The Council of the Central Bank of Montenegro (CBCG) today adopted an ambitious and comprehensive reform set that brings concrete benefits to citizens and the economy, namely three acts that free up the movement of money, accelerate domestic and international transactions, and introduce European prices and standards.
This concerns the decision to limit the amount of fees for executing credit transfers carried out in the Single Euro Payments Area (SEPA), the rules on amendments to the Rules of Operation of the Payment System of the Central Bank of Montenegro, as well as the amendment to the Decision on determining the tariff at which fees for services provided by the Central Bank of Montenegro are calculated.
"According to the first decision, from October 6, for the execution of SEPA credit transfers, banks cannot charge citizens and businesses a fee higher than - for the first daily transfer of a citizen up to 200 euros, a maximum of two cents, for electronic transactions up to 20 thousand euros, a maximum of 1,99 euros, for electronic transactions over 20 thousand euros, a maximum of 25 euros, for payments in a branch up to 20 thousand euros, a maximum of 3,99 euros, for payments in a branch over 20 thousand euros, a maximum of 50 euros, as well as for receiving SEPA transfers up to 20 thousand euros, it can cost a maximum of 1,99 euros, and for larger amounts up to 25 euros," the statement said.
The annual savings for citizens and the economy, i.e. the reduction in bank fee income, will amount to 13,9 million euros, which means over 50 million euros in direct savings by the expected date of EU membership. This represents new capital that remains in the domestic economy and contributes to lower prices, greater liquidity and competitiveness.
"This means that, as of October 6, the citizens and economy of Montenegro will receive convenient, fast and secure access to the common European payments market - the SEPA zone, which includes 41 countries, including all members of the European Union, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, the Vatican and the United Kingdom, Montenegro, Albania, Moldova and North Macedonia, while Serbia, according to the plan of the European Payments Council, will operationally join this system in May next year," explained the Central Bank of Montenegro.
According to another decision, the working hours of the domestic payment system will be extended from 18 August. The RTGS system for transactions above one thousand euros will operate until 20:19, and the DNS system for transactions below one thousand euros will operate until 30:24, with six clearing cycles during the day. From mid-October, the systems will also operate on weekends, and from July next year, with the introduction of the TIPS Clone platform, payments will be available 7/XNUMX.
According to the third decision, the CBM fee, which was previously 30 percent higher for executing payment transactions after 14 p.m., is being abolished and a single lower tariff is being introduced that is valid for the entire operating day, from 20 a.m. to XNUMX p.m., thus ensuring fair and transparent conditions for users, without additional costs for afternoon payments.
"We are not waiting for the moment of joining the European Union, but today we are integrating European practices into the operations of the Central Bank of Montenegro, the Montenegrin financial sector, the economy and the everyday lives of citizens. With these decisions, we are freeing up the movement of money and opening up space for the development of our economy," said the Governor of the Central Bank of Montenegro, Irena Radović.
In anticipation of the adoption of the acts at the session of the Central Bank of Montenegro Council, the Central Bank of Montenegro management team held a meeting with the presidents of the banks' management boards with the aim of ensuring the timely and efficient implementation of the envisaged measures.
"The reform package adopted today by the Central Bank of Montenegro Council confirms a strong commitment to building a modern, transparent and inclusive payment system, tailored to the needs of citizens and the economy, in line with best European practices," the statement concludes.
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