Podgorica, (MINA-BUSINESS) – As of today, the Central Bank (CBCG) has extended the operating hours of its payment system to 8:00 p.m.

“This means that money payments made on weekdays until 7:30 p.m. (up to 1,000 euros) or 8:00 p.m. (for amounts exceeding 1,000 euros) will be processed and available on the recipient's account on the same day,” the CBCG stated in a press release.

This change was based on the Decision amending to the Operating Rulebook for the Payment System, adopted by the CBCG Council on 9 July this year, with the aim of increasing the efficiency, speed, and availability of payment services for citizens and businesses.

The new provisions, foreseen by the Decision amending the Operating Rules for the Payment System include extending the working hours of the RTGS system (Real-Time Gross Settlement), whereby payments exceeding 1,000 euros effected by 8:00 p.m. on weekdays will be immediately credited to the recipient's account.

They also extend the operation of the DNS system (Deferred Net Settlement) for payments up to 1,000 euros and introducing six daily clearing cycles instead of the previous three, thanks to which this type of payment, effected by 7:30 p.m., will reach the recipient's account on the same day.

“The aforementioned changes bring a number of benefits: citizens will have faster access to paid funds, businesses will be able to plan and fulfill obligations more efficiently, while sectors such as tourism and electronic commerce will have a faster inflow of funds,” the press release reads. 

Extending the payment system’s operating hours is part of a broader project of modernizing Montenegro’s payment systems, which aligns the domestic payment system with European Union standards and best international practices.