THE COMMUNIQUE REGARDING THE RATES OF THE ACCOUNT AND LOANS INTEREST AND THE RATES OF THE PROFIT AND LOSS

10 February 2020

“The Communique regarding the Rates of the Deposit and Loans and the Rates of the Profit and Loss” (“the Communique) has been published today on the Official Gazette numbered 31035.

According to the Communique, while the variable or fixed interest rate for the accounts can be determined without constrains, the drawing account interest rate is adjusted as %0,25. Also the variable interest rate shall be applied for the account of Turkish Lira which is saving accounts timed as 3 months or more, for the account of foreign currency which is saving accounts timed as 6 months or more.

In addition to them, the participation rate of the profit in the participation accounts can be adjusted freely in the agreement between the consumer and the bank. The loss is on the consumer except that the bank is liable for the loss.

You can find the text of the Communique (in Turkish) here.

Should you have any queries and/or remarks, please do not hesitate to contact us. 

Kind regards,

Zumbul Attorneys-at-Law

info@zumbul.av.tr