Montenegro: Total reserves (% of total external debt)

Key figures

What the numbers say

In 2024, Montenegro's total reserves (% of total external debt) rose 1.76 percentage points on 2023 (from 18.16% to 19.92%).

Across the 16 yearly changes before that (2008 to 2023), the average change was −2.18 percentage points and a typical year strayed about 7.08 percentage points from that (the standard deviation). This year's change was 0.6 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 3.29 percentage points in 2019 and the biggest yearly fall was 24.01 percentage points in 2008. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 1.16 percentage points a year. A straight line explains 73% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Montenegro had the 74th highest value of the 96 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Montenegro in the 2024 ranking

• Ukraine — 70th of 96: 22.63%
• Armenia — 71st of 96: 22.48%
• Bangladesh — 72nd of 96: 20.48%
• Ghana — 74th of 96: 19.02%
• Sierra Leone — 75th of 96: 18.6%
• Rwanda — 76th of 96: 18.44%

What this measures

Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a percentage of total external debt which are all liabilities that require payment(s) of interest and/or principal by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 18 values

Total reserves (% of total external debt) in nearby economies

• Albania — 60.82% (2024)
• Armenia — 22.48% (2024)
• Azerbaijan — 104.1% (2024)
• Belarus — 26.05% (2024)
• Bosnia and Herzegovina — 67.82% (2024)
• Bulgaria — 86.83% (2022)
• Georgia — 17.67% (2024)
• Kazakhstan — 27.34% (2024)
• Kosovo — 29.81% (2024)
• Kyrgyz Republic — 43.53% (2024)

More economic policy & debt data for Montenegro

• Adjusted savings, mineral depletion (current US$) — US$651,532 (2021)
• Medium and high-tech manufacturing value added (% manufacturing value added) — 14.86% (2024)
• Adjusted savings, carbon dioxide damage (current US$) — US$105.26 million (2021)
• GDP (current US$) — US$9.23 billion (2025)
• GDP (current LCU) — 8.17 billion (2025)
• GDP, linked series (current LCU) — 8.17 billion (2025)
• GDP (constant 2015 US$) — US$5.47 billion (2025)
• GDP (constant LCU) — 4.66 billion (2025)
• GDP, PPP (current international $) — 22.07 billion (2025)
• GDP, PPP (constant 2021 international $)

Reading data like this

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Questions people ask

What is Montenegro's total reserves (% of total external debt)?

19.92% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2007?

It is down 33.09 percentage points from 53.01% in 2007. The highest value was 53.01% in 2007 and the lowest 7.11% in 2011.

How does Montenegro rank?

74th highest of 96 economies with data for 2024.

Is the latest change in total reserves (% of total external debt) unusual for Montenegro?

In 2024, Montenegro's total reserves (% of total external debt) rose 1.76 percentage points on 2023 (from 18.16% to 19.92%). Across the 16 yearly changes before that (2008 to 2023), the average change was −2.18 percentage points and a typical year strayed about 7.08 percentage points from that (the standard deviation). This year's change was 0.6 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator FI.RES.TOTL.DT.ZS, licensed CC BY 4.0. Original source: International Debt Statistics, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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