The Central Bank of the Republic of Turkiye has set an upper limit on the reference rate to ensure that credit card maximum interest and member merchant maximum commission rates do not exceed their current levels.
In the announcement made by the Central Bank of the Republic of Turkiye (CBRT) regarding the maximum interest rates to be applied in credit card transactions and the maximum commission rates to be applied to member businesses, the following was noted;
There will be no change in credit card maximum interest rates and member merchant maximum commission rates. An upper limit has been set on the reference rate to ensure that credit card maximum interest and member merchant maximum commission rates do not exceed their current levels. The current level of the reference rate has been determined as an upper limit of 3.11, and no change has been made in the current calculation method for rates below this level.
In this context, there will be no increase in the last announced rates for credit card maximum interest and member workplace maximum commission rates. The reference rate used in calculating the maximum interest rates to be applied in credit card transactions and the maximum commission rates to be applied to member businesses is calculated and announced using the method determined within the scope of the Communiqué on the Procedures and Principles Concerning the Fees That Can Be Collected from Commercial Customers by Banks.
The reference rate is calculated by taking into account the lower of the weighted average current interest rate applied by banks to Turkish lira deposits with a maturity of 32-45 days and ten percent more than the policy interest rate.
Source: Trthaber / Prepared by Irem Yildiz