, continue following the policy of prudent licensing and/or granting approvals to the entry of new legal entities into the domestic market, as well as to changes in the shareholding structures of the existing financial institutions;
    - work on improving risk management in banks and risk-based supervision;
    - with a view to stopping further increase of non-performing loans and bringing them down to an acceptable level, monitor the implementation of the Law on Voluntary Financial Restructuring of Debts Towards Financial Institutions. Thereby, it will improve the on-site supervision techniques, in line with the latest supervisory trends; 
    - continuously improve stress testing process in banks and apply it in practice with a view to timely determining additional capital and liquidity needs in banks;
    - develop systems that will contribute to the strengthening of transparency and market discipline through a comprehensive and continuous exchange of information between banks and other market participants;
    - continue cooperating with international institutions in the area of combating money laundering and terrorist financing, in parallel with the strengthening of mechanisms and procedures necessary for successful implementation of this process;
    - intensively monitor the international financial market trends, particularly considering market volatilities that may have negative repercussions to the banking system in Montenegro, in order to ensure preventive actions and create an adequate capital buffer system as a safeguard against external shocks;
    - develop cooperation with the supervisors of parent banking groups of subsidiaries operating in Montenegro, as well as with the key international financial institutions such as the World Bank, the European Bank for Reconstruction and Development (EBRD), the European Central Bank (ECB), and the European Banking Authority (EBA) with a view to synchronising supervisory activities;
    - monitor and implement improvements based on international multilateral agreements and adopted conventions in banking industry;

    m. continuously analyse inflation trending, conduct its forecasting and contribute to achieving and maintaining price stability.

    2. With a view to supporting the Government of Montenegro in pursuing its economic policy to the extent that will not jeopardise its objectives and constitutional responsibilities and independence, the CBCG will:

    a. communicate economic policy recommendations to the Government of Montenegro, so that its recommendations, measures and instruments contribute to economic recovery, increased employment and competitiveness, in the function of maintaining financial stability and fostering economic growth and development;

    b. participate in creating systemic solutions and initiate amendments of other legislation aimed at minimizing the lack of liquidity in the economy and fostering banks’ lending activity to the extent that will not result in excessive risk taking and jeopardising the banking system stability;

    c. monitor and analyse macroeconomic trends in Montenegro, countries of the region, the European Union (EU) and globally, as well as projections of trends in key macro-economic variables given by relevant international institutions, with a view to forecasting macroeconomic trends in Montenegro;

    d. continuously develop a macroeconomic model for the Montenegrin economy to forecast macroeconomic developments and analyse efficiency of the monetary policy instruments, whether this be done independently or in cooperation with other institutions;

    e. regularly collect, process and publish data on monetary and balance of payment statistics, and other statistical data produced by the CBCG and which represent significant inputs for creating economic policy;

    f. publish thematic working papers and other publications dealing with the current macroeconomic and financial issues.

    3. With a view to improving sound and efficient payment system, the CBCG will:

    a. continuously work on maintaining a safe and sound CBCG payment system for the execution of transactions between payment system participants, being the basic payment system infrastructure in Montenegro, and on its further improvement through the implementation of international standards, principles and best practises in the functioning of modern payment systems and payment system transactions in general;

    b. continue performing quality and efficient national payment system services both for the current and new CBCG clients;

    c. harmonise payment system’s regulatory framework with the new EU legislation and international standards and carry out efficient payment system supervision with a view to ensuring payment services delivery in line with applicable regulations;

    d. carry out the prudent policy of issuing licensing for payment system operations and of issuing licences to electronic money institutions;

    e. improve the functional model of enforced collection that the CBCG carries out in accordance with provision of the Law on Enforcement and Securing of Claims;

    4. With a view to further improving institutional and other prerequisites for managing the international reserves, the CBCG will:

    a. continue to efficiently manage the financial instruments portfolio. Consequently, the funds will be invested into euro denominated safe, profitable and liquid instruments, such as short- and medium-term debt securities, deposits with commercial banks, covered bonds with the appropriate rating, and the like;

    b. permanently monitor the situation in the international financial market, and timely pursue the funds’ investment policy, and through tactical allocation, i.e. adjust to trends at that market;

    c. following the principles of liquidity and safety, be engaged in repositioning the existing financial instruments in the portfolio and in improving already adopted techniques in managing funds and international reserves risks, with the view of optimising investment risks and the achieved gains;

    d. permanently improve quality of services of depository and banker with timely informing of clients on changes in operating conditions caused by events at the international financial market through the regulation of mutual relations;

    e. continue quality performing of statutory defined role of fiscal agent regarding the Treasury bills issued by Montenegro which are sold through the CBCG auction platform;

    f. perform the foreign payment operation tasks in a quality and efficient manner and constantly work on their further improving by monitoring and the implementation of international standards and principles crucial for functioning of contemporary payment systems;

    g. develop and improve the existing, and new correspondent relations with foreign central and commercial banks and other international financial institutions and organisations;

    h. permanently monitor the balance and movement of cash;

    i. on the basis of relevant indicators, analyse and plan the cash needs, and plan the optimum quantity and the denomination structure of cash necessary for regular and timely supply of CBCG clients;

    j. timely initiate the buying of necessary quantities and denominations of banknotes and coins from the foreign correspondent bank and/or selling of any surplus cash to the correspondent bank abroad, and perform replacement of torn and damaged banknotes.

    k. regarding the protection of euro from counterfeiting:

    - continue cooperation with domestic and foreign entities engaged in the protection of euro from counterfeiting, through permanent exchange of information, and participation on seminars and trainings;
    - provide necessary infrastructure for the needs of operations of national centres for the protection of euro from counterfeiting;
    - continue cooperation with all cash handlers in Montenegro, with a view to providing full application of adopted legislation in the area of protection of euro from counterfeiting, harmonised with the EU/ECB acquis communautaire.

    5. Through active participation in the process of Montenegro’s EU accession and respecting the obligations of Montenegro assumed with receiving the status of a candidate country and the recommendations communicated in the European Commission`s Screening Reports, the CBCG will:

    a. continue activities on harmonising legislation with the EU Acquis Communautaire in CBCG operations, banking, and providing other financial services within the CBCG authority. In that context,

    - the proposal of amendments to the Central Bank of Montenegro Law will be prepared, which will fully transpose the EU legislation regulating central banks’ independence and operations. In that context, the Law proposal will provide appropriate provisions that would regulate the volume of CBCG audit by the State Audit Institution (which is presently regulated by the Law on State Audit Institution), the appropriate provisions on the manner of procuring goods, services and works by the CBCG (which is currently regulated by the Public Procurement Law), while adequate amendment regarding the provision of CBCG’s institutional independence will be carried out by amending the Law on Foreign Current and Capital Operations. Moreover, the proposed amendment of the Central Bank of Montenegro Law will regulate CBCG operations after Montenegro’s entry into the EU and the Economic and Monetary Union (EMU);
    - the proposal of amendments to the Banking Law will be prepared, for the purpose of its harmonisation with the EU regulations’ package for banks’ capital standards and liquidity.
    - it will actively participate in the preparation of laws that will regulate the areas of financial leasing, micro-crediting, factoring and credit-guarantee operations;
    - it will continue activities on creating the reporting system of monetary-credit institutions to the CBCG, which will provide compliance of monetary and financial statistics in the areas of balance of payments and interest rates statistics;
    - it will make preparations for the implementation of international financial reporting standards (IFRS 9) regarding the training of employees in the CBCG and banks;
    - under the “Twinning Programme”, it will cooperate with relevant EU institutions in the realisation of set objectives of complying domestic legislation and standards with those applicable in the EU;

    b. on the basis of signed Memorandum of Cooperation with the EBA and central banks in the region, work on strengthening cooperation and exchange of information, with a view to better analysis of potential risk and their effect on the banking system;

    c. participate in the working and negotiating structures within the CBCG authority. The CBCG representatives will continue working on the production of information, and reports on negotiation chapters, and of other material necessary for efficient EU accession negotiations;

    d. continue activities on the implementation of obligations defined under the Stabilisation and Association Agreement (SAA), and the Montenegro’s Programme of Accession to the European Union 2016-2018;

    e. participate in the coordination and preparation of the national Economic Reform Programme (ERP);

    f. continue activities on institutional capacity building thereby gradually creating conditions for the future undisturbed functioning of the CBCG within the ESCB and the ECB;

    g. participate in the preparation and implementation of the EU financed projects;

    h. improve the existing, and establish new, forms of cooperation with the representatives of central banks of the EU Member States, with representatives of the ECB and of other EU institutions, by planning technical assistance and study visits;

    i. improve the communication strategy in the area of European integration through the preparation of working papers and other publications to deal with specific aspects of the EU accession;

    j. coordinate communication and fulfilment of obligations arising from the membership of Montenegro in the International Monetary Fund (IMF) and the role of the fiscal agent of the state of Montenegro in that international financial institution,

    k. coordinate cooperation with the World Bank Group, the EBRD, the European Investment Bank (EIB), and other international financial institutions, particularly in the areas of importance for the CBCG;

    l. work on further international promotion of the CBCG through the organisation of international events and seminars, organisation of working and/or study visits, and the participation of the CBCG high officials in international meetings and conferences;

    6. With a view to maintaining an adequate structure of administrative capacities for implementing the defined policy, international standards and good business practice, as well as the implementation of changes resulting from the European integration process and other changes in the business environment, the CBCG will pay due attention to further professionalization of its employees through: 

    a. participation of employees on seminars and workshops in the country and abroad;

    b. further education of employees with a view to acquiring of higher academic titles and certificates for performing specific tasks;

    c. organising regional and international seminars, workshops and/or conferences, where employees will have the opportunity to exchange knowledge and experience with the representatives of other peer institutions in relevant areas (IT, financial accounts statistics, and the like).

    7. Starting from transparency principle, the CBCG’s operations will remain open to both local and international audience, and its employees. The CBCG will promote the two-way communication both in the relations with employees, interested audience, and particularly with target groups included in financial education and financial inclusion programmes (journalists, students, children and adolescents). To that end, the CBCG will: 

    a. timely, continuously and reliably inform both domestic and international public on all aspects of its operations and on pursuing its constitutional and statutory accountabilities, in the manner comprehensible to the audience;

    b. promote raising information and level of economic knowledge in the society to contribute to better understanding of central banking, financial system and financial stability in general.

    c. use regular and temporary publication, press conferences, press releases, the CBCG website, interviews of employees, guesting on conferences, and the like;

    d. pay particular attention to informing its employees;

    8. With a view to preserving, protecting and maintaining the historical and cultural numismatic heritage in Montenegro, the CBCG will:

    a. carry out activities on collecting museum material for the purpose of completing the numismatic collection, primarily the collection of the Montenegrin money, the Perper, and other historical material and documents related to the issuing of the Montenegrin money;

    b. present the numismatic collection to the domestic and foreign public in a professional manner;

    c. promote the Money Museum as the institution of cultural and historical importance and an institution significant for educating the public and promoting the role and importance of the CBCG in the Montenegrin financial system;

    d. develop cooperation with central banks, other museums, cultural, scientific, and educational institutions in the country and abroad, with a view to improving the practice in similar activities performed by the aforesaid entities.

    9. As a support to the attainment of the stated objectives in other business areas, the CBCG will:

    a. work on improving the information system and ensuring an adequate level of services and its availability and safety, and particularly on improving the ICT infrastructure supporting the Payment System (RTGS and DNS), the Main Banking System (MBS), the debt collection enforcement system (DCES), as well as other systemic services of internal and external users;

    b. work on improving the operational risk management system in the CBCG and its harmonisation with the framework applicable in the ESCB;

    c. constantly improve information security in the CBCG, in line with the ISO/IEC 27001 standard and good practice in this area;

    d. continue activities on establishing the business continuity management system in the CBCG, in line with ISO 22301 and good practice in this area;

     The CBCG will continue following the principles of a socially responsible institution, both regarding its employees and the society as a whole, and it will base its operations on the universal principles of protection of human rights, labour right, environmental protection, and combating corruption. Moreover, following the socially responsible operating principles, it will give its contribution to financial education and inclusion. To that end, the CBCG will:

    a. endeavour to promote and apply in its operations ten universal principles of the protection of human and labour rights, environmental protection, and combating corruption defined in the United Nations Global Compact;

    b. implement and promote projects in the area of financial education to give maximum contribution to education of the widest public, i.e. improving knowledge in the area of banking and  finance. It will organise workshops, seminars and trainings in history of money, banking and central banking, savings, protection of banking product users, etc.;

    c. continue promoting and raising the level of economic knowledge through integration in the educational system to be achieved with the participation of the CBCG representatives as guest lecturers at universities, organisation and providing assistance in economic research, rewarding of the best pupils and students, graduate students, holders of MSc and PhD degrees in banking and monetary policy and theory;

    d. with an efficient use of resources, implementation of good practices, and creation of good working atmosphere, create conditions for better quality in the exercising of the CBCG functions and realization of working processes, better motivation and engagement of employees, and the reduction of operating costs;

    e. in accordance with its financial possibilities, continue contributing a portion of its revenues to charity and support of the development of cultural, historical and other values of the society, and contribute to the strengthening of civil society through public participation in numerous social activities and events.

      These Guidelines shall be published on the CBCG website.


    Dec. no. 0101-4014/79-4


    Podgorica, 24 November 2015


    Milojica Dakić

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