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Montenegro’s largest deposit, €63 million, owned by foreign energy firm

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Montenegro is home to 96 millionaires, of which 75 are foreign nationals. Among Montenegrin citizens, 21 individuals hold savings exceeding €1 million, according to data provided by the Central Bank of Montenegro (CBCG). Compared to the same period last year, there is one fewer millionaire.

The supreme monetary institution reported that the owner of the largest deposit, amounting to €27.1 million, is a foreigner. The highest deposit owned by an individual decreased by €2.3 million compared to the end of February last year.

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Total deposits in Montenegrin banks reached €5.4 billion by the end of February, marking an increase of €166.8 million compared to the same period last year. Of this, citizens’ savings amounted to €2.68 billion, while total deposits by companies reached €2.71 billion.

According to CBCG data, as of the last day of February, there were 316 legal entities in Montenegro with deposits exceeding €1 million. This marks a decrease of six companies compared to the previous year. A foreign company in the energy sector owns the largest deposit of €63 million.

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CBCG data reveals that the amount of deposits in escrow accounts totals €122.9 million, or 2.3%. Demand deposits amount to €4.44 billion (82.3%), while time deposits total €830.5 million (15.4%).

Escrow accounts serve as a form of contract security, guaranteeing payment of the price agreed upon in a purchase agreement to the seller and acquisition of ownership rights for the buyer. The buyer deposits funds into this account with a financial institution serving as an intermediary, ensuring payment to the seller upon fulfillment of the agreed conditions. Escrow accounts are opened for a single transaction and are considered one of the most effective instruments for secure collection of claims.

In relation to total deposits by individuals, the amount of deposits in escrow accounts is 0.6%, while demand deposits constitute 79.8%, and time deposits comprise 19.6%. In relation to total deposits by legal entities, the amount of deposits in escrow accounts is 3.9%, while demand deposits constitute 84.8%, and time deposits comprise 11.2% – specified CBCG.

Mandatory Reserve Amounts to €288 Million

According to CBCG data, banks’ mandatory reserves amounted to €288.25 million at the end of February. Of the total amount, 71.09% was held in reserves in domestic bank accounts, while 28.91% was held in CBCG accounts abroad. Banks in Montenegro set aside mandatory reserves based on CBCG decisions. Banks can use up to 50% of the reserved amount for maintaining daily liquidity without interest if the used amount is returned on the same day.

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