Central Bank of Montenegro

Central Bank of Montenegro
Centralna Banka Crne Gore

Seal	CBCG headquarters

Headquarters

Podgorica

Established

March 15, 2001

Governor

Milojica Dakić

Central bank of

Montenegro

Preceded by

National Bank of Yugoslavia

Succeeded by

European Central Bank ¹

Website

Central Bank of Montenegro official site

¹ Many policies are managed defacto by the ECB/eurosystem, even if the bank is not part of the Eurosystem or the European System of Central Banks.

The Central Bank of Montenegro (Montenegrin: Centralna Banka Crne Gore) is the central bank of Montenegro. The mission of the central bank is to establish and maintain a sound banking system and monetary policy.

Overview

The Central Bank of Montenegro was established on the basis of the Law on Central Bank of Montenegro, passed by the Parliament of the Republic of Montenegro in November 2000. With its establishment, the Republic of Montenegro obtained an independent authority responsible for monetary policy, and establishment and maintenance of sound banking system and efficient payment system operations.

The Central Bank started to operate on March 15, 2001, when the Montenegrin Parliament adopted the Decision on Appointment of Members of Council of the Central Bank of Montenegro.

Montenegrin monetary system was dollarized in 1999, when German Mark was adopted as a legal tender, alongside Yugoslav Dinar. Montenegro has not issued its own currency since, as it has unilaterally adopted the Euro in 2002. Central Bank of Montenegro does not participate in the European System of Central Banks or in ECB meetings. However, it tracks the ECB policy, making the later the de facto central bank of Montenegro for economic and monetary purposes. One of the main proclaimed goals of Central Bank of Montenegro is the accession of the country to the Eurozone.

Montenegro does not mint issue or print euro coins or notes and imports them from other countries that are part of the Eurozone.

The current Governor of the Central bank of Montenegro is Milojica Dakić, as of January 26, 2013.^[1] He was preceded by Radoje Žugić and Ljubiša Krgović. The position of the Governor was created after Montenegro achieved independence in 2006.

The mission

The CBM is not an issuing bank, and it has the following powers and responsibilities in the performance of its functions determined by law:

To issue and withdraw licenses to banks and financial institutions, to regulate and supervise their operation and conduct bankruptcy and liquidation proceedings over banks and financial institutions in the Republic.
To give loans from its reserves to licensed banks in the Republic, under the conditions determined by law.
To prescribe and undertake measures, and regulate and supervise payment system, settlement and inter-bank clearing in the Republic.
To carry out and supervise the domestic and international payment system.
To act as a banker, advisor and fiscal agent of the bodies and authorities of the Republic.
To buy and sell currencies and precious metals on its own behalf or on behalf of the Republic.
To buy and sell securities on the secondary market issued by the Republic, European Union member states, or other states designated in the Central Bank regulation.
To make regular macroeconomic analyses, including monetary, fiscal, financial and balance of payment studies of the Republic economy, and to give recommendations in the area of economic policy to the Republic.
To prepare and participate in preparation of laws and other regulations in monetary, foreign currency and banking system, in accordance with international standards, including determination of reserves for various types of deposits.
To provide banking services in favor of foreign governments, foreign central banks as well as international organizations and other international institutions in which Central Bank of the Republic are members.
To take deposits from banks, state agencies and organizations.
To establish and maintain accounts for the needs of state bodies and organizations, local and foreign banks, international financial institutions and donor organizations.
To prescribe manner of operations for dealers and banks in foreign exchange transactions, set limits on foreign exchange positions of dealers and banks and perform their control.
May be owner and manage one or more payment systems, including one real time gross payment system.
May manage a real time net payment system.
To provide banknotes and coins in quantities appropriate to satisfy the needs of financial transactions.
To perform other operations determined by this and other laws.

References

↑ http://www.capital.ba/milojica-dakic-izabran-za-guvernera-centralne-banke-crne-gore/

External links

(Montenegrin) (English) Central Bank of Montenegro official site

Montenegro topics

History

Roman period
- Praevalitana
Duklja
Zeta
Ottoman period
- Sanjak
- Vilayet
Prince-Bishopric
Principality
Kingdom (1910–18)
Kingdom of Yugoslavia
- Zeta Banovina
World War II
- Italian governorate of Montenegro
- German occupied territory of Montenegro
Socialist Republic
Serbia and Montenegro
- Federal Republic
2006 independence referendum

Geography

Cities
Climate
Extreme points
Flora
Islands
Lakes
Mammals
Mountains
Protected areas
Rivers
Topography

Politics

Constitution Elections Foreign relations Government Prime Minister Human rights LGBT LGBT history Intelligence agency Law enforcement Municipalities Parliament Political parties President

Military	Army Navy Air Force NATO accession

Economy

Society

Demographics Education Languages Montenegrin Serbian Montenegrins list Postal codes

Culture	Academy Architecture Art Cinema Cuisine Folklore Literature authors and poets Music Philosophy Media newspapers radio television Religion Sport

Symbols	Anthem Coat of arms Decorations Flag Name

Outline

Category
Portal
WikiProject

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria Central Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Bank Al-Maghrib Reserve Bank of Malawi Bank of Mauritius Bank of Mozambique Bank of Namibia Central Bank of Nigeria Bank of Somaliland South African Reserve Bank Bank of South Sudan Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank Deutsche Bundesbank Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia Banka Slovenije (Slovenia) National Bank of Serbia Bank of Spain Národná banka Slovenska (Slovakia) Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Central Bank of Montenegro

Overview

The mission

See also

References

External links