In accordance with paragraph seven of article 1530 of Turkish Commercial Code numbered 6102 and dated 13.01.2011, the interest ratio is determined as 21,25 percent yearly and minimum compensation amount for collection cost as TRY 245,00 by Central Bank of the Republic of Turkey when default interest ratio for late payments to creditor during commercial transactions for goods and services is not foreseen in the contract and the related provisions are invalid.
The determined ratio and amount enters into force on the date of issue and takes effect as of 01.01.2019.
Source: İSMMMO
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