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Serbia and Montenegro lose millions “through Frankfurt”

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The fact that the payment transactions of two neighboring countries are carried out “through Frankfurt” is paid by the economies of both countries because they lose millions of euros annually on commissions.

It seems incredible, but two neighboring countries in Europe in the 21st century do not have direct mutual payment transactions, but use correspondent banks in third countries for this. Unfortunately, this anomaly concerns Serbia and Montenegro, whose companies and banks have been paying commissions in Germany and Switzerland for transactions they perform with each other for about fifteen years.

This senseless situation, and the unnecessary expense it creates for the economies of both countries, was highlighted during the recent visit of the Serbian Minister of Trade to Podgorica. Why is this so and why it currently seems more likely that Serbia and Montenegro will get a joint highway (Belgrade – Bar) rather than a payment system.

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The situation is very clear and its solution is simple. However, there is a lack of political will, primarily from the Montenegrin side – Predrag Drecun, financial consultant from Montenegro, former director of Universal Capital Bank and First Bank of Montenegro said.

Drecun states that the usual justification for why nothing is changed in this matter, contained in the “incredible statement from the Central Bank of Montenegro (CBCG) that banks have no economic interest”, is not only incorrect, but should not be the starting point for consideration of this problem.

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