Τhe Central Bank of Cyprus, exercising its powers under article 314A of the Cyprus Penal Code, Cap.154, and in accordance with the provisions of the said article, determines the reference interest rate to be 10,38% for the quarter July-September 2023.
According to the aforementioned article, it constitutes an illegal act when a person reaps, receives, collects, or charges, for his interest or on behalf of a third party, economic or property benefits, in excess of the reference interest rate, at the point of loan granting, when extending the repayment period, at renewal or prepayment of a loan.