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Central Bank of Montenegro |
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Central Bank of Montenegro
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The Central
Bank of Montenegro (Montenegrin: Centralna Banka Crne Gore, CBCG) is the
central bank of Montenegro. 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. |
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The main
objective of the CBCG is the achievement and maintenance of the stability of
the national currency. The CBCG periodically informs the public about
macroeconomic analysis, financial market evolution and statistic data,
including on money supply, credit granting, balance of payments and foreign
exchange market. Montenegro unilaterally adopted the euro, so it is a third
country that does not participate in the European System of Central Banks or
ECB meetings. The bank just tracks the ECB policy, making the later the
central bank of Montenegro de facto for economic and monetary purposes. |
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The CBCG 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.
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Central Bank of Montenegro |
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HQ
Address: |
Bulevar
Svetog Petra Cetinjskog br 7, Podgorica
81000 Montenegroa |
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Tel: |
+381 081
403 191 |
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Fax: |
+381 081
664 140 |
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Website: |
www.cb-mn.org |
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Swift Code: |
CBCGMEPG |
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Currency: |
Euro |
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Banking Hours: |
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Monday - Friday : 9.00am - 5:00pm |
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In achieving the tasks above, Central Bank of
Montenegro commits itself to
providing effective support functions through a sound banking and financial
control system, appropriate information system and the development of
competent and qualified staff.
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List of banks governed by the
Central Bank of Montenegro |
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» AtlasMont Bank |
» Hypo-Alpe-Adria Bank |
» Prva Banka Crne Gore |
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» Beranska Banka |
» Komercijalna Banka Budva |
» Pljevaljska Bank |
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» Crnogorska Komercijalna Banka |
» Mortgage Bank Podgorica |
» Podgorička Banka (Société
Générale Group) |
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» Hypotekarna Banka |
» NLB Montenegrobanka |
» Erste Bank AD Podgorica |
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