Montenegro has launched its first government bond issue aimed directly at citizens, marking a major step in developing the domestic capital market and improving financial literacy. The Ministry of Finance’s initiative, valued at up to €50 million, offers individuals a secure investment in the state with a fixed annual interest rate of 3.75%, fully exempt from taxes and fees.
Finance Minister Novica Vuković explained that the rate was set based on regional market analyses, ensuring competitiveness while maintaining fiscal responsibility. He said the goal is to combine financial returns with civic responsibility, emphasizing that each invested euro “contributes to Montenegro’s development.”
Citizens can subscribe to the bonds between 3 and 18 November through six partner banks — NLB, CKB, Hipotekarna, Prva, Erste, and Universal Bank. If demand exceeds expectations, the issuance may be expanded to €100 million. The minimum investment is €500, and both the principal and annual interest will be paid directly to investors’ bank accounts.
Vuković noted that the interest rate of 3.75% — tax-free — is equivalent to about 4.5% on a taxable bank deposit, making the bonds a highly attractive and secure alternative to savings accounts.
After completion, the Ministry of Finance will publish a public report detailing total subscriptions, the number of participants, and investor structure. A potential second round (24–28 November) will be open to registered legal entities if the initial offer is not fully subscribed.
The minister emphasized that the issuance aims to strengthen financial awareness, encourage saving, and build trust between the state and citizens. “This is not just a financial instrument, but a symbol of partnership and confidence,” said Vuković, expressing hope that citizen bond issues will become a regular annual practice in Montenegro.
