Deposit rates in September 2016 for households and businesses, hit a historic low level in September 2016, according to data released Thursday by the Central Bank of Cyprus (CBC).

Interest rate for the housing market resumed its downward path, after the increase recorded in August, while interest rates for consumer loans where the highest recorded for two months.

However, the interest rate for house purchase is at 2.97%, which is significantly higher than the corresponding rate of the Eurozone, which fell in September to 1.80%, to the lowest level in nearly 17 years.

According to CBC data, the interest rate on deposits from households with an agreed maturity of up to one year fell to 1,49%, compared with 1,52% in the previous month. The corresponding interest rate on deposits from non-financial corporations recorded a decrease to 1,23%, compared with 1,30% in the previous month.

Regarding lending Rates, the interest rate on consumer credit increased to 4,39%, compared with 4,34% in the previous month. The interest rate on loans for house purchase registered a decline to 2.97%, compared with 3,04% in the previous month. The interest rate on loans to non-financial corporations for amounts up to €1 million recorded a marginal increase to 3,97%, compared with 3,96% in the previous month.

In contrast, the interest rate on loans to non-financial corporations for amounts over €1 million decreased to 3,86%, compared with 3,88% in the previous month.