The Central Bank said it continues to monitor the evolving Covid-19 situation and is ready to work with the wider central banking community to take targeted measures if needed.

In a statement, the Central Bank said it is closely monitoring developments related to Covid-19 and continue to assess their impact on the economy and the financial system, as more information becomes available.

The Central Bank said it expects regulated firms to have appropriate contingency plans in place to be able to deal with major operational events, should they occur.

It added that is is working with the financial sector to ensure that firms are responding effectively to the evolving situation.

"We stand ready to work with our counterparts in the ECB and across the wider central banking community to take appropriate and targeted measures, as necessary and commensurate with the underlying risks," the Central Bank added.

The US Federal Reserve last night cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus. 

In a statement, the Fed said it was cutting rates by a half percentage point to a target range of 1% to 1.25%.