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The Central Bank is governed by the Council of the Central Bank of Montenegro. The members of the Council are the Governor, three Vice-Governors, and four members who are not the Central Bank employees. The members of the Council who are not the Central Bank employees are Milorad Jovović, PhD and Ruždija Tuzović.

In exercising its governance function, the Council:

• determines policies of the Central Bank regarding the execution of its functions and the pursuing of its objective;
• decides on the use of monetary policy instruments and other measures;
• adopt regulations and other acts necessary for the exercising of its functions and the pursuing of its objective in line with its powers granted under this and other laws;
• decides on the Central Bank’s membership and participation in the work of international financial institutions;
• adopts the Statute of the Central Bank;
• decides on licensing and revoking licences and approvals for operation to credit institutions, providers of financial services and payment systems, as well as licensing and revoking licences of payment service providers and e-money institutions, in accordance with the law and regulations adopted on the basis of the law;
• decides on the introduction of protective and other measures for the purpose of maintaining stability of the financial system as a whole;
• defines the financial crisis management plan [contingency plan] covering the Central Bank`s areas of competence;
• adopts reports and recommendations to be submitted to the Parliament and the Government;
• determines the investment strategy for managing the international reserves and
• performs other activities as defined by the law and the Statute of the Central Bank.

The regulations passed by the Council are published in the Official Gazette of Montenegro.

The Council decides on matters within its competence at meetings to be convened by the Governor once a month, but not less than ten times during a calendar year.