Togo: legal interest rate reduced to 4.2391%

Economic governance
Friday, 12 February 2021 17:16
Togo: legal interest rate reduced to 4.2391%

(Togo First) - For the 2021 calendar year, Togo reduced its legal interest rate to 4.2391%. This was disclosed during the meeting of the council of ministers that was convened on Feb. 10, in Pya (in the Kozah prefecture). 

Last year, the rate was 4.5000%, the same as in many countries of the West African Economic and Monetary Union (WAEMU), according to data from the Central Bank of West African States (BCEAO).

It should be remembered that the legal interest rate, set by the public authority, increases any sum owed by a debtor to his creditor, following a court decision, and in the event of late payment. This figure is used in particular to calculate interest on sums to be paid in the event of a late debt settlement ordered by a court decision, and on a loan, in the absence of an effective interest rate provided for in the contract.

Ayi Renaud Dossavi

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