Montenegro: Central Bank Transparency Code Review

IMF Staff Country Reports, April 4, 2025

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Bibliographic details

• Published: April 4, 2025
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798229005203.002

Overview and scope

• Publication title: Montenegro: Central Bank Transparency Code Review
• Publication date: April 4, 2025
• Type: IMF Staff Country Reports, Country Report No. 2025/083, Issue 083, Volume 2025
• Pages: 113
• DOI: https://doi.org/10.5089/9798229005203.002
• ISBN: 9798229005203
• ISSN: 1934-7685
• Summary focus: assessment of the Central Bank of Montenegro (CBCG) against the Central Bank Transparency Code, covering legal framework, mandate, autonomy, decision-making, foreign exchange reserve management, strategic communications, consumer protection, and anticorruption arrangements.

Key findings

• The transparency of the CBCG’s legal framework, 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 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.

Policy recommendations and suggested reforms

• Strengthen remaining gaps in the legal framework, mandate, autonomy, and decision-making arrangements to further align with the Central Bank Transparency Code.
• Implement a few targeted changes in the framework governing foreign exchange reserve management to improve transparency practices.
• Refine the CBCG strategic communication plan to include:
  • clear objectives, and
  • measurable targets,
  • and utilize quantitative tools to enhance its effectiveness.
• Increase clarity in the anticorruption framework to complement existing consumer protection transparency.
• Continue implementing and tracking responses to the mission’s recommendations, with priority given to governance, autonomy, and anti-corruption measures.

Operational and thematic notes

• Subjects covered: Anti-money laundering and combating the financing of terrorism (AML/CFT); Central banks; Crime; Financial sector policy and analysis; Financial sector stability; International reserves; Reserves management; Social networks; Technology.
• Keywords listed: Anti-money laundering and combating the financing of terrorism (AML/CFT), CBCG bulletin, CBCG communication channel, central bank Transparency Code, Financial sector stability, Global, International reserves, knowledge gap index, Reserves management, review mission, Social networks.

Source: IMF Staff Country Report "Montenegro: Central Bank Transparency Code Review", Country Report No. 2025/083 (April 4, 2025), DOI: https://doi.org/10.5089/9798229005203.002