The New Interest Rates Applicable to Rediscount and Advance Transactions Have Been Published

The Central Bank of the Republic of Türkiye introduced new interest rates to be applied in rediscount and advance transactions.

With the Communiqué published in the Official Gazette dated 23 December 2023 and numbered 32408 (“Communiqué”), the Central Bank of the Republic of Türkiye (“CBRT”) regulated the interest rates to be applied in rediscount and advance transactions.

As of 23 December 2023, new rates for promissory notes with a maturity of up to 3 months were determined as:

• The discount interest rate applicable to rediscount transactions has been set at an annual rate of 43,25%.
• The interest rate applicable to advance transactions has been determined at an annual rate of 44,25%.

You can access the Communiqué in Turkish through this link.