Montenegro and the euro Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the "de facto" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions, with Amelia Torres, a spokesperson for the European Commission, saying "The conditions for the adoption of the euro are clear. That means, first
International status and usage of the euro euro exceed dollar reserves for the first time; Russia held 47.5% (up from 42% in 2008) in euro and 41.5% (down from 47%) in dollar leading the Central Bank of Russia to announce the euro had become the reserve currency of Russia. The usage of the euro is particularly strong in eastern Europe, not surprisingly in those that have joined the EU, with 54.8% of all loans in Bulgaria, and 85.2% in Latvia before Eurozone accession, being issued in euro rather than the local currencies. The following table shows central banks allocated reserves in euros and US dollar. A currency