According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Montenegro is scored 68.0 out of maximum 100.0 and ranked 44th out of 144 analysed economies.
Chart 1. Financial Market Development in Montenegro. Source: WEF.
Soundness of banks is scored 4.9 bringing Montenegro into the 76th place.
Chart 2. Soundness of Banks in Montenegro. Source: WEF.
Banks in Montenegro are mainly focused on the following areas:
Central Bank of Montenegro
Currently there are 14 credit institutions operating in Montenegro.
In 2018 consolidated banking assets in Montenegro were 4,406.81 mln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.
Chart 3. Consolidated banking assets in Montenegro.
Recent structural changes (2013 - 2018) of the banking sector of Montenegro are summarised in Table 1.
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Table 1. Recent structural changes in the banking sector of Montenegro.
The list of the most recently opened banks in Montenegro is provided in Table 2.
All the credit institutions operating in Montenegro can be classified into several categories. Table 3 summarises the number of banks in each category.
|Category||Number of Banks|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Montenegro are summarised in Table 4.
Table 4. Deposit guarantee scheme in Montenegro.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Foreign currency deposit ceiling for Montenegro is B2 (highly speculative).