CBCG Council Meeting: Infrastructure in Place for Introducing Instant Payments on 20 July
03/07/2026
The Council of the Central Bank of Montenegro (CBCG) held a session today, chaired by Governor Irena Radović.
The Council noted that the CBCG and the banking sector have completed the key infrastructure, technical and operational activities required for launching the national instant payment system – TIPS Clone – which is scheduled to become operational on 20 July this year. At the same time, it emphasised that, in order for the system to be launched, it is necessary for the legislative procedure to be completed in the coming days through the adoption of the Law Amending the Payment System Law, which is currently before Parliament.
Following Montenegro’s accession to the Single Euro Payments Area (SEPA) last October, which enabled citizens and businesses to make cross-border payments under the same rules as individuals and companies in the EU, the next phase of payment modernisation will commence with the launch of the TIPS Clone system on 20 July, making domestic payments faster and more cost-effective.
The remainder of the meeting focused on activities aimed at further aligning the banking regulatory framework with the EU acquis, in the context of fulfilling obligations under Chapter 9 – Financial Services – of Montenegro’s EU accession negotiations and preparing the country for future membership of the EU.
As part of the continuous alignment of the domestic regulatory framework with the EU acquis, the Council adopted the Draft Law Amending the Law on Credit Institutions. Given the complexity of banking regulation and the fact that the relevant European legislation continues to evolve, the proposed amendments will help maintain the current pace of legislative alignment and accession negotiations, while ensuring the timely preparation of the domestic banking system for the obligations arising from Montenegro’s future EU membership, including the integration of the CBCG into the European System of Central Banks (ESCB).
The Draft Law further refines and enhances specific provisions governing the operations of credit institutions, primarily by aligning them with the final requirements of the latest EU banking regulatory package (CRD VI and CRR III). It also aligns the national framework with the regulatory requirements underpinning the Single Supervisory Mechanism and the European Central Bank’s close cooperation framework.
The Council also adopted the Draft Law Amending the Law on Resolution of Credit Institutions, further aligning the legislation with the EU acquis in the area of bank resolution, particularly with the rules governing the Single Resolution Mechanism and the Single Resolution Fund. Given that a significant number of the proposed provisions relate to the future regime that will apply once Montenegro joins the Single Resolution Mechanism, their application has been deferred. This approach ensures the uninterrupted application of the existing national resolution framework until the conditions for implementing the European framework have been met.
By adopting these two draft laws, the CBCG continues to make an active contribution to fulfilling obligations under the EU accession process, strengthening the resilience of the banking sector and preparing Montenegro’s financial system for full integration into the European regulatory, supervisory and resolution framework.
The Council also discussed the Quarterly Review of the Countercyclical Capital Buffer Rate and decided to maintain the rate at 1%, in line with the results of its regular assessment of systemic risks. The countercyclical capital buffer represents an additional layer of capital designed to strengthen banks’ resilience during periods of strong credit growth and the build-up of systemic risks. In accordance with the law, the CBCG will continue to monitor risk developments on an ongoing basis and regularly reassess the appropriateness of the buffer rate.
The Council also discussed other matters falling within its remit.