Flag of Montenegro>

Economy and Banking Sector of Montenegro

Financial Market Development

Financial Market Development
4.2 (max 7.0), 47th out of 138 countries
Banks' Soundness
4.3 (max 7.0), 93rd out of 138 countries

According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Montenegro is scored 4.2 out of maximum 7.0 and ranked 47th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 5.1 (24th place).

Financial Market Development in Montenegro.

Chart 1. Financial Market Development in Montenegro. Source: WEF.

Soundness of banks is scored 4.3 bringing Montenegro into the 93rd place.

Soundness of Banks in Montenegro.

Chart 2. Soundness of Banks in Montenegro. Source: WEF.

Further Information

Banking Focus

Banks in Montenegro are mainly focused on the following areas:

  • universal banking
  • retail and corporate banking
  • retail banking

Banking Supervision

Central Bank of Montenegro

Central Bank of Montenegro

Banking Sector Structure

Number of Banks
Consolidated Assets (2018)
4,406.81 mln EUR  (+7.01%)

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.

Consolidated banking assets in Montenegro.

Chart 3. Consolidated banking assets in Montenegro.

All the credit institutions operating in Montenegro can be classified into several categories. Table 1 summarises the number of banks in each category.

CategoryNumber of Banks
Central banks1

Table 1. Number of banks by category in Montenegro.

Deposit Guarantee Scheme

Maximum Protected Amount
50,000 EUR

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:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Montenegro are summarised in Table 2.

Maximum Protected Amount
50,000 EUR
Scheme Participants
all credit institutions operating in Montenegro (including branches of foreign banks)
branches of Montenegro's banks abroad
Eligible Depositors
natural persons
  • residents of Montenegro
  • citizens of Montenegro
  • foreign residents
  • foreign citizens
legal entities
Non-Eligible Depositors
credit unions
state bodies and organizations
municipal bodies and organizations
Covered Accounts
all deposit accounts, including
  • giro accounts
  • current accounts
  • savings deposits
  • time deposit accounts
Paid In Currency

Table 2. Deposit guarantee scheme in Montenegro.

Further Information

Country Ceiling for Deposits

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.

Local Currency (Euro)
Foreign Currency
B2 (highly speculative)

Foreign currency deposit ceiling for Montenegro is B2 (highly speculative).