Citizens of Montenegro have 1,8 Billion EUR in Banks

By , 25 Sep 2019, 22:24 PM Lifestyle
Citizens of Montenegro have 1,8 Billion EUR in Banks Copyrights: Pixabay

Share this:

25 September 2019 - The citizens, economy and the Government in Montenegro owed more than 3 billion EUR to the banks on the grounds of different types of loans, shows the latest data of the Central Bank of Montenegro, reports CdM.

Domestic and foreign citizens owe 1,315 billion EUR but have 1,787 billion EUR in their accounts. At the end of August this year, financial institutions in Montenegro arranged a total of 3,033 billion EUR of loans for population, economy and the Government. Citizens of Montenegro owed 1,303 billion EUR.

Montenegrin companies had loans worth more than 1 billion EUR, whereas foreign financial firms owed 347,5 million EUR. Domestic financial institutions had 25 million EUR of loan debt and NGOs had 8,8 million EUR of debt.

Local and state governments, funds and state-owned companies had loans with a total value of 230 million EUR. This way, the Government owes 151,5 million EUR. Local administrations - 41,5 million EUR, funds - 1,5 million EUR and state companies owe 35,5 million EUR.

Average interest rates on all loans were 3,08% in August. Interest rates for Government and its institutions were held at the lowest range. Citizens still pay most to the banks – interest rates amounted to 7,63% at annual level.

For cash loans, banks were reimbursed with 8,49% of total funds at annual level. They earned most from education loans.

On the last day of August, there was a total of 3,535 billion EUR deposited in Montenegrin banks. Around 1,289 billion EUR belongs to Montenegrin citizens. Banks and similar institutions have 34,4 million EUR, and companies have 888,2 million EUR and non-profit organizations have 59,2 million EUR. The government entrusted 180,4 million EUR, local administrations – 70,2 million EUR, funds – 5,97 million EUR and state companies – 246,8 million EUR.

As far as deposited funds of foreigners are concerned, the financial sector keeps 8,7 million EUR in the accounts of Montenegrin banks. Other foreign companies have 25,9 million EUR, non-profit organizations have 3,1 million EUR and foreigners have 497,9 million EUR.

The average passive interest rate applied to keep money in banks amounted to 0,43% at the end of August. That means that companies could have earned 0,29% of the total amount annually, whereas the population could have had 0,58% of the amount.

Deposits interest rates are still at 0,02% at annual level. Lowest interest rates are demand deposits and one-year deposit interest rates (0,01% and 0,03% respectively).

Read more news about lifestyle in Montenegro at TMN's dedicated page.

Photo galleries and videos