The efforts of the Central Bank of Montenegro (CBCG) to strengthen its capacities and align with European standards are crucial, as a strong and independent central bank is key to supporting the prosperity and economic growth of the country.
This was emphasized by the Governor of the Austrian National Bank, Robert Holzmann, during a meeting with CBCG Governor Irena Radović.
According to a statement from the CBCG, Holzmann and Radović discussed enhancing the cooperation between the two institutions, focusing on knowledge exchange and support for the reform processes the CBCG is undertaking as part of its future integration into the European System of Central Banks (ESCB).
Holzmann praised the CBCG’s efforts in regulatory alignment and the modernization of payment systems, stressing the importance of continuing the reform activities that will bring the CBCG closer to ESCB standards.
“CBCG’s efforts to strengthen its capacities and align with European standards are essential, as a strong and independent central bank is crucial for supporting the prosperity and economic growth of the country,” said Holzmann.
Radović outlined the key activities the CBCG is undertaking to strengthen institutional capacities and align the regulatory framework with relevant European Union (EU) legislation.
She also informed Holzmann about the CBCG’s intensive efforts to modernize payment systems, highlighting the importance of SEPA integration and the development of the national instant payment system through the implementation of the TIPS clone project.
“The CBCG, as the first central bank in the Western Balkans region and significantly ahead of the SWIFT migration deadline set for November this year, successfully implemented the international standard ISO 20022 for financial data exchange,” Radović stated.
According to her, this project, which the CBCG completed entirely with its own capacities, has significantly improved the quality and efficiency of international payment transactions.
As Radović emphasized, this standard will also be introduced into the domestic payment system by May this year, further enhancing alignment with European regulations and supporting the development of modern payment services.
Radović thanked Holzmann for his support, noting that the CBCG greatly values its partnership with the Austrian National Bank.
“We believe that cooperation with one of the key European central banks will ensure alignment with the best European practices in the field of monetary policy,” said Radović.
The statement also mentioned that both Radović and Holzmann expressed their readiness to continue and deepen cooperation, including increasing technical support and the exchange of experiences, with the aim of aligning the institutional, functional, and operational structure of the CBCG with ESCB and Eurosystem standards and requirements.
The meeting was attended by the Austrian Ambassador to Montenegro, Kristian Steiner, as well as associates of Radović and Holzmann.
