The European Central Bank (ECB) on Thursday decided to keep key interest rates unchanged and announced a new stimulus package to back euro area financial system against coronavirus outbreak.

The interest rate on the main refinancing operations and on the marginal lending facility and the deposit facility were hold at 0.00%, 0.25% and -0.50% respectively.

The bank announced an additional longer-term refinancing operations (LTROs), temporarily, to provide immediate liquidity to lenders.

“Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop

Read more: ECB keeps interest rates unchanged