Montenegro has become the first country in the region that was integrated into the unique area of payment in euros (SEPA) a few days ago.
Namely, these Montenegro will be, among other things, easier economic growth, but also cheaper transactions.
Irena Radović, the Governor of the Central Bank of Montenegro, stated that the application was submitted in the record time.
“In December 2023, when I asked the meeting with the General Directors what were the EU agenda, SEPA and the application we have decided to speed up everything: and we have applied for the application. This process required the United Hall of CBM, but also support All participants – domestic and international, “Radovic pointed out.
She added that so far they were high prices of transactions offered by European banks, between five and 13 euros, despite harmonized legislation with the EU.
“After numerous conversations and presentations of our capacity, we have been able to drop the data on our regulatory independence, we are in the level of zero to one euro in the region. This is the GDP per capita for 2,538 euros in the next 10 years thanks to SEPA and Tips Reforms”, She emphasized Radovic’s.
The integration of Serbia and Albania in the SEPA system is expected soon.
Benefits from entering SEPA and the construction of the necessary infrastructure, with the achievement of EU payment infrastructures, among other things, the reduction of the cross-border payments, the reduction in non-formal cash flows, and the potential growth of capital market.
But where is Bosnia and Herzegovina?
Jasmina Selimović, the Governor of the Central Bank of BiH, warned of the country’s unwillingness to introduce a SEPA mechanism due to non-compliant legislation.
“Sincerely, I do not share some colleagues. Inflation is just being expected, and the facts are very limited. In fact that only an increase in the rates of instruments and measures to overcome the challenges before us,” Selimović said.
What is also important is that BiH with countries in SEPA has about 80 percent of total foreign trade, while most of the remittances generate about 10 percent of the gross social product live in SEP countries.
Economist Igor Gavran believes that entering this system is positive for both the economy and citizens, because significant savings and money and time, but is not enough for economic growth.
“It certainly helps, but it should not be exaggerated that it will suddenly drastically jump the GDP, it is also equally important to leave the money in BiH, this concrete measure should not be a problem, unless e.g. involved some liabilities with EU sanctions towards the Russian Federation and other countries, although we do not introduce themselves to the Russian Federation and other countries that could be cooperating and trade. In any case, I hope that negative parties do not have any That therefore we will soon be able to use the positive sides by accession to this system, “the raven emphasized “Independent newspapers”.
