Open menu
04January2022

Turkish Central Banks Sets Default Interest Rate

Turkish Central Banks Sets Default Interest Rate

With the Communiqué published by the Central Bank of the Republic of Türkiye in the Official Gazette dated 02.01.2022 and numbered 31707, the default interest rate and the minimum compensatory amount to be applied in late payments is determined.

According to the Communiqué, the annual default interest rate is 17,25 and the minimum compensatory amount is 555.00 TRY.

In accordance with the seventh subparagraph of article 1530 of Turkish Commercial Code No. 6102, the regulation on the interest rate to be applied in cases where the default interest rate regarding late payments made to the creditor in the supply of goods and services is not regulated in the contract or the relevant provisions are invalid, and the minimum amount of compensatory that can be claimed for the collection costs of the receivable will be effective as of 01.01.2022.

Should you have any queries or need further details, please contact your customer representative.

Written by Seda Sallı, Posted in Turkish Commercial Code

  • Notification!

    Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

    Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

About The Author

Seda Sallı

Legal Consultant | Attorney
This website is using cookies.
In this website, we use cookies to develop your user experience, obtain efficient work and track statistical data. You are agreeing to our use of cookies by browsing our website. Please review Çerezler (Cookies) page for detailed information of how we manage the cookies. This choice is valid for 30 days until you delete the cookies in your web browser.
x