The European Central Bank left interest rates unchanged on Thursday, holding them at record lows as it seeks to revive growth and inflation with cheap credit for the economy.

FRANKFURT, July 22, 2016 (Xinhua) -- The European Central Bank (ECB) President Mario Draghi attends a press conference at the ECB headquarters in Frankfurt, Germany, on July 21, 2016. The ECB on Thursday decided to leave key interest rates unchanged and vowed to act by using all instruments available if necessary. (Xinhua/Luo Huanhuan)

The decision was widely expected by analysts after the ECB cut its deposit rate deeper into negative territory in March, expanded its asset buys and offered a fresh round of cheap loans.

The ECB added that it continues to expect its key interest rates to remain at present or lower levels for an extended period of time and well past the horizon of the net asset purchases.

The bank also said that its 80 billion euro per month asset purchase programme is intended to run until the end of March 2017, or beyond if necessary.