The Central Bank of the Republic of Turkey (CBRT) has raised the default interest rate applied to the supply of goods and services between commercial enterprises to 48%.
The “Notification on the Default Interest Rate to be Applied in Delayed Payments in the Supply of Goods and Services and the Minimum Expense Amount that Can be Requested for the Collection of Receivables,” prepared by the CBRT, has been published in the Official Gazette.
In accordance with this, the default interest rate for delayed payments to creditors in the supply of goods and services between commercial enterprises (in cases where it is not stipulated in the contract or when the relevant provisions are invalid) has been set at an annual rate of 48%. This rate was 11.75% at the beginning of 2023.
Furthermore, the minimum expense amount that can be requested for the collection of receivables has been determined at 1310 Turkish Lira.
These decisions were made in accordance with Article 1530 of the Turkish Commercial Code. The updated regulations aim to address issues related to delayed payments in commercial transactions and enhance financial stability in the business sector.
source: aa.com.tr / prepared by Melisa Beğiç