What is the legal rate of interest for 2019?
The legal rate of interest applies as a compensation for those damages and losses arisen when borrowers cease paying and no specific interest rate was agreed. This rate is also used as a benchmark for legal standards and agreements in contracts.
The legal rate of interest is annually included in the General State Budget Act (Ley de Presupuestos Generales del Estado).
As long as the General State Budget for 2019 is not approved, the 2018 budgets are extended.
Consequently, and until the General State Budget does not have the green light, the legal rate of interest for 2019 remains the same as in 2018, which is 3%.