Late payments in commercial transactions: charging interest
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 reference rate, the latest published reference rate by the CBK shall be the rate into force.
Based on the LAW ON LATE PAYMENTS IN COMMERCIAL TRANSACTIONS (Law no. 05 / L-110), CBK publishes the reference interest as part of the legal interest of the late payment on a regular six months basis data.
This law was published in the Official Gazette of the Republic of Kosovo no. 38, on November 21, 2016. The purpose of this Law is to prevent late payments in commercial transactions and determination of the deadlines and rules on calculation of interest in late payments, in cases of the supply of goods and services between business organizations or between business organizations and public authorities.
Lately updated on: February 1, 2021
|INTEREST RATE FOR LATE PAYMENT IN COMMERCIAL TRANSACTIONS|
|For contracted period:||Legal interest|
|To:||Reference interest rate||Fix rate|
2Legal interest – is the reference interest rate, which is valid for the next six (6) months, adding to it the interest rate at least eight (8) percentage points;
3Reference interest rate- for the purpose of this law, is the average value of the interest rate on new loans for the previous six (6) months, published by the CBK;
4Statutory interest for late payment – simple interest for late payment at a rate which is equal to the sum of the reference interest rate and the interest rate which is at least eight (8) percentage points; (see Article 3 Definitions, paragraph 1.6)