Increase in the size of the Asset Purchase Program: stimulating the first stage of the Monetary Transmission Mechanism Among the decisions at the Monetary Policy Meeting on October 30, the increase in the size of the Program is aimed at stimulating the first stage of the transmission mechanism more forcefully (Chart 7).
The Program was introduced in October 2010 in order to generate further easing effects in a situation where the overnight call rate – that is, the Bank’s target rate – had already been at virtually zero percent.