Croatian OTP Banka Lowering Interest Rates From February 1st

Lauren Simmonds

Updated on:

As Poslovni Dnevnik writes, on Monday, the Croatian OTP banka announced that it would lower its interest rates on loans to Croatia’s residents who have accounts in euros and kuna linked to the National Reference Interest Rate (NRS1) from the beginning of February.

From February the 1st, OTP banka will lower interest rates on all loans to those with a variable interest rate, which is related to the movement of the national reference rate (NRS1), so the interest rate on loans with a currency clause in euros will be lower by 0.05 percent points while on loans in kuna will be lower by 0.06 percentage points, the statement said.

As was added, this interest rate reduction refers to all existing and newly approved loans that are related to the National Reference Rate (NRS1).

OTP banka notes that it will inform all its clients in a timely and written manner about the change in the interest rates and the new amount of annuities and the new repayment plan.

The national reference interest rate is the average cost of financing the banking sector and is calculated by the Croatian National Bank (CNB). NRS1 represents the costs of financing from the funds collected from deposits of natural persons, and NRS2 the costs of financing from the funds collected from deposits of natural and legal persons of the non-financial sector.

Back at the end of November, the CNB published the values ​​of the national reference rate (NRS) for the third quarter of 2020, which show the continuation of the downward trend that has been going on since way back at the beginning of 2013. Of the 24 NRS indices calculated by the CNB, in the third quarter of 2020 all these indices showed lower values ​​than they did in the previous quarter, although their decline was slightly smaller than in the previous quarter, with the exception of the Swiss currency index, which remained unchanged.

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