Default Interest Rate That Will Be Applied in 2017

The default interest rate that will be applied in 2017 has been determined by the Central Bank via the Communique on the Determination of the Default Interest Rate for Late Payments for the Provision of Goods and Services which was published in the Official Gazette of 02.01.2017, numbered 29936.

As per the Communique, if the default interest rate is not set forth within the contract or the related terms are deemed invalid, the interest rate shall be 10,75 per annum for late payments to the creditor for the provision of goods and services as per the Article 1530 of the Turkish Code of Commerce. Also the minimum amount of expense that may be claimed for costs of collection is set forth as 150 Turkish Lira.

The interest rate and the expense amount shall be applicable from 01.01.2017.