Cyprus:
Revision Of The Maximum Permissible Interest Rate Under Article 314A Of The Criminal Code - October 2018
05 November 2018
Elias Neocleous & Co LLC
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In 2011 the Criminal Code was amended by the addition of a new
article 314A, which makes it a criminal offence, punishable by up
to 5 years' imprisonment, a fine of up to EUR30,000 or both,
for lenders to charge interest at excessive rates. The maximum
permissible rate of interest, known as the reference rate, is set
by the Central Bank of Cyprus at three-monthly intervals based on
the average interest rates charged by credit institutions plus an
uplift of 50 per cent. Loans made by authorised credit
institutions, loans between associated companies and loans of more
than EUR 1 million to companies financed from overseas are not
subject to the limit.
The Central Bank of Cyprus has announced an increase in the
reference rate to 9.63 per cent (from its previous level of 9.47
per cent) with effect from 26 October 2018.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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