The Central Bank of Montenegro (CBM), as in [3], is
the supreme institution of the monetary system of
Montenegro. By the Constitution of Montenegro it is
defined as "an independent organization, responsible for
monetary and financial stability and functioning of the
banking system." In fulfilling the responsibilities
assigned by the Constitution, the Bank among other
things: supervises the banking system, performs and
supervises interbank payment operations domestic and
international, acts as fiscal agent, banker and advisor of
the State and produces regular macro-economic analyses
giving recommendations for Economic Policy to the
Government.