Turkey’s Central Bank has increased interest rates applied to rediscount transactions for promissory notes, as well as advance transactions.

According to the changes:

  • The discount interest rate applied to rediscount transactions for promissory notes with a maximum three-month term increases from 8.75% to 18.50%
  • The interest rate applied to advance transactions increases from 9.75% to 19.50%

The full text of the Communiqué published in Official Gazette number 30463 on 29 June 2018 can be found here (only available in Turkish).