Governor Žugić participated in the Meeting of Regional Governors

17/03/2019

The Governor of the Central Bank of Montenegro, Radoje Žugić participated in the Annual Meeting of Regional Governors held in Savudrija, Croatia 14 and 15 March. 

The main topics of this year’s meeting, which brings together governors, representatives of banks and financial sector from the countries of the region, referred to monetary policy and central banking. 

The Governor participated in the panel which considered the issues of the fin-tech related challenges to monetary policy and banking. The panellists agreed in the assessment that fin-tech places numerous challenges before monetary policy, especially in light of digital environment, and that this segment requires adequate regulation. “The regulation must lead to securing a high level of safety of these transactions and, at the same time, satisfaction of customers, whose use of modern banking services is increasing”, the panel concluded. 

Speaking at the Meeting, the Governor highlighted that the CBCG is committed to keeping up with the trends and applying fin-tech in commercial banks, requiring, at the same time, that transaction safety and protection against cyber-crime are being taken into account. “Central banks must cautiously investigate the possibility of a controlled application of financial technologies from the perspective of maintaining financial stability”, the Governor stated, adding that the improved market infrastructure must be, not only efficient and innovative, but safe and risk-resistant. 

The Governor also pointed out that the CBCG has started preparatory work on the introduction of the instant payment service to Montenegro. 

The Annual Meeting of Regional Governors, organised by the business weekly LIDER in cooperation with the Croatian National Bank, aims at improving the cooperation and experience exchange among the financial institutions of the region.