Money in Montenegro
The official means of payment in Montenegro is the euro. It was introduced on the basis of the Law on the Central Bank - as the replacement for the German mark that previously replaced dinar in 2000. The euro is referred to as EUR or by sign €. It is issued by the European Central Bank, with the Head office in Frankfurt.
The euro is monetary unit of the European Monetary Union, consisting of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. This money is also used by Monaco, San Marino, Vatican, Andorra and Kosovo.
The euro replaced the German mark in Montenegro. The relation of these two currencies, as established by the European Union, Central Banks of Euroland countries, and the European Central Bank is EUR 1 = DEM 1.95583. This exchange rate is fixed and shall not be changed and neither will the exchange rate of other ex-currencies of Euroland.
The euro is introduced in order to facilitate the turnover of goods and services and international communication of Montenegro that, as a small, open country wants to have a strong convertible currency based which will be used as a foundation of its economy and enable easier involvement in the European economic developments. By introducing the euro, the country avoids own currency risk.
The euro has a fixed value only in relation to currencies it replaced. Its relation to the US dollar, pounds sterling, yen, Swiss franc and other currencies is determined by the market.
The euro banknotes show imaginary architectural motifs inspired by the theme “Ages and styles of Europe” designed by the Austrian Robert Kalina.
Size: 120 x 62 mm
Architectural period: Classical
Size: 127 x 67 mm
Architectural period: Romanesque
Size: 133 x 72 mm
Architectural period: Gothic
Size: 140 x 77 mm
Architectural period: Renaissance
Size: 147 x 82 mm
Architectural period: Baroque and rococo
Size: 153 x 82 mm
Architectural period: Iron and glass architecture
Size: 160 x 82 mm
Architectural period: Modern 20th century architecture
Common side of coins:
Common side of euro coins bears different designs:
- Coins denominating one and two euro, 50, 20 and 10 euro cents show European Union before its widening on 1 May 20014 or geographic map of the European Union as of 1 January 2007.
- 5, 2 and 1 euro cent coins show Europe in relation to and Asia on globe.
National side of coins:
All euro coins have the same obverse side while the reverse side contains national symbols of countries where the coins were minted. Regardless of the minting country, all coins represent means of payment in all countries that use euro.