Late payment on credit instruments

This page is updated semi-annually, on February 1 and August 1 of each calendar year. In cases when the CBK has not published the applicable reference rate, the latest published reference rate by the CBK shall be the applicable rate.

Based on the Regulation on Late Payments in Credit Instruments, the CBK publishes the reference interest as part of the legal interest of the late payment on a regular six months basis data

The Regulation on Late Payments in Credit Instruments aims to determine the procedures that must be followed by financial institutions in charging interest for late payment and define the method for setting and calculating the amount of interest to be charged for default credit instruments.

Last updated on: 03 August 2020

Reference interest rate – means the point between the effective interest rate in new loans given by banks and the effective interest rate in new deposits paid by banks. The reference interest rate is calculated based on the average for the last six months (January-June or July-December) of the interest rate for new loans and deposits, as calculated and published by the CBK.

The late payment interest rate shall be the annual rate (Nv), which consists of the reference rate increased by 8 percentage points fixed rate. The CBK shall publish the reference rate every six months. On 1st of February is published the rate based on the average for the period July-December and shall be applicable for the upcoming period from 10February until 9 of August; whereas on 1 August of the calendar year is published the rate based on the average for the period January-June and is applicable for the upcoming period from 10 August to 9 February.