Press Releases - Archives - August 2001





August  2001 



The CBM Council reviewed and adopted, on its meeting of August 23 and 24, 2002, the Plan of Conversion of DEM to EUR, as well as a number of other regulations relevant for the banking system in the Republic and the Central Bank itself.  

The euro will be introduced in our Republic on January 1, 2002 – as in the EU countries that accepted the euro as their legal tender.  For a certain period DEM and EUR will be in parallel use and then the euro will remain as the sole tender in Montenegro.  Its value, determined by the European Central Bank, equal to DEM 1.95583 DEM.  The conversion will be performed by the Central Bank of Montenegro – free of charge, and by other financial institutions, following their business interests.  Upon the expiry of the period of dual currency circulation during which the Deutsche mark will still be the official currency in circulation, it will be converted to euro in the Central Bank.  

The DEM to EUR conversion plan will be presented to the general public in the first half of September.