The Central Bank of Cyprus has set the reference rate for the purposes of article 314A (usury) of the Penal Code Law at 8.89%.
Under Article 314A of the Penal Code Law, a person who, when granting any loan, when granting or extending the term of payment, when renewing or discounting a loan, receives, collects, charges, agrees or receives for himself or herself or for a third party a financial benefit or property benefit exceeding the reference rate, commits an offence and, upon conviction, is liable to a term of imprisonment not exceeding five (5) years or a fine not exceeding thirty thousand euros (€30.000) or both.
(CNA)
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