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Council of the Central Bank of Montenegro Meeting: Focus on enhancing the regulatory framework and further payment system modernising

26/01/2026

At today’s meeting, the Council of the Central Bank of Montenegro, chaired by Governor Irena Radović, expressed satisfaction regarding the closure of Chapter 32 – Financial Control, to which the CBCG contributed significantly through implemented reform activities and the results that enabled the fulfilment of the closing benchmarks in the area of protecting the euro against counterfeiting.


The Council also discussed and adopted a number of by-laws, thereby further improving the financial system’s overall regulatory framework.


By adopting the Decision amending the Decision on Minimum Standards for Investment of Credit Institutions in Immovable Property and Fixed Assets, the Council prescribed minimum standards and limitations for credit institutions’ investments in immovable property and fixed assets. The amendments aim to create a regulatory environment encouraging credit institutions to take a more proactive approach to managing and collecting non-performing exposures.


With a view to aligning with the applicable Law on Accounting, the Council adopted the Decision on the Content, Deadlines and Manner of Preparing and Submitting Financial Statements of Credit and Other Financial Institutions. This decision extends the obligation to submit financial statements to the CBCG—which, under the previously applicable Law on Accounting, applied only to credit institutions—to all other financial institutions supervised by the CBCG (microcredit financial institutions, leasing companies, factoring companies, purchase of receivables, credit guarantee funds, payment institutions and electronic money institutions). For the sake of full transparency, the CBCG will publish the submitted financial statements on its website.


With the aim of improving the scope and efficiency of reporting in payment transactions and implementing European standards in this area, the Council adopted the Decision Amending the Decision on Payment System Reporting to the Central Bank of Montenegro.


For the purpose of harmonisation with the Law on Resolution of Credit Institutions and the new Decision on Capital Adequacy of Credit Institutions, the Council also adopted a set of five decisions relating to the resolution of credit institutions. This further strengthens the regulatory framework governing this area and contributes to the fulfilment of obligations under Chapter 9 – Financial Services.


The Council also discussed the CBCG Macroeconomic Report 2/2025, highlighting stable macroeconomic developments in Montenegro during the period January–September 2025 with financial stability safeguarded and continued economic growth. On that occasion, the Council members commended the quality and analytical value of the Report, suggesting that its findings and data be made available to the widest possible professional and interested public, given their importance and applicability for various analytical and research purposes.


The Council members were also presented the results of an analysis of the effects of the application of the SEPA system in the first three months, confirming significant and measurable benefits for citizens and the economy. From 7 October 2025 to 7 January 2026, 2.4 million euros were saved. The average price of a SEPA transaction in the analysed period amounted to 6.15 euros, while the average price of a SWIFT transaction in 2024 was 73.4 euros, meaning that SEPA transactions were almost 12 times cheaper. Savings were particularly notable for transactions through electronic channels: the average SEPA fee for amounts up to 200 euros for natural persons was only 0.067 euros, compared to an average SWIFT fee of 18.14 euros. For transactions exceeding 20,000 euros, the average SEPA fee for legal entities amounts to 25 euros, while the cost of a SWIFT transaction is around 156 euros, clearly indicating a significant difference in costs.


The analysis results point to the room for better utilisation of the advantages of the SEPA system, particularly in the corporate sector, where a significant number of transactions are still executed through the multiple-times more expensive SWIFT channels. The analysis shows that, in the previous three-month period, the economy had the potential to achieve additional savings of over 1.3 million euros. Accordingly, in cooperation with the Chamber of Commerce of Montenegro and other business associations, the CBCG plans to work on further education and promotion of the use of the SEPA system, which the Council supported.


At today’s meeting, the Council discussed the status of implementing the project for introducing the national instant payment system (TIPS clone), which the CBCG is implementing in cooperation with the Banca D’Italia. On that occasion, extensive activities aimed at preparing the Montenegrin banking sector for the most significant transformation of the payment system were presented, involving the transition to inclusive, instant and affordable digital payments. It was noted that activities are being carried out in line with the planned timeline, and that the start of system application is expected this July.


At this meeting, the Council also discussed other issues within the competence.