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The national law of Cyprus does not provide for any ‘statutory interest rate’. However, where an action is brought before a court, the judge has the power to order that statutory interest be paid at a predefined rate, from the date of registration of the action to the date of issue of the judgment if the relevant legislation has not provided for interest payment or where, in respect of actions brought for breach of contract or of an agreement, the said contract or agreement does not include an explicit provision specifying the interest rate.
Currently, the rate has been set at 2 % by special order of the Minister for Finance, who has the power to adjust it.
Please see the answer to question 1. The interest rate currently in force is 2 %.
Not applicable. Please see the answer to question 1.
Not applicable. Please see the answer to question 1.
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