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Europe > Montenegro

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Cover IMF Staff Country Reports
Montenegro: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
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 recommended. The most important room for improvement is for the CBCG’s website to clearly explain that Montenegro’s unilateral euroization limits the scope for an independent monetary policy and for the provision of ELA. That should be aligned with an enhanced policy strategy, which should explain its operational framework and toolkit, helping the public understand how policies are formulated and what to expect. In addition, it should ensure timely publication of all its opinions on draft laws concerning the financial sector. The discussion on the website of the CBCG’s existing functional autonomy could stress that the CBCG can perform its mandate without prior approval needed from the Government. Finally, the CBCG’s transparency could be enhanced by clarifying the function of the Governor’s Collegium and by publishing the general act establishing the remuneration of the Governor, Vice-Governors, and Council members on its website, along with existing links to their incomes and assets, which is already available in the Anti-Corruption Agency website.
Keywords:
central bank Transparency Code; CBCG communication channel; CBCG bulletin; review mission; knowledge gap index; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Social networks; International reserves; Reserves management; Global
Cover IMF Staff Country Reports
Montenegro: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that the Montenegrin economy grew robustly by 6 percent in 2023 as consumption remained strong, tourism revenues exceeded pre-pandemic levels, and the influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine contributed to growth. Growth is expected to moderate to 3.7 percent in 2024 and ease further to about 3 percent over the medium term. While system-wide indicators of financial stability are healthy, the Central Bank Governor needs to remain vigilant regarding lingering pockets of vulnerability. In order to better inform policy judgements, trends in domestic advantage, as well as the banking sector’s growing exposure to foreign securities need to be closely monitored. Diversification both within and away from the tourism sector can help decrease the vulnerability of the economy to shocks. A more conducive environment for a small and medium enterprises sector would enable it to benefit from the presence of skilled migrants in the country.
Keywords:
production GDP estimate; EU integration; economic growth prospects; Policy discussion; CBM balance sheet; European Union initiative; Fiscal stance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; Global