Change in Rediscount and Advance Interest Rates

With the communiqué regarding Interest Rates Applicable to Rediscount and Advance Transactions published in the Official Gazette dated September 28, 2023 and numbered 32323 (“Communiqué”), the discount interest rate to be applied for rediscount transactions against bills with a maximum of 3 months to maturity is determined as 30.75% per annum and the interest rate to be applied for advance transactions is determined as 31.75% per annum.

The Communiqué entered into force on the date of its publication, and it has been applied as 25.75% per annum for the discount interest rate to be applied for rediscount transactions against bills with a maximum of 3 months to maturity and 26.75% per annum for the interest rate to be applied in advance transactions since September 1, 2023.

Thus, the interest rates announced in the Communiqué have been the highest rates determined since January 13, 2005.

The relevant Communiqué is available here.

Aslı Tezcan LL.M., Partner