First Savings for Newborns in Savings Week Increased to 1,000 Euros
29/10/2024
CBCG and commercial banks donate 1,000 euros to newborns from 31 October to 6 November 2024
All newborns from 31 October to 6 November 2024 will receive 1,000 euros of their first savings as a gift, an increase compared to last year’s 800 euros. The CBCG and commercial banks provide this amount as specified in the Agreement on Implementing the Savings Week campaign, which the CBCG Governor, Ms Irena Radović, signed with the chairpersons of management boards of commercial banks coinciding with World Savings Day.
The Agreement foresees that the CBCG and the commercial bank in which a newborn’s parents open a savings account give 1,000 euros in total. The received amount will be deposited for one year, and savings accounts may be opened until 31 March 2025. This joint action of the CBCG and commercial banks enabled 2,669 children throughout Montenegro to receive their first savings as a gift, with 1,060,000 euros allocated for this purpose.
“The campaign’s longevity and such significant figures testify to our permanent determination to contribute to constructing a more stable and secure future for the whole society. The educational activities accompanying this action aim to raise awareness of the responsible financial management’s importance,” said Governor Radović, thanking the commercial banks for their continued support.
Today’s meeting with bank representatives discussed current banking sector issues, focusing on key projects and initiatives. Governor Radović shared the most important conclusions from the numerous meetings during last week’s annual IMF and World Bank meetings. They recognised Montenegro’s progress in harmonising the domestic regulatory framework governing the financial sector with EU regulations, rating the Montenegrin financial sector as resilient, stable and well-capitalised.
“Owing to previous intensive activities on harmonisation with EU standards, Montenegro is the first in the region at the point of joining the SEPA system, bringing us significantly closer to the EU and the Eurosystem,” the Governor said. She added that the next phase foresees banks to be ready and timely submit applications to the European Payments Council for connection to SEPA networks. In this context, she emphasised the CBCG’s willingness to continue providing banks with the necessary support throughout the process.
The Governor also presented plans for the next period regarding the payment system modernisation, including preparations for introducing the national instant payment system, including those related to the implementation of initiatives agreed with the central banks of the Eurosystem during the Annual IMF and the World Bank Meetings.
Today’s meeting confirms the commitment to further developing the Montenegrin financial ecosystem and strengthening its stability, which will accelerate European integration and contribute to a more dynamic economic progress of Montenegro.