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Central Bank of Montenegro institutional transformation

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2026-09-21 10:42 UTC → 2026-10-15 15:34 UTC · added ~~removed~~

The Central Bank of Montenegro (CBCG) is undergoing an intense institutional transformation to align with European Union standards as part of the country’s path toward European integration. To mark its 25th anniversary, the CBCG hosted an international conference in Tivat titled ‘Central Banking in a High-Risk Environment: Stability, Infrastructure, and Trust’. During the event, Governor Irena Radović noted that the institution is experiencing its most significant period of change since its founding, while Vice Governor Zorica Kalezić stressed the importance of proactive resilience and independence. Following the anniversary, the CBCG has moved to advance its regulatory alignment with European Banking Authority (EBA) guidelines. The Council has adopted bylaws to enhance prudential operations, corporate governance, remuneration policies, and management assessments to prepare for future membership in the European System of Central Banks (ESCB). Additionally, updated credit register regulations aim to improve data accessibility. Governor Radović has also engaged with the German Ambassador, Edgar Alfred Gansen, to discuss strengthening institutional capacities through cooperation with the Deutsche Bundesbank. The bank has now entered a new phase of transformation focused on implementing recommendations from a ‘Needs Assessment’ project. This project, conducted between June 2025 and September 2026 in collaboration with the central banks of the Netherlands and Belgium, involved 13 expert missions and over 60 specialists. The assessment resulted in 18 expert reports providing specific recommendations for improving monetary policy, macroprudential policy, statistics, banking supervision, and payment systems. A newly established Coordination Body will monitor the implementation of these recommendations to ensure the CBCG reaches the required technological and operational readiness for the Eurosystem. In October 2026, during the IMF and World Bank Annual Meetings in Bangkok, World Bank officials commended the CBCG’s progress.

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