The CBCG Governor Discusses Montenegro’s Payment System Modernisation in Washington

24/10/2024

During the IMF and the World Bank Annual Meeting, CBCG Governor, Ms Irena Radović, led the CBCG delegation at the meeting with the Bank of Italy’s Governor, Mr Fabio Panetta. They discussed modernising Montenegro’s payment system as a precondition for accelerating the EU integration process. 

Governor Radović expressed the CBCG’s interest in joining the Target Instant Payment Settlement (TIPS) clone project approved by the ECB and would be technically implemented by the Bank of Italy. TIPS clone is a national instant payment system for executing real-time transactions, available to users 24/7 throughout the year, identical to the EU’s TIPS payment system.

Governor Panetta confirmed the Bank of Italy’s readiness to implement the mentioned instant payment system, highlighting its significance in aligning with EU standards. Governor Radović expressed gratitude for the Bank of Italy’s support, particularly through participation in several technical cooperation programmes that helped CBCG and strengthened CBCG’s institutional, regulatory and administrative capacities.

The CBCG delegation also met with representatives of the IMF Monetary and Capital Markets Department, led by Assistant Director Ms Jennifer Elliott. Governor Radović thanked the IMF team for the technical assistance so far. She expected continued cooperation with the IMF through future projects to strengthen the CBCG, making it a modern, independent, and transparent institution that would respond to contemporary challenges successfully.