Direct Payment Transactions Between Serbia and Montenegro from Today

From today, transactions between households and corporates in Serbia and Montenegro are faster, cheaper and direct because we have established direct payment transactions between Serbia and Montenegro, as announced by the Cabinet of the Governor of the National Bank of Serbia (NBS).

– In order to ensure more efficient and cost-effective performance of payment transactions in euros for households and corporates, the NBS has acted as the operator of the Interbank and International Clearing of FX Payments. To present day, 12 commercial banks from the territory of the Republic of Serbia, the NBS and seven commercial banks from Bosnia and Herzegovina have participated in this system. To my immense pleasure, Universal Capital Bank AD Podgorica – a bank operating in the territory of Montenegro, recognized the importance and numerous advantages offered by this system and expressed its interest to participate in the international clearing system of the NBS. As of today, Universal Capital Bank AD Podgorica is the first bank from the territory of Montenegro to participate in the NBS International Clearing of FX Payments and it will have the opportunity to offer to its clients the execution of transactions in euros on the same day, at a much lower cost relative to the alternative ways which are most often slow and expensive – stated NBS Governor Jorgovanka Tabakovic.

She added that any type of connection in the financial system could only be beneficial to the countries and citizens.

– The once connected infrastructure will enable an even greater exchange of goods and services, with efficient payment operations serving as a support and backbone of that exchange. I use this opportunity to encourage and invite other banks from the territory of Montenegro to join the NBS International Clearing of FX Payments system (and we are aware that there is already interest), and use all its advantages – Tabakovic said.

The advantages she highlighted were that participants could perform transactions for their clients on the same day for orders sent by 2 p.m. and that the execution of transactions between banks from countries of the region was made possible on significantly more favorable terms compared to alternative payment methods available at that moment.

She also said that the NBS, as the operator of the International Clearing of FX Payments, performed all activities for other central banks and banks from the territory of other countries participating in this system free of charge, i.e. that it did not charge any fees to central banks and banks from the territory of other countries participating in the system.

It is added that, in this way, the citizens and economy of Montenegro are enabled not only to have direct payment operations with Serbia, but also with citizens and economy of Bosnia and Herzegovina.

– Banks participating in the NBS International Clearing of FX Payments from Montenegro, Bosnia and Herzegovina and the Republic of Serbia mediate in international trade through cooperation with business clients, fostering the economic and development potential between us and our friends – Montenegro and Bosnia and Herzegovina, and between these two countries. This potential is particularly noticeable if one takes into account the significant volume of trade between the neighboring countries – both in terms of imports and exports. The fact that the Central Bank of Montenegro has joined the NBS International Clearing of FX Payments will contribute to the realization of the long-standing goal of regional economic integration and the achievement of interests of businesses and citizens of our two countries – the announcement says.

Narodna banka Srbije Beograd

Universal capital bank ad Podgorica

National Bank of Serbia

NBS

Universal Capital Bank AD Podgorica

Jorgovanka Tabaković

direct payment transactions between Serbia and Montenegro