Default Interest Rate and the Minimum Compensation Amount has been Increased

Pursuant to the Communiqué of the Central Bank of the Republic of Türkiye (“Communiqué”) which has published with the Official Gazette dated 2 January 2024 and numbered 32417, in cases where the default interest rate for late payments made to the creditor in the supply of goods and services in accordance with the Article 1530/Paragraph 7 of the Turkish Commercial Code is not stipulated under the contract or relevant provisions are void, the interest rate applied as 11.75% before the publication of this Communiqué has been determined as 48% (forty eight percent) effective from the date of 01/01/2024.

Additionally, with the Communiqué, the minimum compensation amount which can be claimed for the recovery costs of collection of receivables, that was applied as 800 Turkish Liras in 2023, has been determined as 1.310 Turkish Liras as of 01/01/2024.

As of January 1st, 2024, it is advies to take the increased commercial default interest and minimum compensation amount as basis in the follow-up and collection of commercial receivables.

Recent Publications