The Law on the Central Bank of Montenegro was adopted in 2000 and on the basis of it, in March 2001, the Central Bank of Montenegro was established, as an independent institution of the Republic of Montenegro, responsible for monetary policy, establishment and maintenance of a sound banking system and efficient payment operations in the Republic. Independent within the powers determined by the Law, the Central Bank of Montenegro did not have an emission function.
In accordance with the provisions of the Central Bank of Montenegro, established by the first Constitution of the renewed independent state of Montenegro in 2007, the new Law on the Central Bank of Montenegro was adopted in 2010. By this Law, the Central Bank of Montenegro becomes responsible for preserving the stability of the financial system, including encouraging and maintaining a sound banking system and secure and efficient payment transactions. Also, one of the competencies of the Central Bank of Montenegro is to contribute to the preservation of price stability.
With the amendments to the Law on the Central Bank of Montenegro from 2017, a complete harmonization of the national regulatory framework, which treats the status and position of national central banks with the acquis, has been made and legal assumptions have been created that the Central Bank of Montenegro becomes a member of the European System of Central Banks Montenegro’s entry into the European Union.