The Central Bank of Cyprus (CBC) has calculated the reference interest rate at 11.42 per cent, exercising the powers granted to it by Article 314A of the Criminal Code Law, Chapter 154.

In a statement, the Central Bank, invoking the specific article, said that “it constitutes an offence when a person, in the provision of any loan, the extension or renewal of the repayment deadline, the renewal, or the early repayment of a loan, receives, collects, charges, contracts, or obtains for oneself or for a third party financial benefits or assets that exceed the reference interest rate“.