Montenegro’s stock exchange turnover ratio has remained below 1% since 2019, compared with more than 40% in the European Union, leaving companies reliant on bank lending, Carmine Di Noia, the OECD’s director for financial and enterprise affairs, said on 5 November 2026. He argued Montenegro needs broader financing options, rather than a replacement for bank loans.
The country has a functioning stock exchange and a relatively developed, strongly profitable banking system, but securities trading and capital-market financing play a limited role in its economy. Dependence on traditional lending can make financing difficult for smaller companies, particularly those without substantial real estate or equipment to offer as collateral.
Access constraints have increased: the proportion of companies facing complete credit-access constraints rose from 3.8% in 2019 to 14.4% during 2023–2024. Di Noia said the rise indicates a deterioration in access to finance for part of Montenegro’s business sector.
Developing government bond issuance could provide more reliable benchmarks for pricing corporate securities and help deepen the domestic investor base, he said. A stronger institutional framework for voluntary pension funds and long-term household savings could also supply investment capital. Corporate bonds, equity and other long-term instruments could let businesses invest without relying exclusively on commercial loans.
Broader funding options are particularly relevant to innovative companies whose value is concentrated in software, data, intellectual property and other intangible assets, rather than physical collateral. Montenegro’s EU accession process may eventually give domestic firms opportunities to connect with larger regional and European capital markets. But legal alignment alone will not create liquidity without credible issuers, investor protection, transparent company disclosures and sufficient institutional investors. A deeper market could support economic diversification and growth financing while reducing structural dependence on bank credit as Montenegro approaches EU membership.
