The mission of the International Monetary Fund (IMF) will conduct a review of the transparency code of the Central Bank of Montenegro (CBCG) during June, the financial institution announced.
The CBCG states that the IMF code on transparency of central banks is an international code that allows central banks to map their transparency practices, with the aim of increasing their accountability to key stakeholders and improving the efficiency and visibility of policies.
“Keeping in mind the aspirations to carry out its functions and policies in accordance with the highest standards and best practices, the CBCG requested an IMF audit, in order to establish standards in line with the best in the field of external communication, primarily with the most important international partners and financial institutions practice,” the announcement, which is reported by RTCG, states.
The CBCG explained that the revision of the transparency code entails an analysis of the Central Bank’s transparency practices and procedures in relation to its management, policies, operations and external communication.
According to them, during the mission, in addition to the CBCG, the International Monetary Fund will also talk with representatives of the Assembly, the media, the civil sector, the academic community and other interested parties.
“The objective of the revision of the CBCG transparency code is the implementation of the highest international standards of transparency, as well as the strengthening of the dialogue of the CBCG with the external public, including the highest state and international institutions, the media, and the non-governmental sector,” the announcement states.
As it is added, with the revision of the IMF, the CBCG continues the policy of transparent relations towards the most important international financial institutions.
The CBCG emphasized that they will use the report and audit results, which are expected in the last quarter of the current year, to further improve their procedures and practices, in order to raise the level of transparency in all segments to the highest level.