Partnership Between the Central Bank of Montenegro and UNDP for a Sustainable and Digital Financial System

Governor of the Central Bank of Montenegro (CBCG), Dr. Irena Radović, and UNDP Resident Representative in Montenegro, Ekaterina Paniklova, signed today a strategic cooperation agreement within the framework of the FINSTEM project: Financial Innovation, Sustainability, and Transformation for EU and FutureReady Montenegro Financial Sector. The project aims to accelerate the digital transformation of CBCG and the modernization of the financial sector. This initiative marks a significant step forward in strengthening Montenegro’s financial infrastructure and aligning it with modern European standards.

Governor Radović emphasized that the agreement reaffirms a shared commitment to reforms that enhance the resilience and efficiency of the Montenegrin financial system. “Our collaboration with UNDP will contribute to the digital transformation of the Central Bank, the improvement of regulatory and operational frameworks, and the modernization of the financial sector as a whole. Our joint goal is to build a more stable, inclusive, and efficient financial system that meets the needs of Montenegro’s citizens and economy,” said Governor Radović.

Ekaterina Paniklova stressed that UNDP remains a reliable partner to Montenegro in advancing the goals of digital transformation and sustainable development. “This partnership reaffirms our shared dedication to building a financial system that is modern and efficient, and also inclusive, resilient, and sustainable. Through joint efforts, we are shaping a financial ecosystem that meets today’s standards paving the way for a greener and more equitable future,” Paniklova stated.

The agreement envisions comprehensive cooperation in the development of the financial sector, including the enhancement of digital infrastructure, support for innovation, strengthening system security and resilience, capacity development, and the promotion of sustainable and green financial practices.

This strategic framework supports the broader process of harmonizing Montenegro’s financial system with the regulatory framework and standards of the European Union.