Reduction of statutory interest rate on judicial awards

By an order of the Minister of Finance issued on 21 December 2018 the statutory rate of interest on judgments pursuant to Article 33 of the Courts of Justice Law has been reduced to 2 percent per annum with effect from 1 January 2019. This rate will apply for the whole of 2019.

For further information please contact Christia Middleton or your usual contact at Elias Neocleous & Co LLC.