In Cyprus, the interest rate ceiling, introduced on April 29 2011 by an amendment to the Criminal Code has been increased.
Calculated and published by the Central Bank of Cyprus quarterly, the ceiling which was initially set at 12.18%, has now increased to 12.57%.
The interest rate ceiling is calculated using a formula based on half the average bank lending rate of the previous year (including commissions and the other charges that banking institutions charge on consumer loans), plus a margin of between five and 10 percentage points, which varies according to various risk factors.
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