The representative of UBCG was present at the third international conference “Montenegro Financial Markets”, organized by the Capital Market Commission in cooperation with the Ministry of Finance and the Central Bank of Montenegro. The meeting lasts from 16 to 17. September, and gathered representatives of state institutions, the financial sector and international partners.
Minister of Finance Novica Vuković, Governor of CBCG Irena Radović and President of the Capital Market Commission Željko Drinčić spoke at the opening.
As part of the first day’s program, the presentation “Focus on Capital Markets Development: Lessons from Croatia” was held.
Vuković pointed out that in the past year, 22 laws were adopted in the areas of accounting, auditing, statistics, registration of economic entities, control of state aid and budget inspection. He emphasized that the goal is to temporarily close negotiation chapter 4 – free movement of capital by the end of 2025, while the obligations from chapter 9 – financial services have already been fulfilled. He also recalled the success of closing Chapter 5 – public procurement at the intergovernmental conference in June.
“Public debt was reduced from 105.1% to 60.7% of GDP, and unemployment fell to 9.03% in July – for the first time in single digits in recent history,” the minister emphasized. According to him, GDP growth of 2.5% was recorded in the first quarter of this year, above the eurozone average, while tourism, aviation, construction and foreign direct investments achieved growth of 3 to 7%.
Speaking about the capital market, Vuković announced the introduction of the so-called government bonds for citizens, adapted to small investments: “For the first time, our citizens will have the opportunity to invest directly in their country, under conditions more favorable than traditional savings. This way we are strengthening the domestic capital market and developing a financial culture.”
The minister said that Montenegro “must become a credible and competitive investment destination”, recalling the accession to the SEPA system, the improvement of the credit rating and the stability of the banking sector.
Radović: SEPA and TIPS open a new chapter for the Montenegrin economy – CBCG side by side with the EU
Governor of the Central Bank of Montenegro (CBCG), Irena Radović, said that Montenegro has achieved results in record time that rank it among the leaders of the region in the reform of the financial system and integration into European payment flows.
She reminded that the CBCG, together with the Commission for the Capital Market and the Insurance Supervision Agency, in September of last year completed the complete regulation for the closing of negotiation chapters 4 and 9 – free movement of capital and financial services, two years ahead of schedule. She added that Montenegro already formally entered the SEPA zone in November 2024, four years before the planned EU membership, while on October 7 the new payment system in euros will start.
“Our banks have shown that they are strong, resilient and ready for the introduction of the SEPA system and TIPS instant payments. These reforms will enable Montenegro to reduce the per capita income gap with the EU from the current 50% to 75% in the next ten years,” said Radović.
Speaking about the strategic dimension of the process, she emphasized that integration into European payment systems is not just a technical project, but the first step towards deeper involvement in the European capital and savings market: “We show that even smaller markets can be part of the solution in building a single European Union capital market.”
Radović also recalled the reform successes of the CBCG and Montenegrin banks in the fight against money laundering and terrorist financing, as well as the readiness for the next step – the digital euro project. “This is a strong signal to investors that Montenegro has a stable, modern and harmonized financial sector,” she said.
Concluding her address, the governor emphasized that Montenegro’s ambition is clear – to become the first next member of the EU: “Through the construction of an inclusive and integrated financial sector, we can bring concrete benefits to our citizens and show that enlargement can be an engine of stability, growth and security for the whole of Europe.”
