Jovović: Membership in the SEPA system is a historic step towards full financial integration with the European market

Starting tomorrow, Montenegro officially becomes a member of the SEPA payment system, thus entering the single European payment area in euros. This means that our country will no longer be the country with the most expensive transfers in the region, and citizens and businesses will be able to deposit or receive money from abroad more simply, faster and with significantly lower fees.

As announced by the Central Bank and the Ministry of Finance, membership in the SEPA system represents an important step towards the full integration of Montenegro into the European financial area and meeting the final benchmarks for closing Chapter Four - Free Movement of Capital.

"It is estimated that the annual savings of citizens and the economy will amount to around 14 million euros, and up to 50 million in the coming years. Starting tomorrow, for example, citizens will be able to send 200 euros to a child studying abroad completely free of charge, while previously banks charged up to 30 euros per transaction. This is a historic step towards the full financial integration of Montenegro with the European market," said Andrija Jovović, Director of the Payments Sector of the Central Bank, on TV Vijesti's "Boje jutra".