In a period of extremely volatile capital flows, monetary policy has given priority to safeguarding the financing of the economy. Along with interest rate policy, the MNB has employed a number of unconventional instruments to restore the efficient operation of money markets as soon as possible.
After the acute stage those risks abated, even though the high level of debt and the volatile risk environment continues to demand great care in the implementation of monetary policy. On the other hand, the decisions of the central bank may gradually return to normal, as inflation and growth prospects come into focus again. What are the current dilemmas of monetary policy?