Turkey's Central Bank has increased interest rates applied to rediscount transactions for promissory notes, as well as advance transactions.
According to the changes:
- The discount interest rate applied to rediscount transactions for promissory notes with a maximum three-month term increases from 8.75% to 18.50%
- The interest rate applied to advance transactions increases from 9.75% to 19.50%
The full text of the Communiqué published in Official Gazette number 30463 on 29 June 2018 can be found here (only available in Turkish).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
