Podgorica (MINA-BUSINESS) - The planned reform of payment operations will reduce costs of cash and non-cash transactions by at least a third, said on Wednesday deputy manager of Montenegro#s Central Bank (CBCG) Radoje Zugic. The reform, planned to be completed by the end of 2003, comprises transfer of all payment operations from the Central Bank, which had a monopoly on them so far, to commercial banks. The process is to be gradual to allow banks to become technically capable of taking over the operations. "Its aim is reliable, efficient and cheap payment operations with the implementation of international standards and abolishing a monopoly on payment operations in the country," Zugic told a news conference. He denied media speculations that 500 workers of the former centre for payment operations would become redundant with this change and said that only a minimal number of workers would lose their jobs while others would either go to other parts of the central bank or retire.