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Central Bank Governance

The Central Bank is governed by the Council of the Central Bank of Montenegro consisting of seven members – the Governor and two Vice-Governors and four members that are not the CBM employees (Srđa Božović, Milivoje Radović, Milorad Jovović and Asim Telaćević).

In addition to governing the Central Bank, the Council specifies policies, passes regulations, recommendations and orders to be issued by the CBM, decides on the issuing and revoking licenses to banks, financial institutions and payment systems, and performs other duties in accordance with the law.

Decisions passed by the Council have the nature of general acts (regulations) published in the Official Gazette of Montenegro.

The Council decides at its meetings to be attended by at least five members.  The meetings are held at least once a month. The Council Secretary takes minutes of the meetings.

Central Bank Management

  • Milojica Dakić the Governor, represents and acts on behalf of the Central Bank and ensures the implementation of the Central Bank policy and the Council decisions.

  • Vice-Governor for banking system supervision, responsible for regulation and supervision of banks and financial institutions.

  • Nikola Fabris, the Vice-Governor for financial stability and payment systems, responsible for the financial system stability, payment systems management and regulation.

  • Radoica Luburić, the Executive Director of the Central Bank of Montenegro organizes the implementation of activities related to: cooperation with international institutions and organizations, the European Union and other international entities; legal affairs; operational risk management, information security and business continuity management; human resources management; information technologies; public procurement, investments and services; security and protection; administrative affairs; public relations, as well as the Money Museum. He is also the Chairman of the Committee for Operational Risk Management and Business Continuity and the Deputy Editor in Chief of the Journal of Central Banking Theory and Practice.




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