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Pursuant to the Central Bank of Montenegro Law, until Montenegro`s EU accession, the CBCG shall:

• oversee the maintenance of stability of the financial system as a whole and pass pertinent regulations and measures, and identify, analyse and assess the impact of certain factors on the financial system stability as a whole;
• regulate the operations of credit institutions, financial services’ providers, payment service providers and e-money issuers, issue licenses and approvals and supervise their operations;
• regulate and carry out activities involving bank recovery and resolution and bank bankruptcy and liquidation, in accordance with the law;,
• regulate and carry out payment system operations, in accordance with the law;
• may be a payment system owner and operator and a participant in other payment systems, and license payment systems other than the one it operates and supervise and oversee payment systems;
• manage the international reserves;
• perform macroeconomic and financial research, forecasts and analyses, including monetary, fiscal, financial and the balance of payments analyses, and may communicate economic policy recommendations to the Government;
• collect and statistically process data and information of importance for the achievement of objectives and the exercising of functions of the CBCG, which are in accordance with this law and the law governing statistics and statistical system;
• carry out activities involving the protection of rights and interests of consumer loan beneficiaries, users of payment services, and e-money holders, in accordance with the law;
• act as the payment and/or the fiscal agent towards international financial institutions and may be the representative of Montenegro in international financial institutions;
• open and maintain accounts and receive deposits for credit institutions, government bodies and organisations, and other entities in accordance with the law and other regulations;
• perform other activities in accordance with this and other laws.

After Montenegro becomes an EU Member State, in accordance with the Treaty on the Functioning of the European Union (TFEU) and the Statute of the ESCB and of the ECB, the CBCG will be authorised to perform the following tasks and/or functions as a part of the ESCB:

• participate in the definition and implementation of monetary policy of the European Union;
• conduct operations in accordance with Article 219 of the TFEU;
• hold and manage international reserves that are not transferred to the ECB, and 
• ensure smooth operation of the payment system.

In addition to the aforementioned tasks and/or functions, the CBCG will be authorised to continue to perform its tasks and/or functions, subject to restrictions stemming from its membership in the ESCB.