CENTRAL BANK OF MONTENEGRO IN A NUTSHELL
The Central Bank of Montenegro, as specifically defined by the Central Bank of Montenegro Law, represents an independent institution in charge of monetary policy that is grounded on Deutsch Mark as a monetary unit, means of payment and reserve currency, until introduction of EURO as a uniform European currency.
The Central Bank of Montenegro administers the monetary policy, however deprived of responsibility for money issuance, as well as crediting the Government. Its role is that of a “last-resort” money lender for banks, offering the guarantee by high-quality securities issued by the member states of the European Union.
The Central Bank of Montenegro disposes of a sole responsibility for issuing authorizations to the banks in the territory of the Republic of Montenegro, as well as for regulating and controlling their banking operations. The right to the foundation of a bank in the Republic is vested under equitable terms and conditions with all domestic and foreign founders.
The Central Bank of Montenegro is given the authority to act as a banker, counselor and fiscal representative of the Republican agencies.
Administration, regulation and control of both the internal and cross-border payment systems represents one of the primary functions of the Central Bank.
It is within the scope of its analytical and statistical functions that the Central Bank of Montenegro is empowered to conduct macro-economic (monetary, fiscal, financial, balance-of-payment’s and economic) analyses for the needs of the Republic, and to give recommendations to the Government in respect to the issues within the domain of its economic policy.
The Central Bank of Montenegro is governed by the Council embracing seven members appointed by the Republican Parliament. The President, General Manager and two Deputies in charge of banking operations control and payment system are employed by the Bank on professional and full-time basis, while other three members of the Central Bank of Montenegro Council, proposed by the Government of the Republic of Montenegro, are voluntary members. |
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Tender for gathering of offers for conclusion of the contract on the
audit of the annual accounts of the Central Bank of Montenegro
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