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).
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