Montenegro is regularly servicing its obligations to Credit Suisse Bank, where the state's gold reserves are located, so they could be returned in 2017, the Ministry of Finance announced.
The Ministry told the Mina-business agency that the gold reserves of Montenegro amount to about 38,48 thousand ounces of gold, and its value changes daily depending on the price on international exchanges.
"The state gold reserves are located at Credit Suisse bank in Switzerland, as a pledge for the loan agreement concluded by the Government of Montenegro with that financial institution in 2012. It is a loan in the amount of 150 million euros, of which 30 million provided with gold", the Ministry reminded.
The interest rate on the arrangement is the 12-month Euribor plus a margin of 6,5 percent, and the loan was used as budget support.
The amount of 120 million euros is being repaid in four equal installments from last year to 2017, while the second part of the loan, secured by gold, will be returned in 2017, when it will be possible to return the pledged gold.
The arrangement was implemented in the form of a bond issue. On that occasion, two bonds were issued, one in the amount of 30 million euros, and the other in the amount of 120 million.
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