Montenegro bank deposits rise amid low interest rates

Citizen deposits in Montenegrin banks are increasing, though interest rates on savings remain low. During a meeting of the Economic Committee, officials reviewed the annual report of the Deposit Protection Fund.

Andrija Radunović, Director of the Deposit Protection Fund, reported that guaranteed deposits for individuals totaled approximately 2.26 billion euros, while guaranteed deposits for legal entities reached approximately 541 million euros. The Fund's assets reached 251 million euros, maintaining a coverage coefficient of 9.54 percent and a positive financial result of 37.46 million euros.

Boris Mugoša, Chairman of the Economic Committee, advised citizens to consider investing in the capital market rather than relying solely on savings accounts. He noted that with inflation at 5.2 percent in September, savings accounts offering only 0.4 percent interest result in a substantial loss of purchasing power over time.