CBCG and IMF Conclude the Central Bank Transparency Code Review Mission

24/09/2024

The Governor of the Central Bank of Montenegro, Ms. Irena Radović, along with her associates, held the close-out meeting today with the team from the International Monetary Fund (IMF), which visited Montenegro to conduct the Central Bank Transparency Code Review (TCR). The CBCG requested this review with the aim of further strengthening the central bank`s transparency, accountability towards key stakeholders, and improving the efficiency and visibility of its policies.

Governor Radović expressed her satisfaction with the ongoing cooperation with the IMF team, emphasizing the importance of transparency as the foundation of trust between the central bank, citizens, and all interested parties. “The Central Bank remains committed to further improving its practices to enhance its accountability, efficiency, and openness. The IMF’s recommendations will serve as a valuable guide in the process of our continued development as a modern and responsible institution,” stated the Governor.

The head of the IMF team, Ms. Cecilia Melo Fernandes, praised the CBCG's efforts and emphasized that preliminary findings of the mission confirm the institution`s dedication and progress in implementing transparent policies. The final TCR report, which will contain recommendations for further improvement of the CBCG’s transparency practices, is expected by the end of the year.

The IMF mission that visited Montenegro from 11 to 24 September included a series of meetings with representatives of the CBCG, government institutions, the financial sector, as well as other key stakeholders.