The Chamber of Commerce (PKCG) will organize a special event on September 12th, together with the Central Bank (CBCG), with the aim of preparing the economy in more detail for the transition to SEPA standards.
The Central Bank of Montenegro sent a letter to the Chamber with details regarding the introduction of the SEPA payment system, which will be implemented from October 6th.
"Also, the Central Bank of Montenegro submitted a Review of Bank Offers for SEPA Transactions with the prices that the banks submitted to their clients," states the notice published on the PKCG website.
Both of these documents are available on the website of the Ministry of Commerce and Industry of Montenegro.
At its session on July 9, the Central Bank of Montenegro Council adopted a comprehensive reform package, which will bring concrete benefits to businesspeople and their businesses, as well as to the Montenegrin economy.
"This reform package includes three important decisions, which ensure significantly lower costs, faster transactions, a more secure and predictable payment system, aligned with European standards," the document states.
The reform package includes the Decision on limiting the amount of fees for SEPA credit transfers, amendments to the Rules of Operation of the Domestic Payment System of the Central Bank of Montenegro and amendments to the Decision on Tariffs of the Central Bank of Montenegro.
Montenegro became a member of the SEPA geographical area on November 21 last year. This gave the Montenegrin banking system, led by the Central Bank of Montenegro, the right to begin the process of joining the SEPA payment schemes, which includes technical and regulatory preparation and a formal application procedure under the EPC.
Joining the SEPA system represents a significant step towards strengthening Montenegro's financial integration with the EU, contributes to more competitive, secure and efficient payment transactions, and further strengthens the confidence of citizens, investors and partners in the stability and modernization of the Montenegrin financial sector.
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