The nominees for the four open positions on the Council of the Central Bank of Montenegro (CBCG), recommended by the Parliamentary Committee for Economy, Finance, and Budget, include: Srdjan Milic, Suco Orahovac, Hadži Vesna Vujošević, Ismet Hadžić, Tamara Backovic, Mladen Bojanic, Zarija Pejović, and Brankica Mosurović.

They will undergo a consultative hearing before the Committee on Economics on Monday and Tuesday.

As per the Law on the Central Bank of Montenegro, the Council comprises eight members, which include the Governor, three Vice-Governors, and four members not employed by the Central Bank, all appointed by the Parliament of Montenegro. Council members serve a six-year term and can be appointed for a maximum of two consecutive terms.

According to unofficial information from “Vijesti,” Srđan Milić, a former leader of the Socialist People’s Party (SNP), has been nominated on behalf of this party. The candidate from the Europe Now Movement is Šućo Orahovac, who serves on the Executive Board of the PES Podgorica City Committee and holds the position of Secretary within the Secretariat for Entrepreneurship and Investment of the Capital City.

Sources from “Vijesti” indicate that Ismet Hadžić is the candidate from the Bosniak Party; his profile states that he is a member of the Municipal Board in Rožaje. Tamara Backović, proposed by the Democrats, is an assistant professor at the Faculty of Economics in Podgorica. Hadži Vesna Vujošević, nominated by the New Serbian Democracy (NSD), previously chaired the Board of Directors of the Employment Agency of Montenegro.

As reported by “Vijesti,” the URA Movement has nominated Mladen Bojanić, who served as Minister of Capital Investments under Prime Minister Zdravka Krivokapića and is currently an advisor to Budva’s mayor Nikola Jovanović. Other nominees include Vice-Dean for Education at the University of the Mediterranean, Zarija Pejović, and Brankica Mosurović, who works at the Montenegrin Electricity Distribution System (CEDIS) and has held various roles, including Head of Internal Audit at the Railway Infrastructure (ŽPCG) and the Municipality of Pljevlja.

The Assembly last elected four external members for the CBCG Council in July 2018, which included: Milorad Jovović, Nikola Milović, Ruždija Tuzović, and Zorica Kalezić. This filled the body of the supreme monetary institution after a delay of one year and eight months. Since then, the CBCG Council has not been fully operational since December 2019, when Zorica Kalezić was appointed as vice governor, replacing the then vice governor Irene Radović, who had been removed at the request of the previous governor Radoje Žugić.

Milović stepped down from the Council in August 2023 following his election as a DPS MP and currently serves in that capacity.

Milorad Jovović and Ruždija Tuzović’s six-year terms expired last July, yet they remain in their roles because, per the Law on the Central Bank of Montenegro, an expired mandate allows Council members to continue until a successor is appointed (Article 50a). Both are also part of the Audit Committee, a permanent body within the Council of the Central Bank of Montenegro.

Recent amendments to the Law on the Central Bank of Montenegro in 2023 have tightened the criteria for Council member elections, stipulating that candidates must possess at least 10 years of experience in economics, banking, finance, or law. Previously, no minimum work experience was required for any Council member, although the Governor and Vice Governors were mandated to have a minimum of five years in management roles within these fields. The Ministry of Finance, which proposed these changes, indicated that they were in response to recommendations from the International Monetary Fund (IMF). Additionally, the IMF recommended that the Council retain eight members (the Governor, three Vice Governors, and four non-employee members of the Central Bank), leading to the removal of the previous stipulation that, following Montenegro’s EU accession, the institution should consist of only the Governor and four Vice Governors.

The Assembly did not appoint new vice governors last month, namely Gordana Kalezić and Milan Remiković, proposed by Governor Irena Radović as per the Law.

“To date, we have not received any reasoning as to why these two competent candidates should not be supported by the Parliament of Montenegro,” CBCG Governor stated to “Vijesti.”

Governor Radović refrained from commenting on speculations suggesting that her candidates lacked support from the “For the Future of Montenegro” coalition due to the absence of a candidate aligned with them and their lack of votes from Europe concerning the Development Bank project awaiting approval from the supreme monetary institution.

The Law on the Central Bank specifies that vice governor candidates are proposed by the governor and elected by the Assembly but does not clarify the procedure when candidates are not elected or whether the governor can re-nominate them or must seek new candidates within a specific timeframe.

One vice governor position has been vacant since February 2023 following the resignation of Miodrag Radonjić, while Nikola Fabris‘s term expired in March 2023. Fabris remains in his role in accordance with Article 50a of the Law on the Central Bank of Montenegro.

Zorica Kalezić’s six-year term will end in December of this year.

Members of the Central Bank of Montenegro Council are compensated for their roles. The latest asset disclosure for Ruždija Hodžić, available on the Agency for the Prevention of Corruption’s website, indicates he earned a net monthly salary of €1,700 last year.

A member of the Council cannot be affiliated with a political party.

According to the Law on the Central Bank of Montenegro (Article 51, paragraph 2), Council members must not be affiliated with any political organization, be members of Parliament, Government, or hold any other appointed position except in international financial institutions. They are also prohibited from functioning in local government bodies or trade union organizations.

As defined in Article 52, paragraph 2—A Council member must submit a written statement regarding the aforementioned stipulations within 15 days of their appointment and annually by the end of February for the previous year.

When President Filip Vujanović nominated Radoje Žugić for governor in 2016, he was a member of the DPS Main Board and an advisor to the former Prime Minister Milo Đukanović. Vujanović clarified on September 30 that Žugić “resigned his DPS membership two days prior, which does not hinder the voting process.”

Council members are compensated for their positions. Ruždija Hodžić’s latest asset disclosure, found on the Agency for the Prevention of Corruption’s website, shares that he had a net monthly income of €1,700 last year.

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