Legal and default interest rates have been re-determined

The legal interest and default interest rates to be applied in public accounting as of July 1 have been redetermined.

The Communique on the Amendment to the General Communique of the General Directorate of Accounting prepared by the Ministry of Treasury and Finance was published in the Official Gazette.

In the Communique, the legal interest rates and default interest rates to be applied to receivables from persons to be followed and collected according to general provisions have been changed.

Accordingly, as of July 1, 2023, the legal interest rate will be 9 percent if not determined by contract, 9 percent if the default interest rate is not determined by contract, and 16.75 percent in commercial works.

The Communiqué entered into force as of July 1.