Thus, the Ivo Sanader cabinet cut the highest permitted rates in question in relation to proposals made by the relevant committee which suggested that the highest permitted interest rate would be 21 percent.
The government on Wednesday agreed with other proposals of the committee regarding default interest rates.
Finance Minister Ivan Suker described the government's decree as an attempt to prevent agreements on usurious interest.
The defined rates, which were calculated on the basis of referential data from the second quarter of 2004, will be applied in the fourth quarter this year.
The committee is expected to convene every three months and more frequently if necessary in order to monitor trends in the finance sector and make relevant proposals.