Montenegro savers hoard €1,7bn in banks, whereas in 2017 they were hoarding €169,8m ‘just in case’, according to research from the Central Bank of Montenegro.
Despite low interest rates on savings which amounted to 0,69% at the average level in December 2017 (annual drop of 0,24%), a survey found citizens of Montenegro still believe in the banking system.
The total savings of citizens at the end of the last year were higher than savings of companies, which managed to save €1,54bn by 31 December 2017.
As for the total deposits structure, sight deposits were the most common ones, i.e. clients were enabled to withdraw money from their savings (which made up a 61,5% share), whereas the fixed-term money made up the remaining 38,17%.
Montenegro has the lowest total savings in the region but bearing in mind the average salary of €510, it achieved better results than all the other countries from the region.