Exchange of Convertible Mark in Montenegro

On June 27, 2001, Governor of the Central Bank of BH Peter Nicholl signed the contract about purchase and sale of the Convertible Mark in Montenegro with Director of Jugobanka a.d. Podgorica Mirko Radonjic. "As of tomorrow, June 28 2001, citizens will be able to exchange KM in 12 branches of Jugobanka Podgorica in Monte Negro", said Director of Jugobanka Podgorica Mirko Radonjic during the contract's signing. Four branches of this bank are located in Podgorica, and the remaining eight are in Berane, Mojkovac, Nikšic, Danilovgrad, Herceg-Novi, Budva, Bar and Ulcinj.Jugobanka Podgorica will charge 1% commission for the KM exchange in Montenegro.

The CB BH Governor Peter Nicholl with his assistants also met with Chairman of the Council of Montenegro Ljubišom Krgovicem and General Director of the Central Bank of Montenegro Milojica Dakic. Discussion was about the reform of payment system in BiH. "Montenegro is at the beginning of the payment system reform and BH experiences are very useful to us", said Chairman Ljubiša Krgovic.

The bankers also discussed on the introduction of EURO in the countries of European Monetary Union, as well as the preparations perform by the CB BH and Central Bank of Montenegro for exchange of German marks and other European currencies that will stop being used as of January 1, next year.

The officials of Central Bank of Montenegro initiated that CB BH signs contracts on buy and sell of KM with other commercial banks in Montenegro.

The CB BH on June 24, concluded the contracts with Vojvodjanksa banka from Novi Sad and Eksim banka from Belgrade about buying and selling of Convertible Mark. On that way citizens can exchange KM in branches of these three banks in Federal Republic of Yugoslavia.

Public Relations Office
Danijela Golijanin