Amidst the backdrop of daily price hikes and inflationary pressures, there is a heartening financial story for the people of Montenegro. Despite the economic challenges, Montenegrin citizens have seen their savings steadily increase within the nation’s banks, reaching a substantial total of 2.65 billion euros. This represents a significant 15 percent surge compared to the preceding year, according to the latest data furnished by the Central Bank of Montenegro.
The data further reveals an interesting aspect of Montenegro’s financial landscape – a quarter of the entire bank deposits are attributed to foreign depositors, indicating the country’s attractiveness to international investors.
Almost 15% increase
In the comparative period of the previous year, citizens held 2.32 billion euros in bank accounts. However, this year has brought a remarkable growth in citizens’ deposits, amounting to an impressive 331.4 million euros, or an increase of 14.27 percent, as reported by the Central Bank of Montenegro.
Within the deposit composition, short-term deposits constitute the vast majority, representing 90.1 percent, while long-term deposits contribute 9.89 percent to the overall deposit ecosystem.
This financial resilience displayed by Montenegrin citizens carries profound significance. It underscores the trust they have in the country’s banking system and their ability to manage their finances adeptly in the face of economic adversity.
It is a testament to the adaptability and fortitude of Montenegro’s people as they navigate the ever-evolving financial dynamics in their nation.