Ministry of Finance of Montenegro: Long-Standing Problem with Direct Payment Transactions Between Montenegro and Serbia Should Be Solved as Soon as Possible

The Ministry of Finance of Montenegro has initiated the question of direct payment transactions between Montenegro and Serbia, so a memo was sent to the Central Bank of Montenegro (CBCG) for the solving of this long-standing problem. According to minister Aleksandar Damjanovic, communication has been established between the central banks of the two countries.

Damjanovic stated that he expected the propositions for establishing direct payment transactions between Montenegro and Serbia to be considered in the shortest amount of time possible, in order to eliminate the long-standing business barrier in operations and reduce the costs for the citizens and the economy.

At the level of the governments of the two states, during the recent visit of the Montenegrin delegation to Belgrade, they agreed that direct payment transactions needed to be regulated in the shortest amount of time possible.

– I believe that, as soon as possible, we will solve this unnecessary barrier in the economic relations between Montenegro and Serbia. We will see whether it will be done through the so-called clearing system, which exists, or through the system of payment transactions in line with the EU standards – Damjanovic said.

He said that communication between CBCG and the National Bank of Serbia (NBS) had been established.

– We expect concrete propositions of models for solving this decades-long problem to be made soon. This is a big business barrier for the economies of the two states, it makes their operations more expensive and difficult, whereas certain banks are making extra profit – said Damjanovic.

The Draft Law on Payment Transactions has been submitted to the National Assembly of Montenegro and a discussion about it is expected to take place as soon as possible, as a contribution to the solving of this issue.

Central Bank of Montenegro

CBCG

National Bank of Serbia

NBS

Ministry of Finance

Government of Montenegro

Aleksandar Damjanović

payment transactions

direct payment transactions of Serbia and Montenegro

Law on Payment Transactions