Adopted amendments to the Law on CBCG - governor to be appointed by the Assembly on the basis of a public competition

Today, MPs adopted amendments to the Central Bank Act (CBCG), which stipulate that the Assembly appoints the governor of the supreme monetary institution on the basis of a public competition.

With the entry into force of this law, the existing procedure for the election of the governor, who was elected by the Assembly on the proposal of the President of the State, ceases to be valid.

Instead, the parliament will elect the governor on the proposal of the Parliamentary Committee for Economy, Finance and Budget.

This law needs to be signed by the president and published in the Official Gazette in order to come into force.

The amendments were supported by 41 deputies, and the opposition deputies did not attend the vote.

The amendments defined that for the position of governor one must have ten years of work experience instead of five, as well as that the procedure for the selection of members of the CBCG Council is carried out in a public competition in the parliament and that the new Council is elected within three months from the date of entry into force of the amendments of the law.

The procedure for changing the election of the governor of the CBCG was proposed by Democratic Front (DF) MP Dejan Đurović in October last year.

It is also defined that the governor is elected for six years and that he cannot be appointed more than twice.

Outgoing President Milo Đukanović previously proposed to the Assembly to re-elect Radoj Žugić as governor, whose mandate expired in October last year.