Supporting Financial Inclusion and Regional Cooperation: CBCG Governor at a Conference in North Macedonia

01/10/2024

The CBCG Governor, Ms Irena Radović, attended a high-level conference titled “Central Banks and Central Banking in a Highly Complex World: Demonstrating Commitment and Preserving Credibility”, organised by the National Bank of the Republic of North Macedonia (NBRNM) in cooperation with the Reinventing Bretton Woods Committee.

The conference, opened by the President of the Republic of North Macedonia, Ms Gordana Siljanovska Davkova, the NBRNM Governor, Ms Anita Angelovska Bezhoska, and the Executive Director of the Reinventing Bretton Woods Committee, Mr Marc Uzan, brought together the governors of the central banks of several European countries, high representatives of international institutions such as the IMF, the World Bank, the ECB, the EBRD and the EBA, and representatives of the global academia.

Through several panels, participants discussed the key challenges central banks face, emphasising preserving their independence and credibility. The conclusion was that the central banks’ independence remains a key factor for maintaining financial stability and strengthening the trust and credibility of the financial ecosystem. This issue is gaining particular importance in light of the expanding central banks’ mandate in a dynamic environment that includes climate change, digitisation, fintech, and financial education and inclusion.

In the panel on the Inclusive Finance in SEE region, Governor Radović spoke about the CBCG’s reform agenda and the timeline of harmonising the regulatory and institutional framework with the central banks of the Eurosystem and financial inclusion as part of responsible gender policies. On that occasion, Governor Radović pointed out that “Montenegro has made significant steps regarding financial inclusion, but there is still room for improvement”, adding that, through regulatory changes, projects with international institutions and initiatives it coordinates, the CBCG contributes to creating a more inclusive environment for access to capital, financial education and business opportunities for vulnerable categories. The panellists concluded that additional efforts are needed to address structural inequalities, and central banks have an essential role in these processes. The panel concluded that inclusive policies and promoting financial literacy and innovation can significantly reduce barriers to financial inclusion, positively affecting the economy.

On the sidelines of the conference, the governors of the central banks of Montenegro, North Macedonia and Bosnia and Herzegovina, Ms Irena Radović, Ms Anita Angelovska Bezhoska and Ms Jasmina Selimović, had a separate meeting with the President of the Republic of North Macedonia Gordana Siljanovski Davkov. With a strong message of support for the complex mandates of central banks and regulatory policies contributing to closing the gap in financing sensitive categories, they particularly emphasised the importance of intensifying cooperation between the region’s countries, especially in the context of its European perspective.