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The Government of the Republic of Serbia

In the service of citizens

Agreement on clearing of international payments signed between Serbia, Montenegro, Bosnia-Herzegovina

Belgrade, 13 September 2007

The Serbian National Bank stated that today in Sarajevo an agreement on clearing of international payments was signed between central banks of Bosnia and Herzegovina, Serbia and Montenegro, which is directed towards integration of financial markets and cheaper money transfer.

According to the statement, the agreement will allow banks from the three countries to have mutual obligations, and above all to execute transactions faster, more efficiently and cheaply.

The agreement was signed by Governor of the Central Bank of Bosnia and Herzegovina Kemal Kozaric, Governor of the National Bank of Serbia (NBS) Radovan Jelasic and Governor of the Central Bank of Montenegro Ljubisa Krgovic within the framework of observing the 10th year of the Central Bank of Bosnia and Herzegovina.

The clearing of international payments, whose operator will be NBS will make it possible that payments are cleared between commercial banks in the three countries the same day.

Commercial banks will pay only minimum expenses to their central banks which will allow them to transfer money to neighbouring countries at minimum rates.

This will remove the necessity to transfer money with the help of other means such as friends, family members or bus drivers, which is the standard method of transferring money due to inefficiency and high expenses.

During the upcoming week a platform will be prepared for testing the clearing of international payments, which will allow the three banks to complete technical preparations for executing payments in this manner.

The clearing of international payments will begin when technical conditions are realised in commercial banks, which is expected to take place by the beginning of December 2007. The agreement which aims to integrate financial markets of signatory countries is open to all countries in the region which might wish to join it.