Effective July – September quarter of 2023
At 10.38%, the Central Bank of Cyprus set the reference interest rate for usury purposes with effect in the July – September quarter of 2023.
Based on article 314A of the Criminal Code of Law, Chapter 154, the reference interest rate is calculated quarterly by the Central Bank of Cyprus, which publishes it in the Official Gazette of the Republic.
According to the article, it is an offense when a person who during provision of any loan, provision or extension of the payment term, renewal or discounting of a loan, receives, collects, charges, contracts or obtains for himself or for a third party a financial benefit or property benefits that exceed the reference interest rate.
