Lending rates continue their downward trend in Cyprus reaching a new low record while deposit rates are stabilizing, new figures released by the European Central Bank show.

Following the Central Bank’s intervention in February 2015, interest rates in Cyprus continue to decline, particularly in the mortgage loans.

According to new data released today by the European Central Bank, interest rates on new housing loans in Cyprusdeclined to 3.77% in February from 4.07% in January 2016 and 5.05% in February 2015.

Compared to last February mortgage rates dropped by 128 basis points.

The average rate on new business loans in Cyprus declined to 4.71% in February 2016 from 4.76% in January and 5.79% in February 2015. Compared to February 2015 a decrease of 108 basis points has been recorded.

Business loan rates are the highest in Greece (4.88%) while the lowest interest rates are recorded in Finland (1.55%) and Luxembourg (1.66%).

In the Eurozone, the interest rate on business loans fell to 2.67% from 2.68% in October.

In Greece lending rates for housing loans stood at 3.09%.

In the Eurozone the rate for housing loans rose to 2.58% from 2.60% in the previous month.

The interest rate on new deposits in Cyprus stood at 1.53% from 1.54% in January and 2.30% in February last year. Since February a decrease of 77 basis points has been recorded.

In the Eurozone, the cost of raising deposits stood at 0.62% from 0.65%.

The lowest deposit rates were recorded in Lithuania (0.12%) and Estonia (0.17%).