Payment system legislation harmonized with EU acquis

Podgorica, Tirana, (MINA-BUSINESS) – According to Governor of the Central Bank (CBCG) Irena Radovic, the CBCG has fully harmonised its regulations in the payment system with the EU acquis.

“An external analysis of the Montenegrin legislation’s compliance with requirements of the Single Euro Payments Area (SEPA), supported by the European Commission, confirmed high compliance of the domestic regulatory framework, thus recognising our previous results”, Radovic said at a regional high-level meeting in Tirana.

She added this was an additional motive for the CBCG and the Government of Montenegro to continue with activities to fulfil other requirements for joining SEPA.

Radovic also presented the activities aimed at preparing Montenegro’s application for accession to SEPA, which would be sent to the European Payments Council in the coming period.

It was concluded at the meeting in Tirana that the Western Balkan countries joining the SEPA would contribute to the region’s economic integration and bring tangible benefits to citizens and the economy by simplifying and accelerating the process and reducing transaction costs.