{
  "title": "Montenegro: Central Bank Transparency Code Review",
  "publication": "IMF Staff Country Reports, April 4, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/04/03/montenegro-central-bank-transparency-code-review-565887",
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  "summary": "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",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Publication title: Montenegro: Central Bank Transparency Code Review\n- Publication date: April 4, 2025\n- Type: IMF Staff Country Reports, Country Report No. 2025/083, Issue 083, Volume 2025\n- Pages: 113\n- DOI: https://doi.org/10.5089/9798229005203.002\n- ISBN: 9798229005203\n- ISSN: 1934-7685\n- 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."
    },
    {
      "heading": "Key findings",
      "content": "- 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.\n- The CBCG’s transparency practices for foreign exchange reserve management could be improved with a few changes in the framework.\n- The CBCG demonstrates adequate transparency in its consumer protection operations; however, further clarity is needed in the anticorruption framework.\n- The mission team commends the CBCG’s substantial efforts to address numerous recommendations by the time of this publication.\n- The report captures findings only up to the end of the mission.\n- 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."
    },
    {
      "heading": "Policy recommendations and suggested reforms",
      "content": "- Strengthen remaining gaps in the legal framework, mandate, autonomy, and decision-making arrangements to further align with the Central Bank Transparency Code.\n- Implement a few targeted changes in the framework governing foreign exchange reserve management to improve transparency practices.\n- Refine the CBCG strategic communication plan to include:\n  - clear objectives, and\n  - measurable targets,\n  - and utilize quantitative tools to enhance its effectiveness.\n- Increase clarity in the anticorruption framework to complement existing consumer protection transparency.\n- Continue implementing and tracking responses to the mission’s recommendations, with priority given to governance, autonomy, and anti-corruption measures."
    },
    {
      "heading": "Operational and thematic notes",
      "content": "- 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.\n- 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.\n\nSource: 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"
    }
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    "Published: April 4, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229005203.002",
    "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.",
    "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.",
    "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:",
    "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.",
    "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."
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