Podgorica, (MINA-BUSINESS) – Council of the Central Bank (CBCG) has adopted a decision on the establishment of the National Payment Transactions Council.

According to a press release issued by the CBCG, the Council adopted a set of by-laws, required by the Law Amending the Law on Resolution of Credit Institutions.

“Adopting these acts aligns the regulatory framework for the resolution of credit institutions with relevant EU regulations. It provides the prerequisites for the efficient implementation of resolution procedures, improving legal certainty and reducing systemic risks,” stated a press release from the CBCG.

To improve the standards of safe and efficient payment transactions in the country and to contribute to the successful implementation of the SEPA project, the Council adopted the Decision on the Establishment of the National Payment Transactions Board.

“The main task of this inter-institutional body, whose work will be coordinated by the CBCG, is to encourage cooperation between payment system participants, exchange of opinions and harmonisation of activities that contribute to the improvement of payment systems in Montenegro as part of the SEPA area and propose new solutions to achieve a higher level of security and efficiency of payment systems and their further development,” the press release states.