30 July 2012
On 29th May 2012 the Council of Ministers passed Regulations No. 100 for determining the amount of the statutory interest due for default in payment of obligations in BGN and foreign currency. The Regulations determines different basis of the statutory interest depending on the currency of the obligation that has not been paid. The main amendment however affects the method of calculation and the applicable period. The respective interest rate as of 1st January and 1st July of the year stated as basis plus the margin determined by the regulations shall be used for calculations of the annual and daily statutory interest rates. In addition those daily and annual amounts shall be applicable for the whole half-year starting from 1st of January and 1st of July respectively. The calculation of the due statutory interest shall be facilitated in this way.
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