Podgorica, (MINA-BUSINESS) – It was concluded at a meeting of the Central Bank (CBCG) Council that Montenegro made significant progress last year in advancing its strategic priorities, aligning with European Union standards, and preserving financial stability.

“The CBCG made a key contribution to the provisional closure of Chapter 4 – Free Movement of Capital through the successful completion of Montenegro’s accession to the Single Euro Payments Area (SEPA), as well as by meeting the closing benchmarks in the areas of payment services and financial sector integrity,” the CBCG said in a press release following the meeting chaired by Governor Irena Radovic.

At the same time, the CBCG, which coordinates the fulfilment of obligations under Chapter 9 – Financial Services and Chapter 17 – Economic and Monetary Policy, has been working hard to align legislation with the EU acquis, strengthen institutional and analytical capacities for future participation in the European System of Central Banks and the Eurosystem, and implement activities related to preparations for the euro convergence process.

A significant contribution was also made under Chapter 18 – Statistics through close cooperation between the CBCG, Monstat and the Ministry of Finance in establishing a system for compiling Government Finance Statistics (GFS) and Excessive Deficit Procedure (EDP) statistics in line with the ESA 2010 methodology. 

The CBCG actively participated in the preparation of financial accounts for the economy, the enhancement of balance of payments statistics, international investment position and external debt statistics, as well as the implementation of IPA projects and activities aimed at meeting the closing benchmarks for Chapters 17 and 18.

“These activities make an important contribution towards achieving Montenegro’s strategic goal of concluding EU accession negotiations by the end of this year and entering the final phase of the accession process,” the press release reads.