Central Bank of Montenegro institutional transformation

The Central Bank of Montenegro (CBCG) is marking its 25th anniversary amidst a period of institutional transformation driven by the country’s efforts toward European Union membership.

President Jakov Milatović noted that the bank’s history is linked to Montenegro’s monetary transformation since 2001, emphasizing that integration has already yielded benefits such as joining the SEPA area and implementing instant payments. To prepare for membership in the European System of Central Banks (ESCB), the CBCG conducted a Needs Assessment project with experts from several European nations to ensure its systems and processes are ready for the Eurosystem.

To commemorate the anniversary, the CBCG hosted an international conference in Tivat titled ‘Central Banking in a High-Risk Environment: Stability, Infrastructure, and Trust’. The event included representatives from the IMF, the World Bank, and various eurozone and EU central banks. Governor Irena Radović described the current period as the institution’s most intense transformation since its founding, while Vice Governor Zorica Kalezić highlighted the need for proactive resilience and independence to maintain trust during economic shocks.