04January2022

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.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Turkish Commercial Code

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