Minister Radunović and Governor Žugić at the Constitutive meeting of the World Bank

11/06/2018

Minister of Finance, Mr Darko Radunović and Governor of the Central Bank of Montenegro, Mr Radoje Žugić, participated in the annual Constitutional meeting of the International Monetary Fund and the World Bank, held from 8 to 10 June in Split.

Participants discussed the current issues of monetary, financial and development policy, and the main topic was financial technology, more specifically, the relation between technology and financial industry development, with a focus on changes caused by rapid technological development.

Participating at the panel on relation between technology development and financial inclusion, Governor Žugić pointed out that the rapid development of digital innovations caused the need for accelerated financial inclusion at a global level. Block-chain technology has introduced significant novelties that have the potential to completely change the current way of doing business. "It is important to know that the development of financial technology carries certain risks, and it is necessary to provide adequate infrastructure that will ensure consumer protection and preserve the financial system stability," concluded Žugić.

Recognizing the need to improve financial literacy and inclusion, the CBCG initiates and implements numerous activities aimed at raising the level of information and economic knowledge in the society, with the aim of better understanding of the importance of financial safety and soundness of the banking system.

The meeting in Split was attended by top officials of central banks and ministries of finance from fifteen countries - members of the Dutch-Belgian constituency, as well as the executive directors of the IMF and the World Bank.