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     Foreign Exchange Reference Rates
Euro Foreign Exchange Reference Rates as at: 28.12.2018.
All currencies quoted against the euro
(base currency)
   Note: The quoted rates shall apply
   as of 00:00h, 29.12.2018.
    Download
    FX Reference Rates Archive
    FX Reference Rates - Calendar
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ECB Main Refinancing Operations Interest Rate

Pursuant to Article 3 and 4 of the Law on Default Interest Rate (“Official Gazette of Montenegro” No.83/09), it is prescribed that the default interest rate shall be determined semi-annually and calculated annually as the basic default interest rate established by the European Central Bank for the main refinancing operations, increased by seven percentage points.

According to provisions stipulated in Article 5 of the Law, the default interest rate shall be established by the Central Bank of Montenegro and posted on its website on the first business day of the semi-annual period it relates to, and published in the “Official Gazette of Montenegro“ as well.

The enforcement of the Law on Default Interest Rate commenced on 1 January 2010.

In accordance with the aforementioned Law, the Council of the Central Bank of Montenegro passed the following decisions on establishing default interest rate:

Ordinal No.

Semi-annual period

          Decision
1 1 January to 30 June 2010 Download
2 1 July to 31 December 2010 Download
3 1 January to 30 June 2011 Download
4 1 July to 31 December 2011 Download
5 1 January to 30 June 2012 Download
6 1 July to 31 December 2012 Download
7 1 January to 30 June 2013 Download
8 1 July to 31 December 2013 Download
9 1 January to 30 June 2014 Download
10 1 July to 31 December 2014 Download
11 1 January to 30 June 2015 Download
12 1 July to 31 December 2015 Download
13 1 January to 30 June 2016 Download
14 1 July to 31 December 2016 Download
15 1 January to 30 June 2017 Download
16 1 July to 31 December 2017 Download
17 1 January to 30 June 2017 Download
18 1 July to 31 December 2018 Download

The default interest rate for the first three periods was 8% and in the last year-half of 2011 this rate was established at the level of 8.25%.

Pursuant to Article 2 of the Decision on Bank Reserve Requirement to be Held with the Central Bank of Montenegro for the Period Longer Than One Day (“Official Gazette of Montenegro” no. 65/08,15/09 and 41/09), the Central Bank has been posting on its website the interest rate on the used amount of the reserve requirement for the period longer than one day at the rate equal to the ECB main refinancing operations rate, which is applied on the last day in a month preceding the month it relates to, increased by 0.5 percentage points.

In the implementation period of the aforementioned decision, from 1 July to 31 December 2009, the ECB main refinancing operations interest rate remained unchanged, amounting to 1%.

 
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