The Central Bank of Cyprus has calculated the reference interest rate provided for under Article 314A of the Criminal Code Law, Cap. 154, at 11.32%.
According to the relevant announcement, the Central Bank carried out the calculation by exercising the powers granted to it under this legislation.
Article 314A states that a person who, when providing a loan, granting or extending a payment deadline, or renewing or prepaying a loan, receives or charges a financial or asset-based benefit exceeding the reference interest rate, commits a criminal offence.
The provision covers financial benefit received either for the person themselves or for a third party.
A conviction carries a prison sentence of up to five years, a fine not exceeding €30,000, or both penalties.
