Montenegro should create dedicated ELA ‘subaccount’ – IMF staff

Montenegrin authorities and IMF disagree over creation of a “subaccount”
Bruno Sanchez-Andrade Nuño

The Central Bank of Montenegro is “constrained” in its ability to provide emergency liquidity assistance (ELA), according to staff at the International Monetary Fund. But the country’s authorities feel unable to adopt their preferred measures for addressing the problem.

Montenegro adopted the euro as a currency and unit of account in 2002, but as it remains outside the eurozone, the central bank cannot independently create liquidity on its own.

“This significantly constrains the ability to

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