Deposits from individuals, or the money that citizens keep in banks, increased by 257 million euros or 9.7% over the course of one year, according to data from the Central Bank of Montenegro (CBCG), as reported by RTCG.
As of the end of November last year, citizens in Montenegro held nearly three billion euros in bank deposits.
“According to the latest available data as of November 30, 2024, which was submitted by the banks to the Central Bank of Montenegro, total deposits from individuals amount to 2.9 billion euros, or 50.48% of the total deposits in the system. Compared to the same period in 2023, when they amounted to 2.6 billion euros, individual deposits have increased by 256.7 million euros or 9.7%,” stated the CBCG.
Additionally, the CBCG reports that the largest individual deposit among the top 50 depositors during the same period was 26.5 million euros. This large deposit is held by a non-resident, or a foreigner.
In the next three years, Montenegro will need to repay two billion euros of old debt, with the Ministry of Finance planning to cover most of this through new borrowing.
Based on previously published data, citizens’ deposits exceed the total national debt.
The latest available data from the banks submitted to the Central Bank show that total loans granted to individuals as of November 30, 2024, amount to 1.9 billion euros, or 42.94% of the total loans granted in the system.
“Compared to the same period in 2023, when these loans amounted to 1.7 billion euros, loans granted to individuals have grown by 279.9 million euros or 16.28%,” the CBCG previously stated.
