Croatia and Montenegro to begin cash swap programme
Central banks sign MoU to exchange damaged euro notes from Montenegro for undamaged ones from Croatia
The central banks of Montenegro and Croatia signed a memorandum of understanding (MoU) on May 29 to operate a “cash for cash” system.
The agreement will enable the Montenegrin central bank to swap damaged euro banknotes for undamaged ones from its Croatian counterpart.
Croatia is a member of the European Union and the eurozone, whereas Montenegro is seeking to join the EU but already uses the euro as its currency. As Montenegro is not permitted to mint euro coins or print euro notes, all the cash
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