NBU approves new rules for calculating cost of credits issued to public
The National Bank of Ukraine (NBU) has approved new rules for calculating the total cost of credits issued to consumers and the real annual credit rate under consumer credit agreements.
According to a posting on the NBU's website, the calculations now meet the requirements of the law on consumer crediting that took effect on June 10, 2017.
The NBU sets the methods for calculating the total cost of the credits for individual borrowers that meet the requirements of the new law.
The NBU drew up methods for calculating the real annual credit rate under consumer credit agreements based on the requirements of EU Directive 2008/48/EC on credit agreements for consumers.
The effective annual credit rate formula is used to calculate the rates.
The two methods are introduced by NBU board resolution No. 49 approving the rules for calculating the total cost of credits issued to consumers and the real annual credit rate under consumer credit agreements dated June 8, 2017 that took effect on June 10, 2017.
