Radović and Rhuggenaath: Partnership of the CBCG and the World Bank for stronger and a central bank ready for Europe
09/09/2026
The CBCG and the World Bank continue to strengthen their longstanding strategic partnership, which has delivered tangible results in recent years in modernising financial infrastructure, strengthening the CBCG’s institutional capacities and advancing its integration into the European financial system. This was highlighted at a meeting between the CBCG Governor, Irena Radović, and Eugene Rhuggenaath, Executive Director representing the Dutch-Belgian constituency at the World Bank Group, of which Montenegro is also a member.
The discussion focused particularly on the payment system modernisation project, one of the most visible results of cooperation between the CBCG and the World Bank. Through this project, Montenegro has made a historic leap forward in its integration into the European payments infrastructure, becoming the first Western Balkan economy to join the SEPA geographical scope and subsequently to successfully launch an instant payments system based on TIPS Clone technology.
“Owing to the World Bank’s strong and long-term support, the CBCG has set new standards in the area of payment services, delivering tangible benefits for citizens, businesses and the financial sector. In the next phase, we intend to further focus this cooperation on strengthening resilience, building institutional capacities and ensuring the CBCG’s full preparedness for future membership of the European System of Central Banks,” Governor Radović said.
Rhuggenaath congratulated Governor Radović and the CBCG on what he described as the institution’s outstanding achievements in the reform process. He noted that the CBCG’s modernisation results are also significant from a broader regional perspective, particularly in the context of the shared challenges and reform processes facing the countries of the Western Balkans.
The discussion also addressed Montenegro’s macroeconomic outlook amid heightened global uncertainty. Governor Radović stressed that the CBCG continuously monitors external risks and their potential effects on the domestic economy and financial stability, noting that the banking system remains stable, liquid and well capitalised.
Another topic of discussion was the CBCG’s preparations for future membership of the European System of Central Banks. Governor Radović presented the results of the recently completed Needs Assessment process, which provided an independent assessment of the CBCG’s institutional and operational preparedness and clearly defined priorities for the next phase of its development. She also outlined plans for the CBCG’s institutional transformation and further strengthening of human resources in the context of its preparations for future participation in the European financial architecture.
It was concluded that the CBCG and the World Bank would continue to build on their already highly successful and substantive cooperation in areas of mutual interest and importance for the further development of Montenegro’s financial system.