Recent Alterations in Legal Interest and Delay Hike Rates

5/23/2024

Presidential decrees regarding the alterations to the legal interest and delay hike on the Public Receivables, rates were published in the Official Gazette dated May 21, 2024.

he decree regarding the application of the annual legal interest rate, regulated under Article 1 of Law No. 3095 on Legal Interest and Default Interest, has been published to be effective as of 01.06.2024, set at an annual rate of 24%. With this decree, the annual legal interest rate, previously determined as 9%, has been increased to 24%.
Pursuant to Article 51 of Law No. 6183 on the Procedure for Collection of Public Receivables, it has been decided to set the delay hike interest at 4.5% to be applied separately for each month. With this decision, the monthly delay hike rate, previously set at 4%, has been updated to 4.5%.

Selin Su, Managing Associate

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