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ARTICLE · 14 JULY 2015

Interest Payment In Turkey

Ketenci & Ketenci Hukuk
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Interest payments in Turkey is governed by the Code on Legal Interests and Default Interests dated 4 December 1984 law numbered 3095 and Code of Obligations and Turkish Commercial Code.

TurkeyGovernment, Public Sector
Ketenci & Ketenci ILP
Ketenci & Ketenci ILP
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Interest payments in Turkey is governed by the Code on Legal Interests and Default Interests dated 4 December 1984 law numbered 3095 and Code of Obligations and Turkish Commercial Code.

Types of the interests

Types of interest are listed on the Law Regarding Legal Interests and Default Interests as follows:

  • Legal interest
  • Default interest
  • Compound interest
  • Interest of foreign exchange

Legal Interest: The amount of interest rate that is allowed to be changed by code. For instance; the debtor is liable for compensation to the amount of the legal interest due from the day of delay. The legal interest is determined by the Central Bank of the Republic of Turkey. Council Ministers are allowed to determine the annual legal interest rate. The annual rate is 9 percent and is used if it is not determined in an agreement.

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