Nicosia: The Central Bank of Cyprus has set the reference interest rate at 11.62%, exercising its powers under article 314A of the Cyprus Criminal Code, Cap.154, and in accordance with the provisions of the said article.
According to Cyprus News Agency, the aforementioned article stipulates that any individual who, while providing or extending loan terms, or renewing or discounting a loan, gains financial or property benefits surpassing the reference interest rate, commits an offense. If convicted, the person may face a term of imprisonment not exceeding five years, a fine up to thirty thousand euros, or both penalties.