 The Central Bank of Montenegro was established on the basis of the "Law on Central Bank of Montenegro", passed by the Parliament of the Republic of Montenegro in November 2000.With its establishment, the Republic of Montenegro obtained an independent authority responsible for monetary policy, and establishment and maintenance of sound banking system and efficient payment system operations.The Central Bank started to operate on March 15, 2001, when the Montenegrin Parliament adopted the "Decision on Appointment of Members of Council of the Central Bank of Montenegro".