Limit on cash one can carry into and out of Montenegro without reporting it raised to 10,000 euros

The Central Bank of Montenegro (CBCG) has raised the limit of cash that can be carried into and out of the country from 2,000 to 10,000 euros.

Neither residents nor non-residents will be obliged to report less than 10,000 euros in cash to the customs service.

"Carrying cash into and out of the country is being liberalized and brought in accord with the regulations of the European Union", it is added in the statement.

CBCG has also ordered the companies with the headquarters in Montenegro to keep special records on current and capital deals with foreign countries and to submit these data to that bank.

"This way of reporting will enable us to have an insight into the state of direct investments and private foreign debts, and it will also increase comprehensiveness and quality of the payment balance statistics", it is stated in the explanation of this decision.

The companies are obliged to keep the Central Bank up to date by submitting the data on the deals involving direct investments, loans with foreign countries, and the state and turnover on the accounts of residents abroad.

It is also added that companies are held responsible for accuracy of these data, as well as that they are obliged to facilitate verification of the asked information at the request of CBCG.