The Central Bank of Cyprus (CBC) hosted the governor of the Central Bank of Montenegro and a senior delegation on July 7, with discussions focusing on Cyprus’ experience of European integration, central banking operations and preparations for eventual participation in the Eurosystem.

According to the a statement from the central bank, CBC governor Christodoulos Patsalides welcomed Central Bank of Montenegro governor Irena Radović and senior officials from the Montenegrin central bank for a working visit to the bank’s headquarters.

During the meeting, the two governors discussed recent economic and financial developments, as well as issues of common interest relating to central banking, financial stability and European integration.

The CBC said the discussions focused primarily on Cyprus’ experience in the practical implementation of the requirements of the European System of Central Banks (ESCB) and the Eurosystem.

According to the central bank, particular emphasis was placed on organisational structures, governance arrangements, resource allocation, operational efficiency, digital transformation, information technology services and infrastructure, as well as payment systems.

The CBC also said that senior officials from the bank delivered presentations outlining the practical experience and lessons learned from Cyprus’ accession to the European Union and its subsequent adoption of the euro.

It added that the visit forms part of the Central Bank of Montenegro’s ongoing preparations for future integration into the ESCB and the Eurosystem.

According to the CBC, the meeting also provided an opportunity for an open and constructive exchange of views, practical experience and good practices between the two central banks.

The CBC said it places high value on its cooperation with the Central Bank of Montenegro and looks forward to further strengthening the professional relationship between the two institutions.