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ARTICLE · 24 MAY 2024

Update On Legal Interest, Late Payment Fee And Deferment Interest Rates

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According to Article 1 of the Law No. 3095 on Legal Interest and Default Interest ("Law No. 3095"), interests to be paid as per Turkish Code of Obligations and Turkish Commercial Code...

TurkeyLitigation, Mediation & Arbitration
Beri̇l Yayla Sapan
Beri̇l Yayla Sapan
Asena Aytuğ Keser
Asena Aytuğ Keser
Kardelen Özden
Kardelen Özden
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Legal Interest Rate

According to Article 1 of the Law No. 3095 on Legal Interest and Default Interest ("Law No. 3095"), interests to be paid as per Turkish Code of Obligations and Turkish Commercial Code, shall be made at an annual rate of 12%, unless a different contractual rate is agreed. The president is authorized to adjust this rate on a monthly basis, and to reduce it by up to 10% or increase it up to one time.

The legal interest rate was 9% since January 1, 2006, pursuant to the Council of Ministers' decision (2005/9831) dated December 19, 2005 published in the Official Gazette (26039) dated December 30, 2005.

The Presidential Decree (8485) dated May 20, 2024 published in the Official Gazette (32552) dated May 21, 2024 announced that the legal interest rate shall apply as 24% per annum effective from June 1, 2024.

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