Default Interest Rate Raised in Latest News Flash
CBRT Increases Default Interest Rate and Minimum Removal Amount for Receivable Collection Expenses
The Central Bank of the Republic of Turkey (CBRT) has published a new communiqué in today’s issue of the Official Gazette regarding the default interest rate and minimum removal amount for receivable collection expenses.
According to the communiqué, the interest rate to be applied in cases where the default interest rate for late payments made to the creditor in the provision of goods and services is not specified in the contract or if the relevant provisions are deemed invalid has been increased to 53.25 percent annually. This rate was previously set at 48 percent at the beginning of 2024.
Additionally, the minimum compensation amount that can be claimed for receivable collection expenses has been increased to 1475 Turkish lira. This amount was previously set at 1310 lira in the previous year.
These decisions were made in accordance with Article 1530 of the Turkish Commercial Code. This update aims to regulate late payment situations more effectively and ensure fair compensation for receivable collection expenses.
Businesses and individuals involved in providing goods and services should take note of these changes to avoid any potential issues related to late payments and receivable collection expenses. The CBRT’s decision highlights the importance of timely payments and proper management of receivables in the business environment.
