The Central Bank of Cyprus, exercising its powers under article 314A of the Cyprus Penal Code, Cap.154, and in accordance with its provisions, determines the reference interest rate to be 11.76%. "According to the aforementioned article, at the point of loan granting, extending the repayment period, renewing or prepaying a loan, it constitutes an illegal act when a person reaps, receives, collects, or charges, for his interest or on behalf of a third party, economic or property benefits, in excess of the reference interest rate," the Central Bank notes in a press release. Source: Cyprus News Agency