financial products

New rules limit interest rates on overdrafts, loans and credit cards in Serbia

Starting January 1, 2025, Serbia introduced new regulations that cap the interest rates on various financial products offered by banks. These changes aim to protect consumers from high borrowing costs, which had previously reached nearly 40 percent in some cases. Under the new rules, the maximum interest rate on permitted overdrafts, or "minuses," is now set at 19.75 percent. This limit applies to both authorized and unauthorized overdrafts. The rate is determined by the default interest rate of the National…