Insider / ΚΥΠΕ
The Central Bank of Cyprus set the reference rate at 8.89% for the purposes of Article 314A (usury) of the Criminal Code Law.
Pursuant to Article 314A of the Law on the Penal Code, a person who, when granting any loan, during the granting or extension of the payment deadline, during the renewal or discounting of a loan, receives, collects, charges, concludes or takes for himself or for a third economic benefit or property benefits that exceed the reference rate, commits an offense and, in case of conviction, is subject to imprisonment, not exceeding five (5) years or a fine not exceeding thirty thousand euros (€ 30,000 ) or both.
For the purposes of this Article, “reference rate” means the average annual interest rate, including commissions, charges or any charges incurred by credit institutions for consumer loans, increased by half, with a minimum increase of five percentage points up to a maximum of five percentage points. units.
The reference interest rate is calculated quarterly by the Central Bank of Cyprus and is published in the Official Gazette of the Republic.