CBRT Implements New Decision: Advance Interest Rates Increased to 51.75% Annually

In the Central Bank of the Republic of Turkiye (CBRT) communiqué published in today’s issue of the Official Gazette the following was stated, “Our bank has determined that the discount interest rate to be applied in rediscount transactions against bills with a maximum of 3 months remaining until maturity is 50.75% annually, and the interest rate to be applied in advance transactions is 51.75% annually. These determined rates will come into force on the date of publication.”

According to the rates last determined by the CBRT on December 23, 2023, the discount rate applied in rediscount transactions was 43.25% and the interest rate applied in advance transactions was 44.25%.

Rediscount refers to the assets that have been discounted, that is, those that have changed hands for a price, changing hands again for a price.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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