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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 Finance & Development
Currency Notes: Cleaning Up Crypto
International Monetary Fund

TESLA CEO ELON MUSK reignited a long-simmering debate in June over Bitcoin’s energy consumption. Tesla will accept the cryptocurrency for car sales only “when there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend,” Musk said in a tweet.

Keywords:
bitcoin rival Ethereum; bitcoin transaction; Bitcoin system; Bitcoin's status; energy consumption problem; Renewable energy; Blockchain and DLT; Mining sector; Electricity; consumption problem; unit of account