CBCG focused on strengthening regulatory framework and aligning with EU standards

The Governor of the Central Bank of Montenegro (CBCG), Irena Radović, emphasized the institution’s commitment to continuously improving the regulatory framework and aligning it with European standards. She made the statement during a meeting with the Ambassador of Austria to Montenegro, Christoph Steiner.

Radović highlighted that, in addition to its responsible supervision and efforts to maintain the financial stability of the system, the CBCG is focused on ongoing enhancements to the regulatory framework to ensure alignment with European Union standards.

“We are dedicated to improving our regulatory framework and harmonizing it with European standards,” Radović said, while thanking Austria for its long-standing and strong support. She specifically underscored the importance of cooperation with the Austrian National Bank (OeNB) in advancing the reform processes needed for Montenegro’s future EU integration and its participation in the European System of Central Banks.

In the meeting, Radović congratulated Steiner on his new role as Ambassador and expressed confidence that the partnership between Montenegro and Austria would be further strengthened during his mandate.

Radović also briefed Steiner on the current state of Montenegro’s banking sector, emphasizing its stability and positive trends in key financial positions.

Additionally, Radović informed Steiner about the significant regulatory activities the CBCG is undertaking to meet its pre-accession obligations, as well as the intensive efforts involved in Montenegro’s accession to the Single Euro Payments Area (SEPA).

Ambassador Steiner praised the CBCG’s efforts in Montenegro’s accession to the SEPA system and reiterated Austria’s continued support for Montenegro’s European integration process.

“The economic integration of the Western Balkans is an important pillar of regional development and stability,” both parties agreed. They expressed their readiness, within their respective authorities, to contribute fully to enhancing the economic ties between Montenegro, the region, and the European Union (EU), the statement concluded.