Communiqué Regarding Maximum Interest Rate on Credit Card Transactions was published in the Official Gazette dated 22 October 2014 and came into effect as of such date. Upon enactment of the Communiqué, the Communiqué Regarding Maximum Interest Rate on Credit Card Transactions with no. 2006/1 is annulled. On the other hand, rates specified under the Annulled Communiqué will be applicable until 31 December 2014.
Under the Communiqué (i)calculation methods of maximum contractual rate of interest and maximum default interest rates are regulated, and (ii) Turkish Central Bank is required to publish the monthly maximum contractual and default interest rates in accordance with this Communiqué which will be applied to January-March, April-June, July-September, October-December periods.
The Turkish language text of the Communiqué can be found at following link: http://www.resmigazete.gov.tr/eskiler/2014/10/20141022-18.htm