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27/10/2022

To meet the deadlines established by Montenegro’s Programme of Accession to the European Union 2022-2023 for the adoption of the Law Amending the Law on the Central Bank of Montenegro, the Council of the Central Bank of Montenegro (CBCG) chaired by the Governor Radoje Žugić determined the draft of this Law at today’s meeting.

The Draft Law Amending the Law on the Central Bank of Montenegro fully harmonises this institution’s status and operations with the EU’s acquis. Its adoption would fulfil part of the obligations from the first criterion related to Chapter 17 – Economic and Monetary Union.

In the previous two years, the CBCG had intensive communication with the European Commission, through which it agreed on all issues related to the necessary amendments to the Law. After implementing all its proposals and suggestions in the final text of the Draft Law, the European Commission gave a positive opinion.

During drafting the Draft Law, the CBCG also closely cooperated with IMF experts through the technical assistance programme assigned for this purpose.

The CBCG sent the determined Draft Law Amending the Law on the Central Bank of Montenegro to the Ministry of Finance for further processing to fulfil the obligation from Montenegro’s Programme of Accession to the European Union 2022-2023, which planned the adoption of the Law for the first quarter of 2023.