Recent Developments
The Central Bank of the Republic of Turkey (the “CBRT“) amended the Communiqué on Deposit and Loan Interest Rates and Profit and Loss Participation Rates for Participation Accounts and Benefits Provided From Loan Transactions Other Than Interest (the “Amendment“). The Amendment was published on the Official Gazette No. 30920 dated October 16, 2019 and will enter into force on November 1, 2019.
What’s New?
Conclusion
Pursuant to the Amendment, banks will be able to collect commissions from the Merchants in accordance with the limits set forth.