Regulatory Alerts2020-01-01
Decision on Minimum Value of Payment Transactions to be Processed in RTGS System
The Council of the Central Bank of Montenegro issued this decision to establish a minimum threshold of 1,000.00 euros for mandatory processing of payment transactions in the Real-Time Gross Settlement system. The regulation mandates that all transactions meeting or exceeding this amount, along with specific public revenue payments and Central Bank withdrawals, must be executed via the RTGS system, while allowing lower-value transactions upon user request. This decision repeals previous regulations on interbank fund transfers and entered into force on the eighth day following its publication in the Official Gazette of Montenegro, with application commencing on 9 January 2015.
Pursuant to Article 44 paragraph 2 point 3 of the Central Bank of Montenegro Law (OGM 40/10, 46/10, 06/13) and Article 159 paragraph 2 of the Payment System Law (OGM 62/13), the Central Bank of Montenegro Council, at its meeting held on 10 November 2014, passed the following DECISION on minimum value of payment transactions to be processed in RTGS system Article 1 This decision shall prescribe minimum value of payment transactions which have to be processed in the RTGS system (small and large payments threshold). Article 2 The following payment transactions shall be executed in the RTGS system:
- Payment transactions in the amount of 1.000.00 euros or higher;
- Payment transactions referring to the payment of public revenues (taxes, contributions, fees and the like) to the transaction accounts prescribed by the ministry responsible for finances and payment transactions on behalf and against transaction account of the State Treasury, and
- Payment transactions by which participants in the RTGS system withdraw money from the Central Bank of Montenegro. Article 3 Payment transactions in amount lower than 1.000.00 euros may be executed in the RTGS system, upon the request of the payment service user. Article 4 Decision on minimum value of interbank fund transfers of assets to be processed in RTGS system (OGM 24/09) shall be repealed with effect from the date of entry into force of this decision.
2 Article 5 This decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro and it shall apply from 9 January 2015. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO CHAIRMAN
G O V E R N O R, Decision number: 0101-4014/63-10 Podgorica, 10 November 2014 Milojica Dakić, m.p.