Credit Card Interest Rates Legislation

North Cyprus Central Bank: The recent legislation about the Credit Card Interest Rates

North Cyprus Central Bank has informed the public that according to recent legislation that came into force on 1st January 2015: the maximum monthly interest applicable by banks for late payment of credit card debts shall be 2.4% and the minimum monthly applicable interest rate shall be 1.9% for Turkish Lira. For any other foreign currency: the maximum monthly applicable interest rate shall be 1.83% and the minimum monthly applicable interest rate shall be 1.33%.

Source: Central Bank, 3rd April 2015.