Montenegrin citizens will, for the first time, have the opportunity to directly invest in government securities through a retail bond issue worth 50 million euros, confirmed by the government.
The program targets individuals and offers a low-risk investment with an expected return of around 3%, higher than current term deposit rates, which range from 1.4% to 2.18%. Bonds will be available through a wide network of commercial banks, with all fees covered by the Ministry of Finance. The issue is designed with low nominal amounts to allow broad participation. The subscription period is two weeks, with potential extension if demand exceeds the planned amount. Later phases may also include legal entities.
Biljana Obradović, former board member of the Central Clearing and Depository Company (CKDD), highlights the significance of the initiative for Montenegro’s capital market and citizens’ financial literacy. She notes the program provides a safer, more profitable alternative to traditional savings, encourages investment culture, and helps channel funds into debt repayment and infrastructure projects.
Retail bond programs in the region show strong results: Croatia, Slovenia, North Macedonia, and Serbia have all offered similar instruments with competitive yields of 3–5%, helping citizens earn more than on bank deposits while fostering domestic capital markets.
Obradović stresses that public education is key for success, ensuring citizens understand the bonds, returns, terms, and risks. If successful, the program could pave the way for larger, longer-term initiatives involving both individuals and businesses, providing a more stable and diversified funding model for the state.
