The Western Balkans (WB) countries, starting with those that are already euroized, should be provided with a clear path towards direct participation in the TIPS system, said the Governor of the Central Bank of Montenegro (CBCG), Irena Radović.
As announced by the Central Bank of Montenegro, during the third day of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB), Radović participated in a roundtable dedicated to the modernization of payment systems in WB countries, organized by the WB.
It is stated that the meeting, attended by finance ministers and central bank governors of the Western Balkan countries, discussed the results achieved so far in the field of development of modern payment systems.
"With a particular focus on joining the SEPA system and implementing the TIPS Clone project, which are key steps towards strengthening the region's financial integration with European payment infrastructure frameworks," the statement added.
Speaking about the progress Montenegro has made in these areas, Radović pointed out that the Central Bank of Montenegro and several systemically important banks have already submitted applications and received positive responses from the European Payments Council (EPC) for joining the SEPA payment schemes.
"We believe that the Western Balkan countries, starting with those that are already euroized, should be provided with a clear path towards direct participation in the TIPS system," said Radović.
This, she stated, would be a natural continuation of the expansion of the SEPA framework and a strategic step towards financial integration, in line with the logic of economic growth based on convergence and resilience.
"Montenegro, and we believe the entire region, is ready for this next step," Radović added.
The meeting concluded that the modernization of payment systems will contribute to more dynamic economic growth in the WB countries, and that banks that implement the planned reforms in a timely manner will strengthen their market position in the context of increasing digitalization and European integration.
At the invitation of the World Bank Vice President for Europe and Central Asia, Antonella Bassani, Radović also participated in a conference entitled The Role of Financial Inclusion in Empowering Women in the Economy in the Europe and Central Asia (ECA) Region.
As announced by the Central Bank of Montenegro, the discussion focused on identifying obstacles women face when it comes to accessing financial services, as well as effective strategies for their economic empowerment.
"The importance of regional exchange of experiences and application of good practices in this area was highlighted," the statement said.
It is stated that Radović also participated in the Annual Plenary Meeting of the IMF's International Monetary and Financial Committee (IMFC), which was marked by a presentation by IMF Managing Director Kristalina Georgieva.
"The presentation was dedicated to current global economic challenges and the IMF's directions of action, with particular emphasis on supporting developing countries in times of global uncertainty," the statement added.
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