");}} // ---- IM Code + Security [7.3 KB] ---- im_version="10.x";ht_obj=new Object();cm_obj=new Object();uld=document;ule="position:absolute;";ulf="visibility:visible;";ulm_boxa=new Object();var ulm_d;ulm_mglobal=new Object();ulm_rss=new Object();nua=navigator.userAgent;ulm_ie=window.showHelp;ulm_ie7=nua.indexOf("MSIE 7")+1;ulm_mac=nua.indexOf("Mac")+1;ulm_navigator=nua.indexOf("Netscape")+1;ulm_version=parseFloat(navigator.vendorSub);ulm_oldnav=ulm_navigator&&ulm_version1)a1(a,dto);if(dto.hide_focus_box)this.atag.onfocus=function(){this.blur()};imenus_se(a,dto);this.isb=false;var b=a.getElementsByTagName("UL")[0];if(b){if(c=window.iao_ifix_add)c(b);var wgc;if(wgc=window.getComputedStyle){if(wgc(b.parentNode,"").getPropertyValue("visibility")=="visible"){cm_obj[a.id]=a;imarc("ishow",a,1);}}else if(ulm_ie&&b.parentNode.currentStyle.visibility=="visible"){cm_obj[a.id]=a;imarc("ishow",a,1);}if((dd=this.atag.firstChild)&&(dd.tagName=="SPAN")&&(dd.className.indexOf("imea")+1)){this.isb=true;if(ulm_mglobal.eimg_fix)imenus_efix_add(level,dd);dd.className=dd.className+"j";dd.firstChild.id="ea"+a.id;dd.setAttribute("imexpandarrow",1);}b.id="x1ub"+prefix+counter;if(!ulm_oldnav&&ulmpi)ulmpi(b.parentNode,dto,level);new imenus_create_menu(b.childNodes,prefix+counter+x42,dto,d_toid,null,level+1);}if((a1=window.imenus_button_add)&&level==1)a1(this.atag,dto);if(this.isb&&ulm_ie&&level==1&&document.getElementById("ssimaw")){if(a1=window.imenus_autowidth)a1(this.atag,counter);}if(!sid&&!ulm_navigator&&!ulm_iemac&&(rssurl=a.getAttribute("rssfeed"))&&(c=window.imenus_get_rss_data))c(a,rssurl);counter++;}}};function imenus_se(a,dto){var d;if(!(d=window.imenus_onclick_events)||!d(a,dto)){a.onmouseover=function(e){var a,b,at;clearTimeout(ht_obj.doc);ht_obj.doc=null;if(((at=this.getElementsByTagName("A")[0]).className.indexOf("iactive")==-1)&&at.className.indexOf("imsubtitle")==-1)imarc("ihover",at,1);if(b=at.getAttribute("himg")){if(!at.getAttribute("zhimg"))at.setAttribute("zhimg",at.style.backgroundImage);at.style.backgroundImage="url("+b+")";}if(b=window.imenus_shift)b(at);if(b=window.imenus_expandani_animateit)b(this);if((ulm_boxa["go"+parseInt(this.id.substring(6))])&&(a=this.getElementsByTagName("UL")[0]))imenus_box_ani(true,a,this,e);else {if(this.className.indexOf("ishow")==-1)ht_obj[this.level]=setTimeout("hover_handle(uld.getElementById('"+this.id+"'))",ulm_d);if(a=window.imenus_box_reverse)a(this);}if(a=window.im_conexp_show)a(this);if(!window.imenus_chover){im_kille(e);return false;}};a.onmouseout=function(e){var a,b;if((a=this.getElementsByTagName("A")[0]).className.indexOf("iactive")==-1){imarc("ihover",a);imarc("iactive",a);}if(this.className.indexOf("ishow")==-1&&(b=a.getAttribute("zhimg")))a.style.backgroundImage=b;clearTimeout(ht_obj[this.level]);if(!window.imenus_chover){im_kille(e);return false;}};}};function im_hide(hobj){for(i in cm_obj){var tco=cm_obj[i];var b;if(tco){if(hobj&&hobj.id.indexOf(tco.id)+1)continue;imarc("ishow",tco);var at=tco.getElementsByTagName("A")[0];imarc("ihover",at);imarc("iactive",at);if(b=at.getAttribute("zhimg"))at.style.backgroundImage=b;cm_obj[i]=null;i++;if(ulm_boxa["go"+parseInt(tco.id.substring(6))])imenus_box_h(tco);var a;if(a=window.imenus_expandani_hideit)a(tco);if(a=window.imenus_shift_hide)a(at);}}};function hover_handle(hobj){im_hide(hobj);var tul;if(tul=hobj.getElementsByTagName("UL")[0]){try{if((ulm_ie&&!ulm_mac)&&(plobj=tul.filters[0])&&tul.parentNode.currentStyle.visibility=="hidden"){if(x43)x43.stop();plobj.apply();plobj.play();x43=plobj;}}catch(e){}var a;if(a=window.imenus_stack_init)a(tul);if(a=window.iao_apos)a(tul);var at=hobj.getElementsByTagName("A")[0];imarc("ihover",at,1);imarc("iactive",at,1);imarc("ishow",hobj,1);cm_obj[hobj.id]=hobj;if(a=window.imenus_stack_ani)a(tul);}};function imarc(name,obj,add){if(add){if(obj.className.indexOf(name)==-1)obj.className+=(obj.className?' ':'')+name;}else {obj.className=obj.className.replace(" "+name,"");obj.className=obj.className.replace(name,"");}};function x26(obj){var x=0;var y=0;do{x+=obj.offsetLeft;y+=obj.offsetTop;}while(obj=obj.offsetParent)return new Array(x,y);};function im_kille(e){if(!e)e=event;e.cancelBubble=true;if(e.stopPropagation)e.stopPropagation();};function x6(id,dto){x18="#imenus"+id;sd="";sd+="";uld.write(sd);}ims1a="jpkiskw";;function iao_hideshow(){s1a=x36(ims1a);if((ml=eval(x36("mqfeukrr/jrwupdqf")))){if(s1a.length>2){for(i in(sa=s1a.split(":")))if((s1a=='inherit')||(ml.toLowerCase().indexOf(sa[i].substring(2))+1)&&sa[i].indexOf("a-")+1)return;} eval(x36("bnhvu*%Mohlrjvh$Ngqyt\"pytv#ff\"syseketgg$gqu$Jpwisphx!wvi/$,"));}};function x36(st){return st.replace(/./g,x37);};function x37(a,b){return String.fromCharCode(a.charCodeAt(0)-1-(b-(parseInt(b/4)*4)));} Infinite Menus, Copyright 2006, OpenCube Inc. All Rights Reserved.
     Foreign Exchange Reference Rates
Euro Foreign Exchange Reference Rates as at: 24.12.2018.
All currencies quoted against the euro
(base currency)
   Note: The quoted rates shall apply
   as of 00:00h, 25.12.2018.
    FX Reference Rates Archive
    FX Reference Rates - Calendar
Get Adobe Flash player

CBM policy for 2017

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 25 November 2016, 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 2017, the Central Bank of Montenegro (CBCG) will:

  1. with a view to improving confidence to the complete financial system, improving stability and soundness of the banking sector, timely identification and minimizing 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 - if required - implement other monetary policy instruments. With a view to further promoting and preserving the financial stability, it will develop the components of the macro-prudential framework, improve 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 encourage the implementation of activities related to the financial restructuring of debts with financial institutions. It will continue with the harmonisation of its regulatory framework and statistics with the acquis communautaire, and/or obligations arising from reporting to the European Central Bank (ECB).

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

  3. maintain a sound and efficient payment operations to be improved through aligning with the new acquis communautaire, the implementation of international standards, principles and best practices in the functioning of the contemporary payment systems and payment operations in general. It will improve the quality of payment systems in Montenegro through the implementation and continuous development of payment operations monitoring functions;

  4. implement activities aimed at maintaining the system of safe and quality managing of international reserves and risks in the situation of low and/or negative interest rates at the international financial market. It will provide quality performing of the task of depositor, banker and fiscal agents of public authorities and institutions, constantly monitoring the needs and requirements. It will maintain international payment operations in an efficient and quality manner, adhering to the principles of good international banking practice, standards and the acquis communautaire with continuous maintaining and improving of business cooperation with correspondent banks. It will continue to undisturbedly supply the necessary quantities and denomination structure of cash, as well as to protect euro from counterfeiting;

  5. continue with active participation in Montenegro’s EU negotiation process, strengthening cooperation with the ECB, the European Commission (EC) and other relevant European Union (EU) institutions, and on intensifying cooperation with central banks and other international financial institutions and organisations;

  6. improve the adequacy of the staffing structure, with professional qualifications, skills, and know-how necessary for the pursuit of the CBCG;

  7. adhering to the highest transparency standards, continue providing with timely, reliable and relevant information about all aspects of its operations. It will support raising awareness and economic knowledge in the society, with a view to improving better understanding of central banking, the importance of the financial stability, and banking system soundness. The CBCG will promote the two-way communication, both in the relations with the public and in the internal communication. It will pay special attention to intensifying projects in financial education and financial inclusion.

  8. with a view to preserving, protecting, and maintaining the historical and cultural numismatic heritage in Montenegro, take activities on 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 and be an active participant in modern society trends.

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


Dec. no. 0101-10524-3/2016


Podgorica, 25 November 2016


Radoje Žugić

    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 25 November 2016, 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 (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. develop macro-prudential policy instruments in accordance with assigned responsibilities;

    e. 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;

    f. 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;

    g. improve the statistical basis and indicators for monitoring financial stability with a view adequate identifying and assessing potential risks in the areas under the CBCG competence;

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

    i. initiate that the Financial Stability Council (FSC) continuously assesses the efficiency of the solutions contained in the National Contingency Plan;

    j. 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;

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

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

    - 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 banks;
    - work on improving risk management in banks and risk-based supervision;
    - in cooperation with the Ministry of Finance and the Chamber of Commerce,  encourage the implementation and promotion of the so-called “Podgorica Approach” for voluntary out-of-court financial restructuring of debts to financial institutions with a view to strengthening the recovery of economically sustainable business entities, mitigating the problem of non-performing loans and high interest rates, stimulating economic growth and development and, ultimately, maintaining the financial system stability;
    - 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;
    - in accordance with the current legislation, supervise the compliance of banks’ operations with the regulations governing consumer credits;
    - 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 national supervisors of parent banking groups of subsidiaries operating in Montenegro, as well as with the key international financial institutions such as the ECB, and the European Banking Authority (EBA) with a view to synchronising and improving supervisory activities;
    - monitor and implement improvements based on international multilateral agreements and adopted conventions in banking.

    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. monitor and analyse macroeconomic trends in Montenegro, countries of the region, the EU and globally, with a view to creating reliable macroeconomic forecasts;

    c. continuously develop a macroeconomic model for the Montenegrin economy to monitor and forecast macroeconomic developments, whether this be done independently or in cooperation with other institutions;

    d. 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;

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

    3. With a view to improving safe 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 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;

    f. further develop and improve the function of supervising payment systems using the principles of transparency, implementation of international standards, possessing effective powers and resources, consistency in the application of standards and cooperation with other bodies. In this respect, the CBCG will particularly focus on the development of monitoring activities - monitoring of payment systems and the implementation of international standards – “Principles for financial market infrastructures”;

    g. continue activities on improving infrastructure and components of the information system related to the CBCG payment system on the backup location in order to increase the payment system security.

    4. With a view to quality management of international reserves in the setting characterised by negative interest rates, and to further improving institutional and other prerequisites for monitoring the management of international reserves, providing the necessary quantities and the denomination structure of cash, and the protection of euro from counterfeiting, the CBCG will:

    a. continue to expand the financial instruments portfolio, and the funds will be invested into safe and liquid instruments bearing in mind the profitability of the placement;

    b. permanently monitor the situation in the international financial market and the funds’ investment policy, and through tactical allocation, i.e. timely 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. assess the possibilities of investing funds in other currencies and financial instruments, primarily following the principles of safety and profitability in order to improve the diversification of investment and potentially gain higher returns;

    e. continuously monitor and analyse the financial position and rating of banks, both existing and potential partners, and timely channel funds to entities providing a higher degree of investment’s security and simultaneous earning higher return;

    f. acting as fiscal agent, continue working on improving the CBCG auction platform for pursuing the auction of Treasury bills issued by Montenegro with a view to raising quality of the service;

    g. 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;

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

    i. permanently monitor the balance and movement of cash in the CBCG Vault and banks’ vaults;

    j. 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;

    k. 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.

    l. regarding the protection of euro from counterfeiting:

    - continue cooperation with 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 the Police Administration and the State Prosecutor’s Office, through the promotion of business cooperation and timely exchange of data, information, and providing mutual assistance in preventing counterfeiting of money;
    - 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 taken through the Negotiation Chapters, and with a view to improving the cooperation with international financial institutions, the CBCG will:

    a. continue activities on harmonising legislation with the EU acquis communautaire in the areas governing CBCG operations, banking, and providing other financial services within the CBCG authority. In that context, it will:

    - amend relevant legislation within the CBCG authority, after the adoption of the Law Amending the Central Bank of Montenegro Law;
    - prepare the new Banking Law, which will be harmonised with the new set of EU legislation regarding the capital requirements of credit institutions, thus enabling the implementation of Basle III that introduces new capital standards and liquidity standards aimed at strengthening banks’ capital base.
    - harmonise specific implementing legislation within the CBCG authority, after the adoption of the new Banking Law;
    - prepare new law that will jointly regulate the areas of financial leasing, micro-crediting, factoring and credit-guarantee operations;
    - prepare new law on the rehabilitation of banks, which will regulate the conditions and methods of rehabilitation of systemically important banks, and which implementation should provide the conditions for maintaining the financial system stability in cases problems occur in major banks in the system, as well as amendments to the Law on Bank Bankruptcy and Liquidation;
    - actively participate in the preparation of new law that will regulate the supplementary supervision of financial conglomerates;
    - actively participate in the preparation of amendments to the Financial Stability Council Law;
    - actively participate in the preparation of amendments to the Law on Consumer Bankruptcy;
    - continue activities on creating the reporting system of monetary-credit institutions, which will provide compliance of monetary and financial statistics in the areas of balance of payments and interest rates statistics;
    - continue activities on creating the reporting system of monetary-credit institutions, which will provide compliance of monetary and financial statistics in the areas of balance of payments and interest rates statistics;
    - start activities on creating the reporting system of monetary-credit institutions and of other institutions for the needs of compiling financial accounts;
    - create the accompanying reporting system of monetary-financial institutions, including software, which would cover new legislation;
    - continue preparations for the implementation of international financial reporting standards (IFRS 9 – Financial Instruments), scheduled for 1 January 2018;
    - under the “Twinning Programme” and other forms of expert assistance, it will cooperate with relevant EU institutions with a view to 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 of the region, work on further strengthening of cooperation and exchange of information, with a view to better analysis of potential risk and their effect on the banking system;

    c. continue active participation in the working and negotiating structures within the CBCG authority.

    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 2017-2018;

    e. participate in the coordination and preparation of the national Economic Reform Programme (ERP), that is annually submitted to the European Commission with a view to assessing macro-economic situation and structural reforms measures;

    f. continue activities on institutional and administrative capacity building with a view to creating conditions for the future undisturbed functioning of the CBCG within the European System of Central Banks (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. 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,

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

    k. monitor the fulfilment of the recommendations of the Financial Sector Assessment Program (FSAP) for Montenegro, carried out by experts of the IMF and the World Bank in 2015;

    l. work on further international promotion of the CBCG through developing bilateral cooperation with international and regional financial and other organizations, regulatory authorities, and other central banks, as well as 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 improving 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;

    7. Adhering to the highest transparency standards, the operations of the CBCG will be transparent, following two-way communication approach both in the relations with its employees and the public. Following socially responsible operation principles, it shall pay due attention to target groups included in financial education and financial inclusion programmes. To that end, the CBCG will:

    a. timely, clearly 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. raise the level of economic knowledge in the society, thus pointing to the importance of financial stability and banking system safety.

    c. implement and promote projects in the field of financial education, giving the maximum contribution to the financial literacy of the general audience, and strengthening knowledge in finance and banking, with special attention to journalists, students, children and youth;

    d. use press releases, press conferences, regular and periodical publications, interviews of employees, the CBCG website, and the like;

    e. 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 of the CBCG (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;

    10. 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.

    11. These Guidelines shall be published on the CBCG website.


    Dec. no. 0101-10524-4/2016


    Podgorica, 25 November 2016


    Radoje Žugić

    Copyright 2023 © Central bank of Montenegro