NewsBanks in Montenegro to offer lower interest rates on loans following Central...

Banks in Montenegro to offer lower interest rates on loans following Central Bank initiative

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Montenegrin banks are set to offer lower interest rates on loans to citizens starting from March, with some beginning as early as next week. This move comes as a result of discussions held between the Governor of the Central Bank of Montenegro, Irena Radović, and the management of banks operating in the country.

With the aim of addressing the challenges faced by Montenegrin citizens and contributing to the preservation of their living standards, the Central Bank of Montenegro initiated a drive to lower interest rates on loans for citizens, a move supported by commercial banks.

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“We believe that besides benefiting citizens, the offered credit lines with lower interest rates will stimulate market competition, paving the way for additional adjustments in banks’ pricing policies,” emphasized Governor Radović.

Aleksa Lukić, President of the Montenegro Bankers’ Association and CEO of Erste Bank, expressed satisfaction with the initiative led by the Central Bank and highlighted that all banks supported this action. He emphasized Erste Bank’s commitment to offering new products at exceptionally favorable interest rates, such as loans for young couples addressing their housing needs at a rate of 3.99%.

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“We will also provide more attractive interest rates for retirees, offering a reduction of up to 1.5% compared to current rates. Additionally, all citizens will be offered consumer loans secured by mortgages at an interest rate of 5.99%, down from the current 6.79%,” stated Lukić.

Tamaš Kamaraši, CEO of CKB Bank, the largest bank in Montenegro, stated that the bank would “partnerly support any proposal that can contribute to the welfare of citizens and the community.” He announced that CKB Bank would offer housing loans with a fixed interest rate of up to 4.49% for young people up to the age of 30, while maintaining the longest maturity, the best fixed interest rate, and insurance terms for other clients.

CKB Bank will also create a special offer for personal loans with maturities of up to 6 years, alongside preparing various new benefits for retirees.

Martin Leberle, CEO of NLB Bank, highlighted that the results of this meeting would be felt as early as the following week, with the bank offering lower interest rates on products aimed at citizens, including housing and personal loans.

The meeting also addressed current developments and trends in the banking sector, as well as plans for the future. It was noted that banks represent the most stable and regulated part of Montenegro’s economy, characterized by good market regulation, high liquidity, and adequate capitalization.

Governor Radović announced that the Central Bank would introduce regular meetings with banks, providing a platform for open discussions on all challenges facing the banking sector.

“This will further enhance our relationship and achieve common goals – ensuring long-term financial stability and creating conditions for a more dynamic economic development and improvement of citizens’ living standards,” emphasized Governor Radović.

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