On 26 October the
Central Bank of Montenegro (Centralna banka Crne Gore – CBCG) published on its
website a public statement in response to recent rumors that the Bank is
planning to introduce very soon ceilings on interest rates for deposits and
loans. (See Montenegro
– Central bank considering temporary measures to reduce high interest rates on
loans and deposits)
In the brief
statement, the Bank emphasized that it is still studying and analyzing the interest
rate situation for both deposits and loans.
Based on preliminary results, the Bank is preparing drafts of resolutions
in line with those that have been adopted by neighboring countries and by EU
member states with the aim of limiting interest rates, and is preparing different
draft decisions for the various alternative scenarios that it is considering.
Above all, the Bank
insisted that whatever resolutions it might adopt would be in line with the
conclusions reached by the 32nd meeting of the Council of the CBCG
on 5 July 2012 , which called for
the Bank to take measures to limit maximum interest rates. (See Saopštenje
sa 32. sjednice Savjeta CBCG)
The statement was a
follow-up to a meeting of the Council held three days earlier, on 23 October 2012 , at which the Council had
called on the Government to revise the Law on Obligations (Zakon o
obligacionim odnosima, available here) in
order to insert specific maximum interest rates within the definition of “usurious”
(zelenaških) contracts.
Sources:
Mark Pleas
[contact]
