Τhe Central Bank of Cyprus, exercising its powers under article 314A of the Cyprus Criminal Code, Cap.154, and in accordance with the provisions of the said article, determines the reference interest rate to be 11,62%
According to the aforementioned article, “a person who, when providing any loan, when providing or extending the payment term, when renewing or discounting a loan, receives, collects, charges, stipulates or takes for his own benefit or on behalf of a third party financial benefit or property benefits which exceed the reference interest rate, commits an offense and, in case of conviction, is liable to a term of imprisonment not exceeding five (5) years or a fine not exceeding thirty thousand euros (€30.000) or both penalties”.