The Central Bank of Cyprus calculated the reference interest rate at 11.60% under Article 314A of the Penal Code Law, Cap. 154, which makes obtaining, charging or agreeing to financial or pecuniary benefits above that rate for oneself or a third party when granting, renewing or discounting loans, or providing or extending payment deadlines, an offence punishable upon conviction by up to five years’ imprisonment, a fine of up to EUR 30,000, or both.
Central Bank of Cyprus calculates Penal Code reference interest rate at 11.60%
The Central Bank of Cyprus calculated the Penal Code reference interest rate at 11.60%, with financial benefits exceeding this threshold in covered loan and payment arrangements constituting an offence punishable by up to five years’ imprisonment, a fine of up to EUR 30,000, or both.