What to Know About Statutory Interest
In short: from 31 July 2026 the statutory interest rate is 31% per year; under Law No. 7589 it is now set at 80% of the Central Bank rediscount rate on 31 December of the previous year (Law 3095 art. 1). The tool applies each rate to the days it was in force.
Statutory Interest Rates (annual)
| Period | Rate |
|---|---|
| 31 Jul 2026 – present | 31% |
| 1 Jun 2024 – 30 Jul 2026 | 24% |
| 1 Jan 2006 – 31 May 2024 | 9% |
| 1 May 2005 – 31 Dec 2005 | 12% |
- Default (TCO art. 117): begins on the creditor's notice for a due debt; on expiry of a fixed performance date; on the date of the wrongful act in tort.
- Commercial matters (Law 3095 art. 2/2): if the Central Bank advance rate exceeds the statutory rate, default interest may be claimed at that rate; use the “Custom annual rate” option.
- No compound interest (Law 3095 art. 3): interest on interest is not charged.
Frequently Asked Questions
What is the statutory interest rate in Turkey in 2026?
Article 1 of Law No. 3095 was amended by Law No. 7589: from 31 July 2026 statutory interest equals 80% of the Central Bank (TCMB) rediscount rate applied to short-term credit on 31 December of the previous year. This tool applies 31% per year from 31 July 2026, 24% from 1 June 2024 to 30 July 2026, and 9% from 2006 to 31 May 2024. Confirm the current rate against the Official Gazette and Central Bank announcements.
What is the difference between statutory interest and default interest?
Statutory interest applies where the law provides for interest and the contract sets no rate. Default interest is what a debtor owes for the days it is late in paying a money debt; absent a contract rate it follows the statutory rate (Law 3095 arts. 1-2). In commercial matters, if the Central Bank advance rate for the period is higher than the statutory rate, default interest may be claimed at that rate even without a contract (Law 3095 art. 2/2).
From which date does default interest start to run?
For a debt that has fallen due, the debtor is in default upon the creditor's notice; if the performance date is fixed, upon expiry of that date; in tort from the date of the wrongful act, and in unjust enrichment from the date of enrichment (Turkish Code of Obligations art. 117). Determine the start date under these rules and enter it in the tool.
Can interest be charged on interest (compound interest)?
Compound interest cannot be charged when calculating statutory or default interest; the Turkish Commercial Code provisions on the subject are reserved (Law 3095 art. 3). This tool therefore calculates simple interest only.
Can I use the result in enforcement proceedings or a court filing?
The result is for information only. In an enforcement request or a statement of claim, the type, start date and rate of interest must be stated according to the facts of the case. If contractual interest, commercial advance interest or another regime applies, use the “Custom annual rate” option and have the result checked by a lawyer.
For debt collection, enforcement and interest disputes see our Enforcement & Bankruptcy Law page or contact us to book a consultation.
Related guide: Objecting to a Debt in Enforcement Proceedings.