The Default Interest Rate for Late Payments in Goods and Services Supply Set at 53.25%

In the context of overdue payments made to creditors in the supply of goods and services, the default interest rate, when not specified in the contract or when relevant provisions are invalid, has been set at an annual rate of 53.25%.

The communiqué titled "Default Interest Rate to be Applied for Overdue Payments in the Supply of Goods and Services and the Minimum Compensation Amount that can be Requested for Collection Costs" prepared by the Central Bank of the Republic of Turkey has been published in the Official Gazette.

Accordingly, in accordance with the seventh paragraph of Article 1530 of the Turkish Commercial Code, the default interest rate applicable to overdue payments made to creditors in the supply of goods and services, when not specified in the contract or when relevant provisions are invalid, is determined to be an annual rate of 53.25%, while the minimum compensation amount that can be requested for collection costs has been set at 1,475.00 Turkish Lira.

In 2024, the default rate was applied at 48.00%.

This determined rate and amount will come into effect on 1/1/2025.