Legal Alert – Determining the legal interest on overdue liabilities
Legal Interest on Liabilities in Other Currencies
The legal interest on overdue liabilities in other foreign currencies is the one month LIBOR (London Interbank Offered Rate) for the corresponding type of currency in force as of the 1st of January, respectively the 1st of July of the current year increased by 10 points.
As regards currencies, in respect of which LIBOR is not quoted, the legal interest on overdue liabilities shall be the interest rate applied by the European Central Bank in the main refinancing operations in force as of the 1st of January, respectively the 1st of July of the current year increased by 10 points.
Daily Interest Rate
The daily rate of the legal interest shall be 1/360 of the annual interest rate of the listed categories.
This Legal Alert has been prepared by DELCHEV & PARTNERS for information purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Readers should not act upon this without seeking professional counsel.
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