CBCG requests Transparency Code Review from the IMF

11/09/2024

The CBCG Governor, Ms Irena Radović and her team held an introductory meeting today with the International Monetary Fund (IMF) team staying in Montenegro on the Transparency Code Review (TCR) of the CBCG. The CBCG requested the TCR to strengthen its transparency and accountability towards key stakeholders further and improve the efficiency and visibility of its policies.

During the meeting, Governor Radović thanked the IMF team for their support in carrying out the TCR, highlighting that “the CBCG remains strongly committed to improving existing practices to develop as an open, modern, inclusive and independent institution working in the best interest of Montenegro and its citizens”. The Governor noted that the CBCG is taking another step towards strengthening public trust and raising its responsibility towards citizens and stakeholders through cooperation with the IMF.

Ms Cecilia Melo Fernandes, the TCR team leader, pointed out that the IMF welcomes the CBCG’s initiative and its commitment to improving transparency. “Implementing the TCR is an important process for every central bank because it enables an objective analysis of existing practices and the identification of opportunities for improvement,” said Ms Fernandes.

The IMF team’s mission will last from 11 to 25 September, during which the team will hold numerous meetings with various organisational units of the CBCG and representatives of state institutions, the financial sector, the media and the academia.

The Transparency Code Review of the CBCG policies will be based on the IMF’s Central Bank Transparency Code. It is an international code enabling central banks to analyse their transparency practices, especially concerning management, policy implementation and performance of functions.