I use some Serbian made 223 rem/55gr sp in my Savage, it's called Highland over here but judging by the packet I think it gets rebranded around the world (mine has a piccie of a fox on the front). It's quite reasonable ammo. I tried some nasty russian ammo (bernaul, steel cased), gawd it was awful. It fouled the barrel, and the breach -even had a round stick.
BTW you are correct about the re-branding - I get it at an American chain store called Academy - Monarch is their own brand (ie re-branded Serb or Russian ammo depending on the make & model).
I shot more this weekend, and was truly impressed with the accuracy - with my Bushy AR-15 (with Explore Optics scope - new local company located nearby in Flower Mound Texas), I was able to literally shoot a dime sized bullseye consistently at 100 yards (I think 20+ out of 30 touched the edge of the "dime"). the other 8 where within 2 inches, and 1 or 2 were about 4 inches away. I'm not that great a shot a general, so chalk up the less than perfect shots to me and not the ammo. BTW the ammo I'm talking about is NOT the green box Monarch .223 FMJ (Russian)- it's the black box .223 Soft Points (Serbian). The former is very cheap steel cases, the latter, higher quality brass.
I have only two knocks against the ammo and accuracy is not one of them:
1) It's a bit dirtier than good stuff - however, just makes for a little more elbow grease when cleaning, which doesn't bother me as it's just more quality time with my rifle :-)
2) The shells extract VERY hot - one stuck on my arm and literally caused a small burn - which tells me not all the powder is finished burning by the time the bullet is gone.
Overall I love the stuff for plinking.