Central Bank of Montenegro marks 25 years amid EU integration efforts

The Central Bank of Montenegro (CBCG) is marking its 25th anniversary during a period of significant institutional transformation as the country advances toward European Union membership.

President Jakov Milatović emphasized that a European Montenegro requires strong, independent, and professional institutions to ensure economic stability and sustainable development. He noted that the bank's history is closely tied to the country's own monetary transformation since its founding in 2001. Milatović highlighted that integration is already providing tangible benefits, such as joining the SEPA area and implementing instant payments through the TIPS Clone project.

Governor Irena Radović stated that the CBCG is preparing for membership in the European System of Central Banks (ESCB). To facilitate this, the bank conducted a Needs Assessment project in partnership with central banks from the Netherlands, Belgium, Germany, and Slovakia. Over 60 experts analyzed various specialized and horizontal areas to ensure the bank's people, processes, and systems are ready to function within the European central banking architecture. The findings indicate a credible path toward integration into the ESCB and, eventually, the Eurosystem.