CBC: Reference interest rate το prevent usury at 8.93%

The Central Bank of Cyprus (CBC) has calculated the reference interest rate το prevent usury at 8.93%.

“The Central Bank of Cyprus, exercising its power under article 314A of the Cyprus Penal Code, Cap. 154 as subsequently amended, has calculated, in accordance with the provisions of the said article, the reference interest rate at 8.93%,” a CBC press release says.