New Communiqué on Default Interest Rate Has Been Published

New Communiqué on Default Interest Rate Has Been Published A new communiqué on the default interest rate prepared by the Central Bank of the Republic of Turkey has been published. Within the scope of the communiqué posted in the Official Gazette, 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 or the relevant provisions are invalid, the annual interest rate is determined as 18.25 percent. However, the minimum expense amount that could be requested for the collection costs of the receivable was 385 Turkish lira. The Communiqué on the Default Interest Rate to be Applied in Late Payments in the Supply of Goods and Services and the Minimum Expense Amount that may be Requested for the Collection of Receivables, prepared by the CBRT, was published in the Official Gazette and entered into force. Within the scope of this communiqué, 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 or the provisions on the subject are invalid, the annual interest rate to be applied is determined as 18.25 percent and the minimum expense amount to be required for the collection costs of the receivable as 385 Turkish lira. This rate and amount determined by the CBRT entered into force today, effective from January 1, 2021.