At the European Central Bank's (ECB) meeting in Cyprus on Thursday, investors expect the ECB to disclose more about the government bond repurchase program of 1 trillion euros ($1.1 trillion) which starts this month, as well as to unveil its decision on Greece's four month loan extension plan.

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Greece received an initial go-signal to extend bailout last week, given its proposal is approved by the European Commission, European Central Bank and the International Monetary Fund.

Part of the loan terms include the ECB accepting Greek government bonds as collateral for direct funding, which it temporarily halted in February.

Should the ECB reject the proposal, it would be forced to prolong the provision of Emergency Liquidity Assitance (ELA) to the central bank of Greece.

ECB president Mario Draghi is anticipated to reveal exactly how the eurozone central bank intends to reach the quantitative easing program target.

In particular is how the ECB would persuade local banks to sell their government debt to eventually keep the funds with the ECB at a negative interest rate.

The ECB is also expected to unveil its updated economic forecasts.

Chief economist Peter Praet announced that the ECB was likely to revise its growth expectations upward given the collapse of oil prices and a dovish eurp.

Meanwhile, the Reserve Bank of Australia (RBA) is also set to meet on Tuesday, with investors on the fence about what the central bank will do with policy rates.

Last month, the RBA shocked markets by slashing cash rates by 25 basis points to 2.25 percent.

A poll of economists by Reuters showed few see another rate cut happening amid raw material exports prices falling.

TagsECB, Mario Draghi, Greece, quantitative easing, interest rates, Central Bank