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The value of direct trade turnover with Serbia is 5 million EUR, with Bosnia and Herzegovina close to 70,000 EUR

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The direct payment turnover between Montenegro and Serbia, since its establishment in December last year, amounted to around 5 million EUR, according to data from the National Bank of Serbia (NBS).

“When it comes to the value of transactions realized in the International Clearing System between Montenegro and Serbia, from December 11th, 2023, to February 6th, 2024, for 37 working days in the system, the value of realized transactions amounted to 5,099,777.56 EUR, with an observed upward trend, although the possibility of direct payment turnover was recently introduced,” said the NBS to Forbes Montenegro.

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The value of transactions realized in the system between Bosnia and Herzegovina and Montenegro amounted to 68,852 euros.

The Central Bank of Bosnia and Herzegovina told Forbes that there were four transactions.

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Direct payment turnover between Montenegro and other countries in the region was interrupted after Montenegro regained independence in 2006. Although in September 2007, the central banks of Montenegro, Serbia, and Bosnia and Herzegovina signed an agreement on international clearing under the auspices of the NBS, turnover was established only between Serbia and Bosnia and Herzegovina.

Montenegro remained outside of this payment system because, as stated multiple times by the Central Bank of Montenegro, Montenegrin commercial banks were not interested in establishing direct payment turnover, and payments were made through foreign correspondent banks.

After Universal Capital Bank from Podgorica expressed interest in participating in the International Clearing System between Montenegro and Serbia, direct payment turnover was established with Serbia and Bosnia and Herzegovina.

“According to the information we received from the participating bank from the territory of Montenegro, enabling direct payment turnover with the Republic of Serbia had a significant impact among clients, with client interest in this payment method growing. Considering the significance of the system and the advantages it brings, we hope that other banks from Montenegro will show interest in joining the system in the future,” said the NBS.

They remind that the National Bank of Serbia is the operator of the International Clearing System in foreign currencies, which enables the realization of transactions in euros on the same day the transaction is initiated.

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