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Wednesday, April 24, 2024
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November Sees a Surge in Interest Rates

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The average weighted effective interest rate on total approved loans, including all associated costs, increased by 0.07 percentage points in November compared to October, reaching 6.56%, according to data from the Central Bank of Montenegro (CBCG).

“The average weighted nominal interest rate increased by 0.14 percentage points on a monthly basis to 6.07%,” stated in the CBCG Bulletin.

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Interest rates on newly approved loans in November decreased, with the effective rate dropping by 0.82 percentage points to 6.52%, and the nominal rate decreasing by 0.65 percentage points to 5.89%.

The effective interest rate of microcredit financial institutions (MFI) on total approved loans in November decreased by 0.02 percentage points to 22.39%, while the nominal rate remained unchanged at 19.79%.

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On a monthly basis, MFI interest rates on newly approved loans decreased, with the effective rate dropping by 0.07 percentage points to 22.67%, and the nominal rate decreasing by 0.09 percentage points to 20%.

The average weighted effective interest rate on deposits in November remained unchanged on a monthly basis at 0.25%.

The difference between active and passive interest rates in October was 6.31 percentage points, higher than in October.

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