Podgorica, (MINA-BUSINESS) – Governor of the Central Bank of Montenegro (CBCG) Irena Radovic has announced that she expects the initiative to lower interest rates for citizens to be extended beyond 31 December, and will discuss the matter today with representatives of commercial banks.

The CBCG’s initiative to reduce interest rates on loans for citizens, which was launched on 31 March, has been accepted by all commercial banks in Montenegro and is set to last until 31 December.

Radovic said at a press conference that she believed that the initiative would not be halted.

“After today’s press conference, I will have a meeting with the bankers where we will review the results. I am pleased that we have seen a decrease in interest rates for loans to individuals, which was the focus of our initiative, and that there is a trend showing a significant reduction,” Radovic said.

She added that some of the most popular banking products have seen a decrease in interest rates of up to 1.64 percentage points.

“My conversation with the banks will focus on the expectation that this practice will continue, and I believe that the commercial banks will follow through. I expect that interest rates will decrease even more significantly next year, and that the results of the first year of the initiative, which will have on 1 April next year, will provide the first opportunity to summarize its effects,” Radovic said.

She added that she had a positive outlook and optimistic expectations regarding the initiative.