CBCG Governor Meets the World Bank’s Director for the Western Balkans

06/03/2024

"Montenegro is making great strides in joining the Single Euro Payments Area (SEPA)," was the conclusion of the meeting between CBCG Governor Ms Irena Radović and the World Bank team led by Ms Xiaoqing Yu, World Bank Country Director for the Western Balkans held today.

Governor Radović and Director Yu highlighted that the CBCG and the World Bank cooperate excellently within the Western Balkans Payment Modernization project. This project supports the Western Balkans region in its transition to EU standards and meeting the requirements for integration into SEPA.

Director Yu praised the CBCG's agility and results in harmonising regulations governing payment transactions with the EU acquis. Sheannounced additional support to Montenegro, primarily aimed at strengthening technical and overall capacities, aiming for adequate preparation for joining SEPA.

At the meeting, they also discussed Partnership Framework for Montenegro 2024 to 2028, a joint strategic document of the World Bank and the Government of Montenegro summarising the priority areas to which the World Bank will direct aid during the said period. The new five-year framework will support reform processes in Montenegro aimed at increasing economic resilience, inclusive growth and better management of natural resources with the aim of sustainable and green growth.

Governor Radović said that the CBCG, through its policies and plans for the next period, strongly supports the priorities defined by the Partnership Framework, adding, "its implementation will contribute to solving the key vulnerabilities of the Montenegrin economy". The Governor emphasised the CBCG's absolute commitment to improving the environment for implementing projects and the financial sector's "greening".

Governor Radović thanked the World Bank's representatives for their continuous support to the CBCG, especially in the payment system modernisation, improving supervisory capacities and strengthening the CBCG's transparency and independence.