Regulatory Alerts2025-01-01
Decision amending the Decision on the Calculation and Reporting of the Effective Interest Rate on Loans and Deposits
The Council of the Central Bank of Montenegro issued this decision to amend the regulatory framework for calculating and reporting effective interest rates on loans and deposits. The amendment specifically requires the deletion of the percentage sign (%) following the wording "Loan processing fee" in the template provided in Annex 2 of the original decision. This measure entered into force on the day of its publication in the Official Gazette of Montenegro.
Decision amending the Decision on the Calculation and Reporting of the Effective Interest Rate on Loans and Deposits (OGM 35/24) 1 [unofficial translation] Pursuant to Article 44 paragraph 2 item 3 of the Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17, 125/23), Article 211 of the Law on Credit Institutions (OGM 72/19, 8/21) and Article 27 paragraph 8 of the Consumer Credit Law (OGM 35/13, 73/17, 72/19, 8/21), the Council of the Central Bank of Montenegro, at its meeting held on 11 April 2024, passed the following DECISION AMENDING THE DECISION ON THE CALCULATION AND REPORTING OF THE EFFECTIVE INTEREST RATE ON LOANS AND DEPOSITS Article 1 In the Decision on the calculation and reporting of the effective interest rate on loans and deposits (OGM 138/21, 27/24), in the template provided in Annex 2, after the wording: “Loan processing fee” the sign “(%)” shall be deleted. Article 2 This Decision shall enter into force on the day of its publication in the Official Gazette of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO Decision number: 0101-2978-5/2024 Podgorica, 11 April 2024 CHAIRPERSON, G O V E R N O R Irena Radović, m.p.