The European Central Bank (ECB) has announced it will keep all three of its main interest rates unchanged as inflation across the eurozone remains close to its 2% target.
This mean the deposit rate remains at 2.00%, the main refinancing rate stays at 2.15%, and the marginal lending facility at 2.40%.
The central bank highlights the resilience of the eurozone economy, citing robust job growth and stable private sector finances. However it cautions for global risks that can impact the region's economy.
Although inflation is under control following years of soaring inflation levels, geopolitical trade disputes and rising tensions can disrupt the status quo.
To rein in inflation during recent years, the European central bank had increased borrowing costs, making it more expensive for consumers and businesses to borrow money.
Now, after several gradual interest rate cuts and continuous monitoring to assess the impact, ECB's aim will be to only adjust in order to maintain stability.
