Turkey: Communiqué On Late Payments To The Creditor By The Central Bank Of The Republic Of Türkiye Has Been Published

In the Official Gazette dated January 2, 2024 and numbered 32417, a Communiqué was published by the Central Bank of the Republic of Türkiye.

The purpose of the Communiqué is to announce the default interest rate and minimum compensation amount for late payments made to the creditor pursuant to Article 1530, Paragraph 7 of the Turkish Commercial Code.

The relevant Law stipulates that the Central Bank of the Republic of Türkiye shall announce the interest rate to be applied in cases where the default interest rate for late payments made to the creditor is not stipulated in the contract or the relevant provisions are invalid, and the minimum amount of compensation that may be claimed for the costs of collection of the receivable in January each year.

New amounts have been announced with this Communiqué .

With the new regulations;

• Pursuant to the seventh paragraph of Article 1530 of the Turkish Commercial Code No. 6102, the interest rate to be applied in cases where the default interest rate for late payments made to the creditor in the supply of goods and services is not stipulated in the contract and the relevant provisions are invalid, and the minimum compensation amount that can be claimed for the collection of receivables have been announced.
• The default interest rate is set at 48.00 per cent per annum; the minimum compensation amaount that can be claimed for the costs of collection of the receivable is set at 1,310.00 Turkish Liras.
• The determined rate and amount will be valid as of January 1, 2024.

This Communiqué entered into force on the date of its publication.

You can access the Official Gazette regarding the subject matter here.