World Bank praises Central Bank of Montenegro reforms

Central Bank of Montenegro World Bank financial reforms SEPA payment infrastructure

A delegation from the Central Bank of Montenegro (CBCG), led by Governor Irena Radović, met with World Bank officials during the IMF and World Bank Annual Meetings in Bangkok. The discussions focused on the results of financial system reforms, the modernization of payment infrastructure, and the strengthening of institutional capacities to support Montenegro's path toward European Union membership.

World Bank representatives commended the CBCG's progress, particularly regarding the integration of Montenegro into European financial infrastructure. Key achievements highlighted include Montenegro's accession to the Single Euro Payments Area (SEPA), which has facilitated faster and more affordable cross-border transactions, and the ongoing project to introduce the TIPS Clone instant payment system to meet European standards.

Both parties reaffirmed their commitment to a strategic partnership centered on the digitalization of financial services, financial inclusion, and enhanced supervisory capabilities through continued support from the Financial Sector Advisory Center (FinSAC).