IMF Staff Country Reports

This paper presents a detailed review report of Montenegro’s Central Bank Transparency Code review. The transparency of the Central Bank of Montenegro (CBCG)’s legal framework, its mandate, autonomy, and decision-making arrangements have all been strengthened over time, but further improvements are recommended. The CBCG’s transparency practices for foreign exchange reserve management could be improved with a few changes in the framework. The CBCG strategic communication plan should include clear objectives and measurable targets, utilizing quantitative tools to enhance its effectiveness. The CBCG demonstrates adequate transparency in its consumer protection operations; however, further clarity is needed in the anticorruption framework. The mission team commends the CBCG’s substantial efforts to address numerous recommendations by the time of this publication. The report captures findings only up to the end of the mission. The CBCG already started to address several of the recommendations in particular in the areas of governance, autonomy, and anti-corruption, highlighting the CBCG’s ongoing commitment to enhancing transparency and aligning with international best practices.