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Thursday, May 23, 2024
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Insights into Montenegro’s banking: Analyzing deposit trends and financial dynamics

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The largest deposit in Montenegrin banks, nearly 60 million euros, is held by a non-resident legal entity, as reported by Televizija Crne Gore, based on information from the Central Bank.

According to the Central Bank of Montenegro’s monthly data on the 50 largest depositors as of March 31, 2024, the largest deposit amounts to 58.8 million euros and belongs to a non-resident legal entity, as stated by the CBCG.

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Meanwhile, both Montenegrin and foreign citizens have nearly 2.7 billion euros deposited in our banks.

According to the latest preliminary data available as of March 31, 2024, submitted by banks to the Central Bank of Montenegro, citizens’ deposits total two billion and 687.8 million euros, constituting 50.40% of the total deposits in the system, according to the CBCG.

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In comparison to the same period in 2023, when deposits amounted to two billion and 503 million euros, citizen deposits have increased by 184.7 million euros, or 7.38%, according to the CBCG.

Data from the end of 2023 indicate that there are 23 millionaires in our country, each holding a million euros or more in their bank accounts by the end of last year.

Regarding the structure of deposits from individuals, 80% are in demand deposits.

Short-term deposits, or those up to one year, account for 88.76%, while long-term deposits make up only 11.24% of total deposits in the system, according to the CBCG.

On the other hand, from the perspective of the term structure of the total deposit potential of banks, 82.28% are demand deposits.

Short-term deposits, or those up to one year, make up 91.46%, while long-term deposits account for only 8.54% of total deposits in the system, as reported by the CBCG.

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