Changes made to decisions announced by the Central Bank following interest rate decision

Following the Central Bank's interest rate decision yesterday, communiqués regarding amendments to the Communiqué on Procedures and Principles Regarding Fees That Can Be Charged to Commercial Customers by Banks, the Communiqué on Procedures and Principles Regarding Fees to be Charged to Financial Consumers, and the Communiqué on Securities Maintenance have been published in the Official Gazette.

In this context, the definition of the reference rate in the Communiqué on Procedures and Principles Regarding Fees That Can Be Charged to Commercial Customers by Banks has been changed to: "the rate calculated by taking the lower of the weighted average flow interest rate applied by banks to all Turkish lira-denominated deposit types with a maturity of 32-45 days, or the rate calculated by increasing the policy rate determined by the Central Bank by ten percent, and announced in a way that does not exceed the maximum limit specified in the third paragraph of Article 20/A of this Communiqué."

Accordingly, under payment systems, the reference rate for fees that can be charged by banks for all kinds of services provided to member merchants and products and services related to commercial cards cannot exceed 3.11 percent.

A temporary article added to the same Communiqué states: "The monetary limits and maximum fees determined as fixed amounts in this Communiqué shall be determined by the Central Bank for the year 2024 and notified to banks on the first business day following the announcement of the year-end annual consumer price index for 2023 by the Turkish Statistical Institute."

News Source: 12punto