LAW ON LEGAL INTERESTS AND DEFAULT INTERESTS

Law Number : 3095

Date of Adoption : December 4,1984

Date and No. of Publication in the Official Gazette : December 19,1984 - 18610


NOTE: This translation made by myself is unofficial and for information purposes only. All rights of it are reserved as a translation anyway. Read this page first, please. Click "KANUNİ FAİZ VE TEMERRÜT FAİZİNE İLİŞKİN KANUN" for full Turkish text of the Law.

 

Legal interest

Article 1 - (As amended: April 21,2005 - 5335/14 th Art.)

In cases where interest should be paid in accordance with the Law of Obligations and the Turkish Commercial Code, if its amount has not been not determined by contract, this payment shall be made at an annual rate of twelve per cent.

The Council of Ministers is authorized to determine this rate on a monthly basis, to reduce up to ten per cent or increase up to one fold of it.

 

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