OeNB Supports CBCG Reforms
04/04/2025
Robert Holzmann, the Governor of the National Bank of Austria (OeNB) is visiting the CBCG on the invitation of Governor Irena Radović. H.E. Christian Steiner, the Ambassador of Austria to Montenegro and the associates of both governors also attended the meeting.
During the meeting, the governors and their teams discussed how to strengthen cooperation between their institutions, focusing on knowledge exchange and support for the CBCG’s reform processes amid future integration into the European System of Central Banks (ESCB).
Governor Radović presented the key CBCG’s activities to strengthen institutional capacities and harmonise the regulatory framework with the relevant EU acquis. She also informed Governor Holzmann on the intensive activities of modernising payment systems, emphasising the importance of SEPA integration and developing the national instant payment system by implementing the TIPS clone project. The governor also highlighted that the CBCG, as the first central bank in the Western Balkans region, successfully implemented the international standard ISO 20022 for exchanging financial data significantly before the deadline for migration set by SWIFT for November 2025. This project, which the CBCG implemented entirely with its resources, significantly improved the quality and efficiency of international payment transactions. By May 2025, this standard will also be introduced in domestic payment transactions, thereby further strengthening compliance with European rules and supporting the development of modern payment services.
Governor Holzmann commended the CBCG’s efforts in regulatory harmonisation and payment transaction modernisation, stressing the importance of continuing the reform activities to bring the CBCG closer to the ESCB standards.
“The CBCG’s efforts to strengthen capacity and adapt to European standards are paramount because a strong and independent central bank is key to supporting the country’s prosperity and economic growth,” said Governor Holzmann.
Governor Radović thanked for the support, stressing that “the CBCG highly appreciates the cooperation with the OeNB because we believe that partnering with one of key European central banks will ensure our alignment with the best European monetary policy practices.”
Both sides expressed their commitment to continue and further enhance cooperation, including enhanced technical support and the exchange of experiences to harmonise the institutional, functional and operational structure of the CBCG with the ESCB and the Eurosystem standards and requirements.
Text of statements of Governor Holzmann and Governor Radović
Statement of Governor Holzmann
Statement of Governor Radović
Covers from the Meeting