A delegation from the Central Bank of Montenegro, headed by Governor Irena Radović, engaged in discussions with Fabio Panetta, the Governor of the Bank of Italy, during the annual meeting of the IMF and the World Bank. The focus of their conversation was the modernization of Montenegro’s payment system, a crucial step for advancing the country’s integration into the European Union.
Governor Radović expressed interest in joining the TIPS (Target Instant Payment Settlement) clone project, which has been approved by the European Central Bank and will be technically implemented by the Bank of Italy. This national instant payment system allows for real-time transactions available to users 24/7 throughout the year, mirroring the EU’s TIPS payment system.
Governor Panetta affirmed the Bank of Italy’s commitment to implementing the instant payment system, emphasizing its importance in aligning with EU standards. Radović expressed gratitude to Panetta for the Bank of Italy’s support, particularly through various technical cooperation programs that have helped enhance the institutional, regulatory, and administrative capabilities of the CBCG.
Additionally, the CBCG delegation met with representatives from the IMF’s Monetary and Capital Markets Department, led by Assistant Director Jennifer Eliot. Governor Radović thanked the IMF team for their ongoing technical support and voiced optimism that future collaborative projects would further strengthen the CBCG, helping it to become a modern, independent, and transparent institution that effectively meets contemporary challenges.
