The Bank of Spain supports the further strengthening of the Central Bank of Montenegro (CBCG) and its organizational and functional transformation with the aim of full compliance with the standards of the European System of Central Banks (ESCB), said the Governor of the Spanish banking institution, José Luis Escriva.
A delegation of the Central Bank of Montenegro, led by Governor Irena Radović, is on an official visit to the Bank of Spain.
As announced by the Central Bank of Montenegro, during the meeting with Escrivá, key aspects and challenges in the process of preparing the Central Bank of Montenegro for future membership in the European System of Central Banks (ESCB) were discussed.
Escriva highlighted the importance of central bank transparency, emphasizing that it is not only a tool for informing the public, but also a key mechanism for strengthening their independence.
He praised the engagement of the Central Bank of Montenegro, which was among the first central banks in the world to initiate an assessment of the Transparency Code by the International Monetary Fund (IMF), which confirmed the high level of transparency of the Central Bank of Montenegro.
"The Bank of Spain provides full support to the further strengthening of the Central Bank of Montenegro and its organizational and functional transformation with the aim of full compliance with ESCB standards," said Escrivá.
Radović thanked the Governor of the Bank of Spain for his support, and especially for his cooperation in developing the Central Bank of Montenegro's Strategic Plan for the period 2025–2028.
She emphasized the CBCG's commitment to further modernizing the Montenegrin financial system, while preserving its stability and resilience.
The CBCG delegation also held additional meetings with colleagues from the Bank of Spain, where they discussed the topics of implementing ESG standards, financial education, and improving operational processes in central bank operations.
As part of her visit to the Bank of Spain, Radović also participated in a high-level conference dedicated to central bank governance.
This event is part of an IPA project aimed at strengthening the capacities of central banks in the Western Balkans, with the aim of their integration into the ESCB.
The conference brought together senior central bank officials from the region and the EU, and the main topics were strategic planning, governance and supervision in central banks, as well as key challenges in the modern banking sector.
Radović, at a panel dedicated to transparency and accountability mechanisms, said that modern central banks face increasing challenges in maintaining independence, balancing between controlling inflation, preserving financial stability, and responding to geopolitical and economic turbulence.
"The key to long-term stability lies in the ability of central banks to remain committed to the principles of independence and transparency, making decisions guided by economic imperatives," Radović added.
The Central Bank of Montenegro said that Radović's participation in this event confirms the active role of the Central Bank of Montenegro in regional and European cooperation, as well as its commitment to further strengthening capacities in accordance with the highest international standards.
The CBCG delegation includes Vice Governor Zorica Kalezić and Advisor to the Governor Biljana Gligorić.
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