The Central Bank of Montenegro (CBCG) has taken the necessary steps to begin the process to join the Bank for International Settlements (BIS).
The Bank for International Settlements is a multinational non-governmental-organization (NGO). BIS members are central banks and the mission of the organization is to “foster international monetary and financial cooperation and serve as a bank for central banks.” The BIS was established by the Hague agreements of 1930, making it the world’s oldest international financial organization.
CBCG Governor Radoje Zugic attended the annual assembly of the BIS in Basel Switzerland on 24-27 June. At the event, BIS CEO Jaime Caruana stated that the BIS Board of Directors had discussed membership for the CBCG and had placed it on the list of candidates. BIS currently has members from 60 of the words approximately 183 nations, including Bosnia and Herzegovina, Croatia, Macedonia, Serbia, and Slovenia. Along with EU and NATO membership, membership in the BIS will help to ensure Montenegro’s place in the peaceful and prosperous first world.