Montenegro’s Central Bank (CBCG) has established a National Payment Transactions Council to enhance the safety and efficiency of the country’s payment systems and support its integration into the Single Euro Payments Area (SEPA), the CBCG said on Tuesday.
In a press release, the CBCG said the newly formed inter-institutional body would promote cooperation among payment system participants, facilitate the exchange of opinions, and coordinate activities aimed at improving Montenegro’s payment infrastructure.
“The Council’s main task is to propose new solutions to enhance the security and efficiency of payment systems, contributing to their further development as part of the SEPA area,” the CBCG said.
The CBCG also adopted a set of by-laws required by the Law Amending the Law on Resolution of Credit Institutions, aligning Montenegro’s regulatory framework with European Union standards.
“Adopting these acts aligns the regulatory framework for the resolution of credit institutions with relevant EU regulations. It provides the prerequisites for the efficient implementation of resolution procedures, improving legal certainty and reducing systemic risks,” the bank said.
The moves are part of Montenegro’s broader efforts to modernize its financial sector and strengthen its integration with European financial systems.
