CBC sets reference rate for usury purposes to 9.40%

The Central Bank of Cyprus has set the reference interest rate at 9.40% under the article 314A of the Cyprus Penal Code, Cap. 154 to combat usury.


The previous reference rate was set at 8.93%.


Under the article 314A, the maximum permissible rate of interest, known as the reference rate, is set by the Central Bank of Cyprus on a quarterly basis.


Source: Cyprus News Agency