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Montenegro will repay loan from Credit Suisse to recover nation's gold
By Zeljko Trkanjec
Euractive, Schiphol, Netherlands
Thursday, March 17, 2022
Montenegro's government will pay off a €30 million loan due to Credit Suisse Bank on 11 April to get back the gold placed as collateral for that loan, Finance and Social Welfare Minister Milojko Spajic has said.
"We will not only release that gold, but we will return it to Montenegro, in the context of all geopolitical and world turmoil," Spajic said at a press conference.
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Transferring the 1.1 tons of gold to Montenegro will happen after 11 April, when the loan formally ends, he added.
"We are talking with the central bank about all the techniques of that transfer," said Spajic.
"We repaid $50 million of that loan in April last year, and we will pay the last tranche next month. The pledge for gold was especially problematic, which meant that it was kept at Credit Suisse, under their supervision. They keep it and charge us $6,000 a month for that," Spajic explained.
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