Decision on the Calculation, Collection, and Payment of Interest by the National Bank of Serbia

RS Official Gazette, Nos 45/2011, 98/2012, 125/2014 and 77/2023 Based on Article 14, paragraph 1, item 2 and Article 41, paragraph 2 of the Law on the National Bank of Serbia (RS Official Gazette, Nos 72/2003, 55/2004 and 44/2010), the Executive Board of the National Bank of Serbia hereby issues DECISION ON THE MANNER OF CALCULATION, COLLECTION AND PAYMENT OF INTEREST BY THE NATIONAL BANK OF SERBIA

1. The National Bank of Serbia shall calculate, collect and pay interest within the time limits and in the manner specified hereunder, unless stipulated otherwise by another regulation or agreement.

2. The National Bank of Serbia shall calculate monthly interest on loans and other receivables (hereinafter: loans) for the prior month by no later than five days after the expiration of the month, and shall collect such interest by no later than eight days following the expiration of the month for which the interest was calculated. By way of exception to paragraph 1 hereof, each business day, the National Bank of Serbia shall calculate and charge interest on the amount of overnight loan extended on the prior day in accordance with the decision specifying terms and conditions for extending daily liquidity loans against a collateral of securities.

3. The National Bank of Serbia shall calculate monthly interest on the funds deposited on its accounts for the prior month no later than five days after the expiration of that month, and shall pay such interest no later than eight days following the expiration of the month for which the interest was calculated. By way of exception to paragraph 1 hereof, each business day the National Bank of Serbia shall calculate and pay interest on the funds deposited on the prior business day in accordance with the decision governing the terms and conditions of depositing excess liquidity with the National Bank of Serbia by banks.

4. In the event that interest calculated within the meaning hereof falls due on a non-business day, collection and/or payment shall be effected on the first following business day.

5. For the purposes hereof, the National Bank of Serbia shall calculate interest for the number of days of loan use, and/or deposit holding during the maintenance period relative to the constant number of days in a year (360 days) by applying the simple interest calculation formula presented below: k =K p  d , 100  G d where: k – interest, K – amount of loan and/or deposit, p – prescribed annual interest rate, d – number of days of loan use or deposit holding during the month, Gd – number of days in a year (360 days). Interest referred to in paragraph 1 hereof shall be calculated for all business and non-business days, for specific periods of loan use and/or deposit holding during the maintenance period, with the starting date being understood as the date of the transfer of funds to the beneficiary’s account, irrespective of the date such funds were repaid. Total amount of interest for the prior maintenance period shall be the sum of interest calculated for specific periods of loan use and/or deposit holding, these periods lasting from one change in the balance to another within the same maintenance period.

6. When calculating interest on due receivables, the National Bank of Serbia shall begin from the maturity date of such receivables as provided by Section 5 hereof.

7. If stipulated by other regulation or agreement that interest is to be calculated for a period shorter or longer than a month, but not longer than a year, the provisions of Section 5 hereof shall apply accordingly.

8. The National Bank of Serbia shall calculate and pay, and/or collect from banks, interest on the required reserve balances in line with the decision on bank required reserves with the National Bank of Serbia, by applying the following formula: k =K p  d , 100  G d where:

k – interest; K– base for the calculation of interest, which may be:

1. amount of average daily balance of allocated dinar required reserves in the maintenance period, up to the level of calculated dinar required reserves,
2. amount of difference between the calculated dinar/foreign currency required reserves and actual average daily balance of allocated dinar/foreign currency required reserves in the maintenance period (failure to achieve average amount of the dinar/foreign currency required reserves), 2а) amount of difference between the actual average daily balance of allocated foreign currency required reserves in the maintenance period and the calculated foreign currency required reserves (allocated foreign currency required reserves in excess of the calculated amount),1
3. amount of difference between the prescribed and calculated dinar/foreign currency required reserves in the maintenance period (amount of calculated dinar/foreign currency required reserves lower than prescribed); p – prescribed annual interest rate; d – number of days in a maintenance period; Gd – number of days in a year (360 days). In the event of any changes in the interest rate during the maintenance period, d shall be equal to the number of days for which such rate is applicable.

9. – deleted –
10. The calculation, payment and collection of interest on securities shall be effected in accordance with regulations on the terms and procedure for implementing open market operations by the National Bank of Serbia, and/or terms and manner of issue and sale of short-term securities by the National Bank of Serbia.
11. For the purposes hereof, business days shall be understood to mean days when interbank payments are performed through the National Bank of Serbia in accordance with regulations on operations of the NBS RTGS and clearing system.
12. As of the effective date hereof, the Decision on the Method of Calculation, Collection and Payment of Interest by the National Bank of 1 This provision will be deleted on 18 September 2023.

Serbia (RS Official Gazette, Nos 63/2004, 29/2005, 8/2007, 35/2008, 52/2008 and 12/2010) shall cease to be valid. 13. This decision takes effect on the eighth day following its publication in the RS Official Gazette. NBS EB 47 Chairman 16 June 2011 NBS Executive Board B e l g r a d e G o v e r n o r National Bank of Serbia Dr Dejan Šoškić