Montenegrin citizens borrowed EUR 37.5 million through promotional interest loans in the latter part of March and throughout April, according to the Central Bank (CBCG).
The CBCG reported to Radio Crne Gore that the most common types of loans taken out were cash loans, followed by loans for pensioners, housing loans, and mortgages.
Marko Tintor, Director of the Directorate for System Analysis and Control Development, explained that banks had been offering reduced interest rates on loans for nearly three months, following a proposal by the monetary authorities in early March. By April 30, a total of 3,190 loans had been approved.
“Till April 30, loans totaling EUR 37.5 million were approved,” Tintor stated.
During this period, Tintor noted that cash loans were the most popular, making up 55% of the total approved promotional loans. Pensioner loans accounted for 22%, while housing loans constituted 15%, and mortgages comprised 8% of the total promotional loans approved, as reported by RTCG.
“As of the end of April, citizens’ total credit indebtedness amounted to EUR 1.8 billion, representing 42% of the banks’ total loan portfolio, which is 11% higher compared to the same period last year,” Tintor concluded.
