May 12, 2020 / 12:05 PM / 25 days ago

Montenegro cenbank cuts banks' reserves rate to help virus-hit economy

SARAJEVO, May 12 (Reuters) - Montenegro’s central bank said on Tuesday it had cut by two percentage points its mandatory reserves requirement for banks to boost liquidity and help the economy overcome the crisis caused by the coronavirus pandemic.

The mandatory rate for deposits with a maturity of up to one year was trimmed to 5.5% from 7.5%, while the rate for deposits with a maturity of more than one year was cut to 4.5% from 6.5%, it said.

The decision was made to provide an additional contribution to the banking sector to mitigate the consequences of the new coronavirus, said the bank.

The Balkan country, which earns most of its revenue from tourism, has reported 324 infections and nine deaths among a population of 630,000.

Reporting by Maja Zuvela, Editing by Timothy Heritage

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below